Research found that 35% of customers canceled at least one of the top five video streaming services in the last 12 months
Called ‘Reinvent for Growth’, a study by Accenture interviewed 6,000 consumers to understand their preferences and behaviors regarding online entertainment experiences.
The survey showed that six out of seven consumers want a complete platform that simplifies entertainment experiences with video streaming, fantasy games, social networks, electronic commerce.
According to the survey, four out of 10 respondents said they would pay for a unique entertainment services platform. would like to be able to share their streaming profiles across platforms for greater content personalization.
“Independent streaming services face a few simple problems: there’s a limit to what consumers are willing to pay, and a level of complexity and number of options they’re prepared to deal with. It’s time to reinvent streaming ecosystems. entertainment so companies in the industry can achieve profitable growth by helping consumers get everything they need and want,” explained John Peters, general manager of the Media and Entertainment practice at Accenture.
Still according to the report, 35% of consumers canceled at least one of the top five video streaming services in the last 12 months, with 26% saying they plan to cut one or more in the next 12 months.
The survey also pointed out that 76% of respondents reported frustration when finding something to watch, six percentage points more than recorded in 2021, and 26% said it can take more than 10 minutes to choose a streaming option (against 17% registered in 2021).
Another point made by the survey showed that 55% of consumers feel overwhelmed by the number of streaming services available.
In addition, the report also identified three emerging roles for entertainment companies that are competing for consumers’ time, attention and money. The first of these are audience aggregators, which consist of platform companies with a diversified business model that monetize attention and direct or indirect engagement, uniting various services in a single location.
The second tool pointed out by Accenture are audience cultivators who are capable of creating and monetizing entertainment in one or more forms, such as video, music and games based on data about the main audience.
Finally, the last role presented by the research is content marketers, who focus on creating the best possible content without needing to monetize the engagement achieved by that content.
“The future of the media industry lies with bundled platforms. These platforms will achieve two critical outcomes: creating inclusive, lower-churn services and packages that can generate revenue for media companies while providing experiences for consumers to enjoy. consumers find and access content with ease, concluded Imran Shah, general manager of Accenture’s Communications, Media & Technology group
