Hulu began streaming through its subscription service back in 2010 and started its TV subscription service in 2017 by the name Hulu+ Live TV.
Since then, the service saw slow growth in its audience, but it was increasing nonetheless. Sadly, they were still in no way in comparison with Netflix or Amazon Prime, which have over 150+ million subscribers under its belt.
But Hulu is still a good enough force to be reckoned with, primarily because of the content it displays on their service. Hulu’s original content is supposedly better than other services, as it is the only one amongst its peers to get an Emmy award for Outstanding Drama for The Handmaid’s Tale.
This is more than enough to recognize the streaming service’s potential and how a little effort with some aspects of the service can increase its reach and turn it into the next big thing after years of slight struggle.
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Global Expansion
Hulu is currently available in the US and Japan only, hence its low subscriber count compared to Netflix and Amazon Prime. This is proof behind its slow growth because Disney+, a relatively newer service launched in 2019, made double the subscriber count in less than 6 months.
It was only possible with Disney Plus’s global expansion, which started in 2019 and will continue till 2021 till it’s worldwide access. And this has lead to a favorable decision by the shareholders who began planning Hulu’s international expansion in 2021. This meant that you could get Hulu Canada, UK, Australia, Europe, Africa, and Asia without using external methods since the website was geo-restricted for the world.
This is one of the significant steps that can increase Hulu’s reach as it did for Disney+, Netflix, and Amazon Prime. International reach means more viewership, which means more subscribers and a better chance for Hulu to shine amongst the crowd. Lack of global viewership is the biggest reason behind Hulu’s setback; with it sorted, the service may even be a bigger competition to Netflix.
Increase/Decrease in Price
Hulu comes off as the cheapest streaming service amongst the lot. This was possible after the management slashed prices on the monthly subscription service by $2. It went from $7.99/month to $5.99/month.
Simultaneously, the TV subscription service saw a spike in its price, and it now stands at $54.99/month. The change came after the USA saw a massive slash in cord-cutters. Despite the price increase, Hulu+ Live TV is still one of the most affordable alternatives.
Advertisement Revenue
Hulu provides 3 packages, which include an ad-supported plan. Even though people discourage advertisements during streaming, Hulu’s low prices have still attracted numerous users to buying the service. This, in turn, has increased the revenue Hulu used to make previously by double. And it is expected that the numbers will cross $2.7 billion by 2021.
It is a promising effort to gain sponsors and increase partnerships across the globe once the service reaches an international audience. It will also signify a smooth and steady growth of Hulu’s revenue to make initially and may increase it 3x or 4x that the projected numbers for 2021.
But these increases in figures are only possible once Hulu is available for stream to a global audience, and advertisement is the key in this regard. This may also include Hulu’s partnership with local brands and production houses to produce original content as Netflix does in India, Mexico, etc.
Versatility in Content
Speaking of production and original content display of the service. Hulu’s target audience is majorly young adults, and the shows it holds belong from the latest and trendiest genres with engaging storylines.
But sadly, they are based around the US audience only. Hulu has a great set of writers on board, and we can vouch for them through their array of amazing shows like High Fidelity, The Handmaid’s Tale, Castle Rock, and numerous other titles.
But to speak to the audience, the content needs versatility. Like Netflix produces shows in collaboration with Bollywood, Spanish, Mexican and European industries, Hulu needs to start taking notes and producing a similar agenda.
Even if it is still a US and Japan-exclusive service, these countries reside in people from all ethnicities and backgrounds. The USA is a global hub with immigrants, international students, and young adults living there for job prospects; including them in their viewership will be a plus for Hulu, resulting in attraction from users across the globe, despite the geo-restrictions.
In the End
Hulu has alot of potential to beat the top spot and cause another set of major streaming wars that Disney+ begun at the beginning of the year. Its global expansion is necessary as all the other factors are linked to it and may result in Hulu bagging another Emmy or even an Oscar for their content.