Seamless UX, Payments Sets Streaming Services Apart in Hot Latam Market

Latin America is among the fastest-growing markets for virtual streaming and subscription services. Competition is fierce, with big players like Netflix fighting to hold its position and keep the attention span of viewers. 

A smooth user experience can set one service apart from another. Onboarding new subscribers and processing payment information must be a seamless experience, and to remain competitive, providers have to stay ahead of the changing digital payments landscape in Latin America.

Streaming video-on-demand subscriptions are forecast to hit 116 million by 2025 in the Latin America region, according to PYMNTS’ latest Digitizing Payments In Latin America Playbook. The report, done in collaboration with Kushki, takes a look at how subscription and streaming services in Latin America can boost engagement and loyalty. 

The playbook also examines the increase in the reoccurring payments economy in Latin America and analyzes how it can meet consumers’ shifting payment expectations. 

Streaming and subscriptions services, particularly for music and other virtual media, have been on the rise in Latin America countries in part due to the increased adoption of smartphones as internet penetration expanded. Latin America is now the second-fastest-growing streaming market worldwide.

Subscriptions for music and audio streaming platforms — including Spotify, Apple Music and Google Play — increased by 5% and reached 13 million new users in Mexico in the first six months of last year.

Mexican subscribers have become big consumers, with 94% using some type of video streaming service and 77% tuning in an average of six days each week. 

But for a streaming or subscription service to really gain traction in the Latin American market, it needs a good handle on how the region’s shifting payments ecosystem operates. That’s according to Paul Del Pin, vice president of marketing and growth, streaming services, Latin America, for streaming and entertainment provider Paramount, who spoke to PYMNTS in a February interview. 

Find out more by downloading the Digitizing Payments In Latin America Playbook report. To read the interview with Paramount, read the playbook’s feature story here.