In the competitive world of streaming, where original content is believed to have more impact than other types of content, classic films, and television library seems to have emerged as a key to profitability. Platforms like Amazon Prime Video and Disney+Hotstar among others have been providing a range of classic films and television to users which are considered to generate revenues through growth in subscriber numbers. For instance, in March 2022, Amazon Prime Video had over 141 million unique visitors in India, a significant increase from the previous year. The global player had partnerships with Yash Raj Films, Dharma Productions, and T-series as per a report published by Statista.
A digital treasure trove
The classic films are considered to be time-tested gems which have much demand in public. It is believed that the allure of nostalgia is a powerful force. Viewers have been increasingly seeking comfort and familiarity in a rapidly changing world. The demand for classic films and television shows in streaming platforms can be assessed from the fact that, 40% of demand for Paramount+ was for films that were released in 2002 or earlier. It was the platform with largest share of demand for its movie catalog coming from classic movies as per a report published by Parrot Analytics, a global audience demand analytics company.
Tool for audience acquisition and retention
It is believed that, beyond nostalgia, classic content serves as a powerful tool for audience acquisition and retention when paired with original content perfectly. Experts say, retaining users effectively hinges on engagement through a well-rounded content strategy. “ At Aha, the content strategy involves acquiring a mix of movies and feature films that appeal to both original content enthusiasts and viewers who enjoy TV show replays. Aha ensures a strong mix of fiction shows, such as Newssense, My Dear Donga, and Ardhamainda Arun Kumar alongside non-fiction offerings like Unstoppable and Telugu Indian Idol. This blend of long-form content and similar shows, paired with content diversity, helps maintain user engagement and satisfaction, making it a comprehensive approach rather than an either-or choice,” Rakesh CK, EVP, and head, SVOD and marketing, Aha said to BrandWagon Online.
Challenges ahead
While benefits of classic content libraries have been substantial, they come with their own sets of challenges. For instance, licensing agreements can be complex and costly and platforms need to navigate intricate rights management landscape to secure and maintain access to these valuable titles. It is believed that the role of classic content in streaming services is likely to grow in the future. As an emphasis on content diversity increases alongside the continued expansion of streaming platforms, classic films and TV shows will remain integral to maintain viewer engagement and driving revenue.