Based on research it conducted, Accenture says media and entertainment companies need to make fundamental changes to get on a “sound financial footing” and grow.
IT services and consulting firm Accenture on Tuesday announced the launch of its new Media Thrive Index, which aims to assess media and entertainment companies' ability to succeed in an increasingly challenging industry.
“While the media industry is growing, industry players are not. This essentially means that values are shifting elsewhere. Acting piecemeal with a survivalist mindset It's abundantly clear that creating a new avenue won't help media companies thrive in the future. What media companies need now is to make big bets and find new paths to growth while going where consumers want them to be. to explore new roles, redefine new roles in the entertainment value chain, and develop new revenue streams,” said Neeraj Sharma, MD. He is responsible for Accenture's media industry in growth markets, he said in a press statement issued by Accenture.
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The index considers 50 different options media organizations can use to reinvent themselves, which the company identified through its own analysis of initiatives initiated by companies. Accenture's assessment found that most options are only aimed at modest adjustments that do not significantly change a company's economic situation. Accenture argues that radical action is the only way for traditional media companies to get on a sound financial footing, grow, and remain successful.
The index was created in response to Accenture's third annual Reinvent for Growth global entertainment survey, which surveyed 6,000 users across 10 countries, including India, about their media consumption habits. The report identified the following key challenges facing media organizations:
More than 35% of Indian consumers say they have trouble navigating between different entertainment services, apps, and devices, and 72% say the content recommended doesn't match their interests. Did. Another problem is continuous churn, with nearly 65% of Indian customers canceling or resubscribing to the service based on the content they want to watch at the time. 63% of Indian consumers said they canceled more subscriptions in 2023 than the previous year.
Additionally, two-thirds of Indian consumers said they think user-generated content is just as interesting as traditional media. Social media and social video platforms are consistently chosen over streaming video services as the media of choice in a variety of situations.
Accenture also identified several opportunities to expand beyond what media organizations typically offer. 89% of customers surveyed said they would prefer to use a single app to access all digital services in both media and non-media categories. The company also predicts that consumption of lifestyle bundles will reach $3.5 trillion by 2030, and that technology brands will leverage this more than traditional media brands in creating these bundles. states that it is in a favorable position.
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Date first uploaded: April 16, 2024, 13:05 IST