A loyalty and reward program for video streaming services based on blockchain.
Disney+ has a huge amount of exclusive and original content from The Walt Disney Company, and brand rights such as Star Wars, National Geographic, Pixar, and Marvel. The low costs for a Disney + subscription, the name recognition, and the large range of unique content will, of course, make this streaming service grow fast. But still, all video streaming services lack an innovative and critical loyalty and reward program, based on blockchain technology. Almost one in ten Dutch people already plan to subscribe to Disney+. The art will be to turn users into loyal and enthusiastic Disney+ ambassadors.
How exactly can blockchain-based solutions further distinguish Disney+ from Netflix, Amazon Prime, Hulu, and other streaming services? None of them have yet come up with an innovative loyalty and rewards program. Further, none have approached a loyalty program based on blockchain and with a point system that can act as an actual cryptocurrency, and/or as a point system without an actual crypto coin if that is two steps too far for now, but still driven on blockchain.
_Read also: Why blockchain based loyalty and reward programs are so important and innovative. _
It has been known for some time that Netflix knows exactly which series and films are viewed often. All this data can of course also be tracked on blockchain. However, there is no incentive whatsoever for Netflix users to stream series and films that they are not interested in at first sight. This has cost many series the headlines. For example, One Day at a Time, an American comedy, will not continue into a fourth season despite a viral ‘protest’ on social media such as Twitter.
A blockchain-based loyalty and reward tracking system could have provided a solution here. Although this is already interesting for Netflix, it has a much greater potential for Disney+. Points from Disney+ blockchain-based loyalty program for users who stream movies and series can easily be used in other branches of Disney. Take Disneyland Paris as an example, where “Disney+ coins” could be used for discounts on weekend breaks for families to one of the Disney theme parks.
A few examples that we are now discussing are very simplified but can be modeled with greater complexity given more time invested.
- To stream a series, film or documentary, a theoretical ‘Plus Coin’ can be assigned to a user per minute.
- A bonus can be applied for the complete playback of a series, film or documentary. For example 50 extra Plus Coins, or a bonus multiplier of x2, x3 or more.
Incentives to promote the success of new films and series.
Disney + invests a significant budget for exclusive new series and films that can only be watched on Disney +. However, these may flop, or be streamed minimally. By deploying extra incentives in the marketing campaign, the likelihood of success for the series or film can increase. Based on a predetermined number of redeemed Plus Coins, users could access the content 24 hours earlier. Or an early-bird’s Plus Coin bonus can be applied, whereby all Disney+ users who stream the new series or film in the first week receive a Plus Coin bonus. Instead of, for example, 1 Plus Coin per minute, they could get 2, 5, or even 10 Plus Coins per minute during the campaign.
A creative way to increase the offering of content, and involvement of subscribers & external talented content creators.
The ‘killer app’ could perhaps be the following: Using blockchain technology in the background in combination with the (crypto-based or not) Plus Coins, and within the Disney+ environment, a platform can be created in which users or other film studios and media companies generate, deliver, and/or publish their own video content while retaining ownership. Both adults and children could participate. The makers can then monetize this with Plus Coins, in which Disney+ also has a share. Besides offering a more broad and consistent stream of content, it is also a great way for Disney+ to find new independent animation talent, or to work together with smaller studios on a global scale.
It could become a creative hub and springboard for animators from all over the world. Disney+ users could use their Plus Coins to signal to Disney and the creators themselves which series or films they love. And for Disney, it would be an attractive model to bring new characters into stories from all over the world. After a takeover, content can easily be moved from the creative independent hub to the official collection of Disney+ content, all while Disney+ continues to produce its own studio-quality productions.
Expand to other branches of the company.
In addition to films and amusement parks, merchandise is also a large and important branch for Disney. Not only does it attract a lot of money, it provides exposure to the brand, and children grow up or fall asleep with the many Disney-owned characters. Disney+ can further distinguish itself by adding online merchandise to their streaming service, where all kinds of exclusive Disney and Disney+ character merchandise can be obtained with provable authenticity, with interesting discounts based on Plus Coins.
As you understand, the potential of Disney+ goes far beyond just the streaming service. It is an extra opportunity for Disney to tie in new generations in modern ways. Continuing to innovate with technology such as blockchain and (crypto) tokens to offer a unique loyalty and reward program is an opportunity they ought to not miss. It is a way to further put Disney+ on the map and to distinguish the platform even more from the wide range of available streaming platforms.