Think of your favorite movie as a kid, say in the first 10 years of your life. Now think of your favorite movie from the past decade. Do you have one? Do you have 100?
In a world with basically infinite content, choice is one of our greatest joys—and frustrations. With each passing year, consumers seem to grow more fickle and demanding, regularly moving to the platforms and publications that offer not only the best catalog but also the best customer service, content experience, user interface, and bang for the buck.
And even these features may not be enough, as the recent upheaval among the major streamers has shown.
Holding on to viewers, readers, and listeners has become more important than ever. Yet most consumers can only maintain so many subscription services at once. The goal for media companies needs to be to sustain their interest, and with as much share of the consumer’s wallet as possible.
As such, churn is now the most prominent enemy of the media and entertainment industry business model. Consumers can be mercurial, sensitive to price and changes in content catalogs. Just as adding a service has rarely been easier, so is dropping one, which consumers have shown themselves more than willing to do when a channel is no longer serving their needs.
With these challenges front and center, leading media and entertainment companies are increasingly turning to data analytics and personalized content recommendations to improve customer experience and retention. In the dog-eat-dog digital world, it's no longer the loudest bark that gets the most attention. It's about pairing the right breed to the sensibilities of a specific person, and having the best stable of information and offerings to make that match and keep it going.
Continue reading: https://www.forbes.com/sites/googlecloud/2022/06/13/churn-it-down-how-media-companies-can-use-ai-to-keep-and-win-subscribers/?sh=62806b873744
In a world with basically infinite content, choice is one of our greatest joys—and frustrations. With each passing year, consumers seem to grow more fickle and demanding, regularly moving to the platforms and publications that offer not only the best catalog but also the best customer service, content experience, user interface, and bang for the buck.
And even these features may not be enough, as the recent upheaval among the major streamers has shown.
Holding on to viewers, readers, and listeners has become more important than ever. Yet most consumers can only maintain so many subscription services at once. The goal for media companies needs to be to sustain their interest, and with as much share of the consumer’s wallet as possible.
As such, churn is now the most prominent enemy of the media and entertainment industry business model. Consumers can be mercurial, sensitive to price and changes in content catalogs. Just as adding a service has rarely been easier, so is dropping one, which consumers have shown themselves more than willing to do when a channel is no longer serving their needs.
With these challenges front and center, leading media and entertainment companies are increasingly turning to data analytics and personalized content recommendations to improve customer experience and retention. In the dog-eat-dog digital world, it's no longer the loudest bark that gets the most attention. It's about pairing the right breed to the sensibilities of a specific person, and having the best stable of information and offerings to make that match and keep it going.
Continue reading: https://www.forbes.com/sites/googlecloud/2022/06/13/churn-it-down-how-media-companies-can-use-ai-to-keep-and-win-subscribers/?sh=62806b873744
