The success of Suits on Netflix shows that SVOD has the power to make what was old new again. Here’s why SVOD and FASTs must hone this ability in the coming months.
Netflix’s reach and tech make what’s old new again
Netflix might not have turned out a huge hit like Squid Game or Stranger Things in a while, but the SVOD leader is still a content kingmaker. The unexpected success of Suits is an excellent example. The show was a hit on NBCU’s USA Network between 2011 and 2019. It has been quietly available on Peacock since the service’s launch in July 2020, ceding the limelight to bigger titles like The Office and Bel Air.
However, Suits’ June 2023 arrival on Netflix (still available on Peacock) has thrust the show into the limelight, re-igniting interest in it and its cast. For the week of June 26-July 2, Suits was the number one streamed show in the US, with 3.14 billion minutes viewed, far ahead of The Witcher (also on Netflix) with 1.31 billion minutes and The Bear (on Hulu) with 1.01 billion minutes.
It could be that the fascination with Megan Markle is partially responsible (though some seem to think Americans have grown weary of her.) It’s as likely that Netflix’s technology helped make Suits new again. The company knows every title its users have watched and uses that data to guide its content creation and licensing activity. It also uses the data to decide which members to recommend a show and how to deliver it. For example, someone that watched Megan Markle’s interview with Prince Harry might see Suits show art featuring her image.
It doesn’t hurt Suits’ unexpected success that more than half of US homes have a subscription to Netflix, either.
FASTs giving library content a new lease on life
One main way FASTs attract audiences is with library TV favorites. Among the most popular offerings are so-called single-IP channels. These channels are based on a single show which plays back-to-back 24×7 on the channel. Popular examples are Bay Watch and Let’s Make a Deal. There are also genre channels delivering ‘80s cop shows, vintage Sci-Fi, and many more. Pluto TV works with sister service Paramount+ to cross-promote new shows. For example, when MTV launched The Hills: New Beginnings, Pluto TV created a channel of the original The Hills episodes.
FAST are also helping content providers root out unexpected hits from their archive. According to Katherine Pond, Group VP of Platform Content, Partnerships, and Programs at Vizio, the company shared ACR data with a content partner that showed one of its on-demand titles was a surprise hit with viewers. The content partner launched a channel based on the title, and Ms. Pond says the channel was a big success:
“We tried it out together, and not only was it wildly successful on WatchFree+, but they also ended up distributing it to a couple of our competitors in the market as well because it was doing so well.”
Reinvigorating library content is key to survival
As I pointed out in my piece from last month, the SVOD industry faces a recession if it cannot resolve its differences with the striking writers and actors. Helping subscribers dig out the gems they may have missed will be key. And there are likely many gems to be found.
In the era of Peak TV, people couldn’t keep up with all the new shows they might have wanted to watch. The SVOD industry’s obsession with promoting the latest shows and movies kept subscribers focused on the latest titles. That means they missed shows they would have enjoyed and went on to the next new thing. With Peak TV lasting for the last decade, there are a lot of great shows and movies in SVOD libraries that many subscribers have not watched. They just need to be reminded that they are there.
And the fact that Netflix turned Suits into a certified hit four years after the last new episode aired proves there’s gold in those libraries.
