Thanks to HBO Max’s rebrand and Netflix finally cracking down on password-sharing, this year’s news headlines would have anyone believe that streaming’s best days are behind — and streaming advertising along with it. 

Yet, the data paints a different picture. Streaming continues to see expansive, industry-wide growth despite the occasional hiccup. In other words, streaming marketing remains a strong opportunity for marketers, especially those with insights into building successful strategies. 

What does the data show?

Streaming services like Disney+, HBO, and Netflix may have stumbled in the last two years after massive pandemic gains, but all that has changed this year. In Q3 of 2023, Netflix subscribers grew by 8.76 million, totaling a whopping 247 million. In a letter to shareholders, the company wrote, “Adoption of our ads plan continues to grow — with ads plan membership up almost 70% quarter-over-quarter — and 30% of sign-ups in our ads countries are, on average, to our ads plan, with more work to do to scale this business.”

Meanwhile, Peacock is also closing out the year with uplifting news — the streaming service announced it has reached 30 million paid subscribers. Disney+ reached 150 million subscribers by the end of Q4. Viewers aren’t abandoning streaming; they’re simply spreading out among services.

There’s more good news for marketers: average costs per thousand (CPMs) across Netflix, Disney+, Peacock, and Hulu are trending downward from $35.06 in Q4 2022 to $21.73 in Q4 2023. 

4 Must-Know Streaming Marketing Strategies for 2024

Strategically Allocate Budgets in a Diversified Streaming Landscape

While it’s true that viewers are spreading their attention across various streaming services, allocating a significant portion of budgets to leading platforms like Netflix and Disney+ can still be a wise strategy. These platforms continue to dominate in terms of audience size, especially among key demographics such as young viewers. 

However, try to also reserve campaign dollars for other streamers. By selectively investing in smaller or niche platforms that align with target demographics or content preferences, brands can capture the attention of audiences that explore beyond mainstream options. 

This approach ensures a comprehensive and diverse strategy that leverages the strengths of both major players and emerging services in the streaming ecosystem.

Fine-Tune Targeting with Viewer Data

Drill down with audience insights to further target relevant subscriber groups — more precise ad placements ensure that ads reach the most receptive viewers within these platforms.

Keep these tips in mind:

Remain Flexible and Monitor Trends

As market fragmentation continues, keep adjusting targets instead of relying on stagnant assumptions. In this rapidly evolving landscape, it’s crucial to stay ahead of the curve by actively looking for new trends and undiscovered niches. 

This means regularly analyzing viewer feedback, social media trends, and platform-specific analytics to gain a deeper understanding of the evolving preferences and habits of target audiences. Evaluating data constantly will also help marketers identify potentially viral content early on. 

Explore Cross-Platform Partnerships

In today’s diverse streaming landscape, forging strategic partnerships with experts in cross-platform marketing is key to maximizing reach and impact. Partners can help launch campaigns that effectively span multiple streaming services, ensuring their message not only resonates across the entire streaming ecosystem, but also contributes to a unified and powerful brand presence that resonates with viewers regardless of where they are watching.

Streaming Into the Future

Streaming marketing’s supposed troubles make provocative fodder but rarely match data-based reality. While marketers must account for complexity from increased consumer choice and option paralysis, they mostly need to focus their budgets on where eyeballs concentrate: on one or two select mass services supplemented with targeted efforts aligned to specific hits generating buzz. 

Ready to launch a winning streaming marketing ad campaign? A partner like Power Marketing will help greatly — with over 20 years of industry experience, we help companies launch streaming marketing ads that attract, engage, and convert, all while maximizing budgets. Reach out to get started.