The business idea that will revolutionize entertainment delivery to millions of Americans is a variation of subscription-based television to be called Pick-n-Watch.
Pick-n-Watch is a variation of streaming services and traditional cable services through which an individual has the freedom to subscribe to specific television channels versus having to buy a cable bundle and paying for channels he/she may not need. Channels are priced according to their popularity as well as pricing structures that are agreed upon by the provider. For example, channels such as ESPN and the Food Network may be priced at $2 per month whereas channels such as IFC and network channels would be accessible for $1 per month. This way, an individual could build their own cable package at a lower price. In order to maintain a high level of activity and more revenue, a minimum of 10 channels would need to be purchased in order to create a bundle. In addition to the subscription cost of each channel, a small service fee would also be added to the monthly bill. No contracts would be necessary, allowing individuals to change their plan at any time.
The target market for such a business would primarily be the millennial generation which includes individuals aged 18-35. Further, the target market would consist of individuals who have opted for alternative televised entertainment outside of traditional cable packages and programming. These individuals would be interested in several television shows and would range in their socio-economic status from low-income to middle-income.
The need being met would be providing real-time, televised entertainment and content at a lower price than traditional cable services. This need as of yet has not been filled by the current market as many younger people are opting not to subscribe to cable at all due to the restrictions, high costs, and need for a contract agreement.
A large portion of the target market currently subscribes to services such as Netflix and Hulu Plus; however, they are unable to watch live TV using either service. The Pick-n-Watch service would combine a subscription-based service with the freedom, convenience, and lower cost of services such as Netflix. Pick-in-Watch solves the problem of viewing real-time content without the need for a contract and without having to pay for channels that individuals normally do not watch. For example, many traditional cable packages have several channels of children’s programming. A young person without children and no interest in this type of programming essentially still pays for the programming via a traditional cable package even though they are not making use of the channel.
Overall, the Pick-n-Watch services aims to provide real-time, quality content, in a convenient format to individuals who wish to select which channels they subscribe to. Instead of paying for content that is not relevant to them, individuals have the freedom to create a customized package that will fit all of their entertainment needs.