Industry

On Tuesday, May 26 at Conecta Magaluf, Jonathan Broughton, director of Plum Research delivered a keynote titled Focus Fiction: Decoding the New Audience, explored a fundamental transformation currently redefining the global streaming ecosystem: the transition from the growth era to the retention era.

Drawing on recent industry data and audience behavior analysis, Broughton outlined how the major streaming platforms are evolving from aggressive subscriber acquisition strategies toward more mature business models centered on long-term subscriber management, personalization, and retention.

According to the research presented during the panel, the global number of SVOD subscribers continues to grow, but annual net additions are steadily declining. This slowdown signals the maturation of the streaming business after years of expansion-driven competition. In practical terms, platforms are no longer operating in a “grow at all costs” environment. Instead, they are entering a phase where profitability, churn reduction, and audience loyalty have become the primary priorities.

Broughton stressed that this shift is transforming every aspect of the streaming business — from partnerships and distribution models to content commissioning strategies. One of the clearest indicators of this evolution is the increasing importance of third-party partnerships. While streaming services initially relied on direct-to-consumer subscriptions via apps and websites, a growing share of subscriptions now comes through telecom operators, pay-TV bundles, and strategic platform agreements. This fundamentally changes the relationship between platforms and audiences, creating a more complex ecosystem where retention becomes more valuable than pure acquisition.

In this new scenario, content itself is changing function. During the first streaming wars, scripted content often acted primarily as a marketing tool — designed to attract subscribers through high-profile launches, teen dramas, and blockbuster originals. Today, however, platforms are increasingly viewing content as part of a long-term retention infrastructure. Rather than focusing exclusively on viral hits, streamers are investing in titles capable of generating sustainable engagement over time.

This transformation also reshapes how audiences are understood. Broughton argued that streaming services should not be compared to traditional television channels because their audience structure is fundamentally different. Linear television operates on a “one-to-many” model, where one program is broadcast simultaneously to a mass audience. Streaming platforms, by contrast, function within a “many-to-many” ecosystem, where countless pieces of content are consumed at different times by highly fragmented viewer groups.

“There is no single audience anymore,” was one of the key takeaways from the session. Instead, platforms now operate across multiple audience clusters with distinct viewing behaviors, emotional engagement patterns, and consumption habits. Broughton used the metaphor of an onion to explain this layered structure: beneath the surface of broad platform branding lie numerous niche communities with highly specific tastes and expectations.

One of the most significant consequences of this fragmentation is the growing strategic importance of library content and niche programming. Contrary to the traditional assumption that success depends primarily on expensive flagship originals, research presented during the panel suggests that older catalog titles and specialized shows often play a far more important role in preventing churn.

Using the recent launch of HBO Max in the UK as an example, Broughton noted that some of the platform’s strongest engagement drivers were not necessarily new productions, but rather established library titles such as The Big Bang Theory, Adventure Time, and The Sopranos. These familiar shows help build habitual viewing behavior and maintain long-term subscriber attachment.

The session also introduced the concept of “audience clusters and behavioral viewing,” a data-driven approach that analyzes how different viewer communities consume and emotionally connect with content. Instead of simply measuring popularity rankings, this methodology evaluates exclusivity of engagement, viewer loyalty, and the degree to which audiences care about specific titles.

One particularly revealing insight concerned niche scripted series. According to Broughton, many smaller shows with highly dedicated fan bases are systematically undervalued by the market despite their effectiveness in reducing subscriber churn. While these productions may not generate massive global viewing figures, they create strong emotional loyalty among targeted audience groups — precisely the type of engagement platforms increasingly need in the retention era.

The discussion then moved to the international circulation of scripted content, with a particular focus on Spanish productions. Broughton highlighted the remarkable growth of Spanish-language series consumption in non-Spanish-speaking territories since 2018, describing the COVID-19 pandemic as a key accelerator of global openness toward subtitled and international storytelling.

Today, audiences worldwide are significantly more willing to engage with foreign-language content than they were before the pandemic, creating new export opportunities for local industries. This has strengthened the global positioning of Spanish drama and reinforced the importance of culturally authentic storytelling capable of crossing borders.

According to the trends discussed during the panel, hybrid genres currently perform particularly well internationally. Productions that combine crime, romance, music, dance, or local cultural traditions with universally recognizable emotional themes appear especially effective in attracting global audiences. Themes such as love, secrets, betrayal, crime, and identity continue to travel successfully across markets.

At the same time, emerging subgenres are beginning to gain momentum, particularly among younger viewers. Social media thrillers centered on catfishing, digital identities, and online deception are showing strong potential, while literary prestige dramas and more sophisticated scripted adaptations are also experiencing renewed international interest.

Ultimately, the panel painted a clear picture of an industry entering a new phase of maturity. The streaming wars are no longer defined by who can acquire the most subscribers fastest, but by who can better understand fragmented audiences, reduce churn, and build long-term emotional engagement.

As Broughton summarized throughout the session, the future of scripted strategy increasingly revolves around a new equation: library over novelty, niche over mass appeal, and retention over acquisition. In the retention era, understanding audience behavior may prove more valuable than chasing the next global blockbuster.