I don't think there is a better way to sum up my feelings for 2020 so far than this great meme referencing The IT Crowd …
All those plans we carefully crafted in January were out the window by February. Like most companies, we have been adapting our business model, and shifting our focus to meet the needs of our customers in the short-term. This included giving some of our data away for free, in an effort to share an up-to-date view of the Australian market (from late March 2020) to our clients and partners.
At the same time, Professor Byron Sharp shared a report about Marketing in a Recession based on the 2008 financial crisis, which amongst other things stated "recessions don’t change fundamental consumer behaviour much, at least not for products and services that are ‘everyday’ items." Looking at our own data for March 2020, many categories were unaffected - especially for FMCG - we all have to eat!
Our media diet, however, has changed over this period. ThinkTV Australia was quick to share some stats on huge boosts to linear TV and BVOD consumption, and MasterChef Australia has returned to television screens to record its highest-rating season debut in five years (how good is Poh!). Many other markets have seen huge increases in TV viewing too … but it's not just TV that's grown …
Last week, we published some early results from our Total Video Consumption report showing that total viewing minutes across all long-form video platforms increased by 20% in late March 2020, when compared to the same period in the prior month. We found that it's a rising tide for all ships … with data showing double-digit viewing increases for all video platforms , including SVOD services like Netflix, Stan, Disney+, and even a throwback to DVD (albeit from a low base)! It seems like many people are using this time to indulge in some of their old favourites … perhaps even The IT Crowd*?
Now that things are stabilising in Australia, it's time for us to get back to our regularly scheduled programming. We have started sharing our Science of Streaming report with some key clients and partners, which looks to understand how the SVOD market is changing in Australia. We'll also be running two webinars on the topic at APAC and EMEA-friendly times later this month … we'd love to see you there (though since it's a one-way broadcast - we won't be able to actually see you, so please do feel free to join in your pyjamas!). And if you can't get enough of us, we also have some Australian research on Quibi and ad-skipping behaviour, which may be of interest.
Please do take care! If you have any thoughts, comments or questions - or feel like a virtual coffee with me - please do reach out at hello@totalvideo.co.
Pete.
* I don't have data to support that people are watching more of The IT Crowd - but they are watching many other classic TV shows on DVD.