More than nine in ten consumers in India (95%) want an all-in-one platform to simplify their entertainment experiences with video streaming, fantasy sports, social media, e-commerce and more, according to “Reinvent for growth,” a new report from Accenture.
72% of consumers in India said they would pay for an all-in-one platform for their entertainment services. In addition, five in six (83%) want the ability to share their streaming profiles across platforms to allow for better content personalization.
The report shows how media companies can improve user experiences and monetize new entertainment ecosystems.
As part of its second annual global entertainment survey, Accenture surveyed 6,000 consumers, including more than 500 consumers in India, to understand their preferences and behaviors related to their online entertainment experiences.
Saurabh Kumar Sahu, general manager and leader of the communications, media and technology industry group, Accenture in India, said: “With a growing focus on revenue over content and increasing customer dissatisfaction with their media experiences, the streaming industry is at a critical stage of evolution. To remain relevant and profitable in an increasingly competitive media landscape, streaming service providers must reinvent the entertainment ecosystem, taking into account consumer needs for simplicity, customization and affordability.”
Key findings of the report;
41% of consumers in India have unsubscribed from at least one of the top five streaming video-on-demand services in the past 12 months, and 42% said they plan to unsubscribe from one or more in the next 12 months to stop.
More than six in ten consumers (62%) in India reported frustration in finding something to watch.
77% of consumers in India said they are overwhelmed by the number of streaming services to choose from, and 30% say it can take them more than 10 minutes to make a streaming choice (up from 17% last year).
Accenture’s report also identified three emerging roles for entertainment companies competing for consumers’ time, attention and money:
Audience aggregators are platform companies with a diversified business model that directly and indirectly monetize attention and engagement by bringing together multiple entertainment and other services in one place.
Audience growers will create and efficiently monetize entertainment in one or more forms (e.g. video, music, gaming, etc.) by knowing their core audience, focusing on content/cost efficiency and ensuring they are included in platforms and bundles for collecting viewers. .
Content sellers will focus on making the best content possible without having to monetize the engagement their content achieves.
“The shifts in consumer preferences and behavior point to the need for aggregation. As value becomes the key determinant of success, media companies must become more customer-centric using data and analytics, said Neeraj Sharma, managing director, communications, media and technology, Accenture in India.
Sharma added that prior to the pandemic, the presence of stars was a big draw for video streaming content, but in the post-pandemic economics story, treatment and performances have emerged as the real hero.
“With an evolved audience, media companies also need to invest in better storytelling and put more emphasis on collaborative story creation,” said Sharma.
Companies that successfully consolidate consumer experiences while getting the economics of value right will be best positioned for growth.
Read all the latest business news here