More than nine in 10 consumers in India want to simplify their entertainment experience with an all-in-one platform containing video streaming, fantasy sports, social media, e-commerce, and more, according to a report from Accenture.
The report titled ‘Reinvent for growth’ found that 72 per cent of consumers in India were willing to pay for an all-in-one platform for their entertainment services. In addition, 83 per cent want to be able to share their streaming profiles across platforms for personalisation of content.
According to the report, 41 per cent of consumers in India unsubscribed from at least one of the top five streaming video-on-demand services in the last 12 months, and 42 per cent said they plan to cut one or more in the next 12 months.
More than six in 10 consumers (62 per cent) in India reported frustration at the difficulty in finding something to watch; 77 per cent said they were overwhelmed by the number of streaming services to choose from; and 30 per cent said it took them more than 10 minutes to settle on a streaming choice. These findings highlight the need for media organisations to reconsider their operational and content strategies, the report said.
Saurabh Kumar Sahu, managing director and lead for communications, media, and technology industry group, Accenture in India, said, “With the growing focus on revenue over content and rising customer dissatisfaction with their media experiences, the streaming industry is at a critical stage of evolution. To stay relevant and profitable in an increasingly competitive media landscape, streaming service providers need to reimagine the entertainment ecosystem, considering consumer needs for simplicity, customisation, and affordability.”
Accenture’s report also identifies three emerging roles — audience aggregators, audience cultivators, and content merchants — for entertainment companies as they compete for consumers’ time, attention, and money.
Audience aggregators are platform companies with a diversified business model that monetise attention and engagement directly and indirectly by tying multiple entertainment and other services together in one place. Audience cultivators will create and efficiently monetise entertainment in one or multiple forms by knowing their core audience, focusing on content/cost efficiency, and ensuring that they’re included in audience aggregator platforms and bundles.
Content merchants will focus on making the best possible content without needing to monetise the engagement their content achieves, said the report.