Stranger Things, Queen’s Gambit, and Bridgerton Finding the balance of creation and consumption

As the attention recession meets a cost-of-living crisis, video streaming platforms must compete ever harder for consumers’ dwindling wallet share and free time. To retain (much less attract) subscribers, a balance must be struck between having depth of content library, a reasonable price point, and compelling new releases. In addition, audiences themselves are changing how they view content; latent background viewing is, to some, as ubiquitous as listening to the radio, while for others, their fandom is expressed not in repeat views but in lean-through behaviours.

Each of the video streaming platforms has its own strengths. For example, HBO Max, (part of Warner Bros. Discovery) Disney+, and Paramount+ all have classic content libraries with established brand intellectual property (IP) enabling them to generate successful new content. As diverisifed media majors with strong pre-digitlal business models, they are able  to offer low-price subscriptions while they focus on growing market share. 

Netflix remains an outlier in the sense that, as a first mover, its name is now synonymous with video streaming. However, this does not guarantee its ongoing success and relevance. It has a large content library, although not a comprehensive one of well-known hits, with an increasingly above-average subscription price point. To stand out, the streaming service is going all-out on compelling, entirely new releases, catered incredibly well to lean-through audiences. 

This balance is not a straightforward equation to solve and produce repeat hits, however. The streaming service has put out many iterations and experimented with the formula with differing impacts:

• Stranger Things: With its first season released back in 2016, Stranger Things was an early video breakout success story with its entire season on-demand release  adhering to Netflix’s standard (and disruptive to the wider TV industry) release strategy. Audiences enjoyed the music, visual aesthetics, and storyline, as well as a show that catered to their affinity for binge-watching by being released all at once. The show toyed with some lean-through behaviours that audiences could participate in (e.g., listening to 80s music or dressing in 80s fashion amid a period  aesthetic revival). For the less fashion-attuned audiences, the show featured the competitive playing of Dungeons & Dragons, a classic game which, while niche, was easily sampled by curious audience members. Subsequent seasons have leaned into the music aspect, with the explosive success of the song ‘Running Up That Hill’ from Season 4 a key success. Both the show, and the Kate Bush song, are now inextricably linked in 2022. However, aside from this, the show itself drives little natural lean-through engagement. Netflix has instead used its success to experiment with its release strategy, moving from the full season releases to half-season releases to prolong awareness, discussion, and – as a result – fandom. 

• Queen’s Gambit: Released during the easing of COVID-19 lockdowns, with viewing metrics still up but ‘in real life’ (IRL) behaviours beginning to return, Queen’s Gambit was a compelling book adaptation featuring a lesser-known, yet distinct, cast. Uniquely however, it featured advanced technical skills of a common game: chess. Chess had seen a rise of popularity in the years prior to the release of the show – an indicator that this classic game was due for a return amid the saturation of digital entertainment. Critically, it was also a useful tool for people trying to get back into socialising in the wake of a pandemic. As it required only two people, and was best played in quieter environments, it suited social distancing measures while building personal connections. Thus not only was the show an immense success, but chess overall experienced a subsequent renaissance. Online subscriptions to lessons spiked, physical chess set purchases have soared, and the app versions of the game experienced unprecedented, growth. This show bridged the gap between story and real life, by allowing consumers to participate in their own way, which is a core principle of the ‘lean through’ audience shift. The show also worked on a weekly episodic release schedule, prolonging the hype rather than allowing it to fade overnight, demonstrating that Netflix was still experimenting with its ‘hits’ formula. However, unlike with Stranger Things, Queen’s Gambit is not officially due for a sequel; instead of working to generate show fandom, the success of the show has bolstered loyalty to Netflix as a reliable brand for compelling new releases.

• Bridgerton: If Stranger Things fit into the 80s music and aesthetic revival, and Queen’s Gambit was the catalyst for a burgeoning chess renaissance, Bridgerton was an out-of-the-blue success. A gen Z spin to a classic book with a romantic, Nineteenth century setting, the show featured instrumental covers of popular songs (mixed with other classical tracks), a dramatic love story, a bit of mystery, a jewel-tone colour palette with beautiful, nature-themed settings, and multiple costume changes. In short, it was escapism at its most pure, with little seemingly to prompt lean-through fan behaviour. Its seasons are also single-season releases, meaning there was little drive to generate fandom over time. Nevertheless, audiences were hooked. The show captured the spirit behind the niche, dreamily nostalgic cottagecore aesthetic with its music, costumes, and scenery, and its love story appealed to audiences just leaving two years of social isolation to be greeted by a glut of new dating apps. More intriguingly, however, were the fan spin-offs: enabled by the explosive concurrent rise of TikTok, fans came together to write and produce an entire musical about the show on the app, winning the main creators a Grammy award. Taco Bell has tried to replicate the TikTok musical success, bringing in the likes of Doja Cat and Dolly Parton, however, without success. Bridgerton managed to inspire fans, and those fans were able to reach new audiences, who then returned to the show. 

Roles

This report is relevant to the following roles:

Business Strategy