The media and entertainment industry is experiencing a fast changing landscape. Over-the-top (OTT) media services are dominating the industry as consumers increasingly prefer online delivery. With global media markets projected to be worth $332 billion by 2025, media companies are looking to invest in digital content they can offer on-demand and online.
There are many traditional players in the industry - large cable networks, video game developers, newspaper companies, and even sports franchises fit the mold. They’re accustomed to distributing offerings through various outlets and relying on mass advertising to acquire new and loyal customers. As the media and entertainment industry shifts their focus to OTT services, they’ll be interacting directly with their customers in ways they haven’t had to before, leaving “virtually every media company looking to establish direct relationships with consumers.”
Consumers are in Control
Deloitte’s Digital Media Trends Survey reveals that 40% of consumers are overwhelmed by the number of subscriptions available on the market today. Media companies, in their attempt to quickly capture market share with targeted promotion and re-bundled digital offerings, have lost sight of what their consumers truly value -- a customized experience.
Instead of overwhelmed, customers should feel connected to the brands they choose. While consumers are spoilt for choice, most are selective in how many and which subscriptions they choose to purchase. As media brands are coming to take more responsibility for their customer journey by selling direct to consumers (DTC) online, they’ll need to assess new digital-first strategies to create a consistent and customized brand experience, making a purchase decision obvious for their target customers.
Customer Experience as a Differentiator
Customer experience (CX) is all about your customers' perception as they interact with your brand. A successful customer experience strategy will support a business from consumers' initial awareness all the way to post-purchase. For media and entertainment companies scaling rapidly with DTC offerings, a holistic digital CX strategy that can meet large volumes of consumers online, engage consumers as they make a purchase decision, and offer proactive and personalized customer support to subscribers post-purchase will be a combination for winning customer relationships.
Ripe for Digital Transformation
Access Ada’s 3 Reasons Why the Media Industry is Ripe for Digital Transformation here and discover how an automation-first CX strategy fits into the picture.