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Did you know that every user using media streaming services pays for around 4 services, on average? The leading media streaming service providers cater to more than 180 million subscribers.
Similar to any industry, even in the upsurge, the media and entertainment industry is facing a huge churn rate. The culprit behind this is the subscriber war or seamless consumer services.
Are you also experiencing this?
This post will discuss various challenges in the media and entertainment industry and explore different viable solutions, such as Microsoft Azure, Salesforce services, etc.
What Are The Unique Challenges in Media and Entertainment Industry?
Did you know Gartner has predicted that 80% of your profit will be generated from the customers you already have?
And if you look at it, then we need to spend more money to acquire new customers. Yet many, many companies still spend a considerable amount of their budget on new customers instead of spending more on retaining existing customers.
Here are some challenges faced by the media and entertainment industry:
- There’s a new and better streaming service launching each day. The competition is increasing and the subscriber churn rate is rising.
- Many other providers are offering better user experiences. Their UI and support are better and the quality is clearer. This creates an issue, and sometimes, leads to a high churn rate.
- There’s no shortage of fake, pirated, and low-quality media platforms as well. You need to build users’ trust in your brand to help them rely on you – to subscribe regularly.
- Personalization algorithms may seem like an over-sell but they are helpful. When you are scrolling, personalization algorithms show dedicated streaming options as per the user’s choices. The media and entertainment industry needs to ace this trend to surge ahead.
- So much data is being collected by this industry every day – every hour. Using this data in a valuable manner for driven decisions is difficult but crucial for the business.
How Have Content Delivery Models Evolved Rapidly?
In the beginning, we had only print media as the prime content delivery model. From there, we slowly moved to broadcast or radio media and entertainment, and it has finally reached OTT and digital content delivery.
Check the entire evolution:
- Print media, such as newspapers
- Broadcast, such as radio shows
- Cable, such as TV channels
- Physical media and entertainment
- The age of digital or OTT, such as Netflix
Although today we are at a stage where almost every next person is consuming media via online streaming channels, the stage before this marks the actual starting of digital entertainment and media.
We Need To Talk About Systems of Record and Systems of Engagement
There are two major implementations for the media and entertainment industry. Both Systems of Records and Engagement are essential for internal and customer-based interactions. Let’s understand how:
Systems of Records
Systems of Records are tools that help with internal data management. These are mission-critical units that help extract, transmit, store, and modify business data depending on the requirements. Employees of an organization use this stored data several times in one day to collaborate and offer seamless services.
These systems include:
- Data Warehouse
Systems of Engagement
While Systems of Records is more about the efficiency of storing data, Systems of Engagement is facilitating users’ journeys. Throughout the user’s journey, we use these tools to enhance customer satisfaction and customize user interactions with the brand at every touchpoint.
- Data Science
Powerful Technology Solutions For Media and Entertainment Industry
If you are looking to get a 360-degree view of your media and entertainment organization, Microsoft consulting services and Salesforce services by AIMDek can support you. Let’s understand how:
Salesforce solutions equip your organization to handle the marketing and sales department of the business with ease. With the Salesforce marketing cloud, you can connect with your customers and harbor lasting relationships. With the sales cloud, you can get sales tools to nurture every phase of the sales lifecycle.
The marketing cloud is designed for quick insights. You can understand your customer better and offer the right communication at the right time to a range of consumer groups. If you start using Slack with Salesforce Marketing Cloud, you can really extract a 360-degree image of your customer engagements and marketing success.
Sales Cloud is a beneficial offering by Salesforce that helps you manage your data, conversations, alerts, and internal communications. Sales Cloud monitors the complete health of your business, offering real-time insights and quick business-critical information. Your sales operations become more streamlined and highly predictable. Adapt and grow with Sales Cloud.
Similarly, Microsoft solutions innovate your entire media and entertainment experience for a range of customers. The tools offered via Dynamics 365 empower business agility and seamless communication.
Microsoft Azure is truly a future-ready solution for the media and entertainment industry. It provides on-premise, multi-cloud, and hybrid solutions to businesses seeking cutting-edge business process management.
Azure provides a range of products, such as Azure Virtual Desktop, Azure Cognitive Search, Azure Stack, etc.
Dynamics 365 provides a portfolio of applications that allow your business to offer utmost customer satisfaction and operational excellence.
Similar to Azure, Microsoft Dynamics 365 CRM also brings a range of applications in sales, finance, marketing, operations, HR, etc.
In the media and entertainment industry, the competition is increasing as we speak. There are so many leading providers, and surging ahead of this competition is only possible with transformative technology. This technology is right in front of you: Microsoft and Salesforce solutions.
AIMDek is an enterprise software development organization specializing in Microsoft and Salesforce products. We are Salesforce Consulting Partner and Microsoft Gold Partner, which means you can rely on our Salesforce and Microsoft consulting services. We can help you implement and extract benefits from the above solutions. Reach out to us for a consultation today!