24A - Venture Concept No. 1

Opportunity

My idea is tailored to fit the needs of UF students and could later be adopted by other universities for their students as well. The market is defined demographically as students ages 17-24 and who pay tuition. Gender, ethnicity, and marital status are not determining factors in the demographics of my target market.

The nature of the need has to do with convenience, entertainment, and money. The forces in the environment that are creating this opportunity are the high tuition costs, high living expenses, food expenses, and accumulation of monthly subscription prices to other streaming services. Currently, customers are satisfying their need of entertainment with Netflix, Hulu, Showtime, HBO Max, Amazon Prime, and many more. I believe that customers are very loyal to Netflix but the other platforms are easier to sway people away from. 

I believe there is a big opportunity for this. I have never heard of a streaming service like this that the university itself would be in charge of, and I think it would be extremely successful and bring in extra money for the school. I believe the window of opportunity will be open for a long time because new students come in each year to subscribe which will offset the seniors that have graduated and unsubscribe. It would be a cyclic flow of money.

Innovation

My idea is to create a streaming platform that is offered directly through the University of Florida for their students. This platform would includes movies and tv shows as well as Gator sports. This new platform would allow students to save money on entertainment by combining all of their subscriptions into just one monthly subscription. The ultimate goal is that students will change their current subscriptions to my new platform and will save money that they can turn around and use for other things they need as a college student. 

So, what I am selling is subscriptions to a new streaming service. Right now, I am thinking that the subscription fee could be around $12 a month. If customers cancelled their other services and switched to this one only, this should save them at least $5 a month. I do not know how much my fixed or variable costs will be yet, so this is only an estimate of what the price could be.

Venture Concept

The reasons I think customers will switch to this new service is money savings, variety, and UF sports. The price of just one streaming service compared to the 4 that the average American has, will greatly reduce the monthly cost that customers are paying each month for television entertainment. This new service will also provide a great variety of tv shows and movies and will have monthly surveys to see what movies people want added and which ones they do not need on the service. And lastly, UF sports will be a large influencer because no other service provides access to all of the Gator sports for this low of a price. I think it might be a little hard for customers to switch in the beginning, but if the service is successful its reputation should speak for it and convince people to switch over.

The competitors would be other streaming services such as Netflix, Hulu, HBO Max, Amazon Prime, Showtime, etc. Their possible weaknesses would be their high prices and inability to satisfy the need for variety of tv shows and movies for their customers. 

Customer experience and price points play a large role in this business concept because customers need to be satisfied to tell other people about the service and if the price point is too high, they will not give the service a chance in the first place. Packaging, distribution, and customer support do not need to be defined at this point.

To support the ongoing production of this new service, I would have multiple employees who can be reachable 24/7 for customers to show how much we care about each individual. These employees would be able to answer any and all questions that are asked about the platform and would be able to recommend things to watch to indecisive customers.

The Three Minor Elements

The most important resource will be our monthly surveys that take each of our customer's opinions into account. By conducting these surveys, our customers are given a voice and they can help us choose which new movies and tv shows will be added to the platform each month.

Next for the venture would be expanding into other universities in Florida and ultimately throughout the country.

Next for me would be to become financially stable from this venture and be able to invest money into other opportunities that I believe will be successful in the future.