Los Angeles, April, 2021
Digital content is growing exponentially as a result of the proliferation of smart devices and evolving customer preferences. Moreover, the use of digital technologies such as cloud, artificial intelligence (AI), and analytics is playing a critical role in providing personalized services to customers. Digital transformation is now an imperative for media & entertainment organizations not only to remain competitive but for their survival and growth.
These emerging trends are covered in Avasant’s new Media & Entertainment Digital Services 2021-2022 RadarView™ report. The report is a comprehensive study of digital service providers in the media & entertainment space, including top trends, analysis, recommendations, and a close look at the leaders, innovators, disruptors, and challengers in this market.
We evaluated 28 providers using three dimensions: practice maturity, partner ecosystem, and investments and innovation. Of those 28 providers, we recognize 18 that brought the most value to the market during the past 12 months.
The report recognizes service providers in four categories:
Figure 1 from the full report illustrates these categories:
Rob Devers, senior director and senior fellow with Avasant, congratulated the winners noting, “With the entrance of several new players, the media & entertainment industry is highly competitive. In the long run, a few players who prioritize the 2 Cs—content and customers—will survive. Others will either get acquired or fade away.”
Some of the findings from the full report include the following. Media & entertainment companies should:
1. Address content requirements to revitalize business growth.
- Align the content library with current subscribers and invest accordingly in the creation and acquisition of unique content.
- Assess the current content monetization strategy and leverage AI for personalized targeting of customers. Predict customer lifetime value (CLV) to focus on high spenders.
2. Analyze user profiles and offer the right business model to improve conversion rates.
- Prepare detailed customer profiles by performing social, behavioral, and demographic analysis to predict digital habits and willingness to spend on premium content.
- Elevate the mindshare of the product by promoting and offering the right business model (such as subscription-based or ad-supported) after evaluating preferences and expectations.
3. Personalize customer experience across critical touchpoints for improved engagement.
- Leverage different and smart formats such as video books, podcasts, and voice-led search to manage and engage customers.
- Invest in hyper-personalization of influencers and decision enablers for advertising, prices, and content positioning to provide differentiated experiences
“The media & entertainment industry is digitally evolving, and it is critical for progressive enterprises to augment digital technologies for maximizing their ROI by aligning right business models and personalized content with the target audience.” said Avasant’s Research Leader Pooja Chopra. “Thus, there is an increasing need for partnering with the right service provider who can guide and assist them in their digital transformation journey.”
The full report also features detailed RadarView profiles of the 18 service providers, along with their solutions, offerings, and experience in assisting media & entertainment companies in digital transformation.
This Research Byte is a brief overview of the Media & entertainment Digital Services 2021-2022 RadarViewTM report .