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The report concludes that radical reinvention is important for media companiesâ lasting success.
Accenture has introduced the launch of its ‘Media Thrive Index’ to evaluate the influence of reinvention methods on media and leisure companiesâ potential to succeed financially and strategically in an more and more difficult trade.
The Media Thrive Index is a response to the findings of Accentureâs third annual âReinvent for Growthâ international leisure research, which surveyed 6,000 customers throughout ten international locations together with India about their media consumption behaviours. The research highlighted a posh panorama of challenges going through conventional media corporations by which marginal methods wonât restore them to financial or strategic well being.
It assessed 50 totally different strategic choices for reinvention, recognized from a spread of initiatives launched by corporations and from Accentureâs personal strategic evaluation. The evaluation discovered most choices to this point are modest changes, which don’t considerably alter a companyâs financial profile. Solely radical strikes present a path for legacy media corporations to safe the sound monetary footing wanted to thrive and maintain success.
For instance, Sony Footage shunned the concept of changing into a direct-to-consumer (DTC) streaming service to deal with producing and promoting content material to the massive streamers along with reinvigorating its portfolio to span video video games. This, as its dad or mum firm can also be making a daring transfer into the electrical car market. The New York Occasions is gaining new strategic and monetary resilience by means of a portfolio of choices that embody client apps for audio/ podcasts, sports activities, cooking, procuring, and video games.
Key findings from the research spotlight a few of the challenges going through media organisations:
Bored with Searching â Greater than 35% of customers in India say they wrestle to navigate between totally different leisure providers, apps and units whereas 72% say beneficial content material doesn’t match their pursuits. The survey reveals that 57% of customers elevated their time spent on Subscription Video on Demand (SVOD), but additionally 26% of them indicated that point on linear TV (nonsports) decreased since final yr.
The report mentions that, “Firms akin to Amazon, Google/YouTube, Apple and Microsoft are investing closely in streaming, gaming, and reside sports activities. Their diversified income streams give them a security web that pure-play media corporations donât have. Their deep pockets allow them to supply an alluring mixture of free content material, unique perks, and competitively priced subscription providers that conventional media is hard-pressed to match.”
Moreover, Walmart and Reliance Jio in India are extending into streaming, and a variety of merchandise throughout connectivity, information, books, films, music, funds, groceries, units, training, well being, and monetary providers (along with supply providers, auto care, journey and gasoline). Social media firm X, previously often called Twitter, is equally evolving its choices by including video, Gen AI and finance capabilities with the purpose of changing into a “tremendous app.â
Serial Churners â Practically 65% of customers in India are cancelling and resubscribing to providers based mostly on the supply of fascinating content material. In 2023, 63% of customers in India cancelled extra subscriptions than the earlier yr.
Massive Tech corporations are actually pioneering way of life bundles, akin to Amazonâs Prime membership and Appleâs Apple One subscription, which increase their market energy and strategic benefit. They assist the buyer’s way of life with providers akin to free transport, grocery supply, streaming video and music, photograph storage, online game streaming, and pharmacy help.
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