RED:Sport Network - a Ringier Sports Unit joined hands with Cleeng and launched its platform in Q3 of 2022. Since then, the broadcaster has been growing at an impressive pace. Within their first year, the platform has seen a whopping 504% increase in Monthly Recurring Revenue (MRR). Where is this growth coming from? Let’s find out.
What is RED+?
A brief background
RED+ (redplus.sport) is a multi-sports streaming platform from RED.Sport Network. It provides amateur and youth sports players and fans with a wide range of high-quality content.
A quick look at their “behind-the-scenes”
RED+ launched its sports streaming platform in August 2022 using the support of the entire SRM™ suite from Cleeng. Opting for an out-of-the-box solution empowered them to launch quickly and cost-effectively.
“We’ve benefited tremendously by choosing Cleeng’s subscriber management solutions to launch and manage our platform. The process was seamless and quick, with no need to battle delays caused by complex custom coding requirements. In addition, their specialized OTT features have been game-changing for us in building our retention strategy.” shared Tina Lenzinger, Subscriber & Marketing Manager at RED+.
With access to Cleeng’s retention dashboard, RED.Sport Network kickstarted their OTT journey with a transparent 360-degree view of everything, including their:
- content offerings
- billing and analytics
- customer support
The RED+ team managed all these subscription-management-related aspects from a single control point within the Cleeng dashboard. This move simplified their streaming operations significantly. Thus, they could focus their best efforts on improving video content experiences, instead of being caught in the complexities of managing a video platform. Let’s look at some elements that stand out in their success story.
What’s fuelling RED+ impressive 504% MRR growth?
RED+ efforts are focused on optimizing user experiences and monetizing strategically. This approach has reaped some rich dividends for them, including:
219% increase in subscriber base
The RED+ team plugged in efforts to ensure a smooth customer registration and onboarding experience. This simple intervention rewarded them with a massive increase in their subscriber base. They worked on ensuring their user interface was simple, and sign-up was quick and easy. This reduced friction at critical touchpoints and fuelled conversions.
Fun fact: RED+ added a feature to the platform that asked users for their favorite clubs. This customer data eventually became a marketing goldmine, guiding their initiatives strategically based on user preferences.
713% increase in transaction value
Laser-targeting different audience groups instead of following a one-size-fits-all approach was another striking feature of RED+ winning strategy. This led to increased transaction value and volume for them. They made this possible in different ways, including running:
- Coupon campaigns to power acquisition initiatives. For example, they ran promotional offers such as discounts to clubs with the most subscribers. They also ran early bird coupons to drive sales.
- Marketing emails and newsletter campaigns to engage better with audiences and win eyeballs and loyalty.
Before Q1 2023, RED+ focused solely on organic growth. After that, they started with weekly newsletters to engage their audiences. They shared highlights from previous matches and information on upcoming matches. This ensured audiences were up to date and also resurrected new sales and upsell opportunities for existing subscribers. They could implement this move using the MailChimp connector within their Cleeng dashboard.
- Personalized campaigns across social media and ads. This was done using information collected in their subscriber management system and the initial signup information they collected in their database.
It’s worth noting that the RED+ team made excellent use of granular analytics reports alongside running strategic acquisition initiatives. They used this information to refine their marketing decisions, bringing remarkable results. Implementing this aspect was powered by using the “Export” option in the Cleeng dashboard. Their team downloaded extracts into different campaigns and studied that information intently. For instance, they singled out the top-performing PPV offers or clubs/organizers that bring in the most revenue. This knowledge enabled them to implement the right marketing strategies.
517% increase in subscriber lifecycle
While acquiring more subscribers and increasing conversions was their marketing focus, RED+ also ensured it was well-rounded regarding subscriber retention. They focused on delivering excellent experiences at every touch point and providing top-notch support.
A part of this strategy was keeping a close tab on customer support analytics. Some support-related aspects they regularly tracked included why customers reached out and the number of open tickets. This baseline formed their key focus areas for improvements to ensure seamless support. Needless to say, the strategy worked brilliantly for them. Currently, the inquiry rate (complained rate) is only 0.65% for their subscriber base, which is quite impressive as the industry benchmark stands at around 3%.
Bottom Line: A holistic data-driven approach is RED+ success mantra
In today’s competitive OTT world, winning the streaming war requires more than providing viewers with exciting content. Modern-day OTT consumers are demanding. Besides content, they also look forward to excellent experiences at every touch point. This helps carve out an edge and win long-term interest and loyalty.
Broadcasters like RED+ provide what the customer demands with intuitive interfaces, personalization, and laser-targeted campaigns. This helps them cut through the noise and shine.
Do you fancy an impressive growth story like RED+ for your platform?
Find out how Cleeng’s out-of-the-box solutions can help translate your vision into reality.