Over 9 in 10 Indian consumers want all-in-one platform for entertainment
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More than nine in 10 Indian consumers, that is about 95 per cent, want an all-in-one platform to get better entertainment experiences, a new report said on Monday.
While 72 per cent of consumers in the country said they would pay for an all-in-one platform for their entertainment services, five in six want the option to share their streaming profiles across platforms for better content personalisation, according to the report by Accenture.
"With growing focus on revenue over content and rising customer dissatisfaction with their media experiences, the streaming industry is at a critical stage of evolution," said Saurabh Kumar Sahu, managing director and lead for Communications, Media and Technology industry group, Accenture in India.
"To stay relevant and profitable in an increasingly competitive media landscape, streaming service providers need to reimagine the entertainment ecosystem keeping in mind consumer needs for simplicity, customisation and affordability," he added.
Moreover, the report also revealed that around 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 that they plan to remove one or more in the next 12 months.
Over six in 10 consumers (62 per cent) in the country reported frustration at finding something to watch.
While 77 per cent of users reported feeling overwhelmed by the range of streaming services available, 30 per cent said it takes more than 10 minutes to settle on a streaming choice, said the report.
Further, the report mentioned three emerging roles for entertainment companies competing for consumers' time, attention and money are-- audience aggregators, audience cultivators and content merchants.
"The shifts in consumer preferences and behaviour point towards the need for aggregation. As value becomes the key determinant of success, media companies need to become more customer-centric using data and analytics," said Neeraj Sharma, managing director of Communications, Media and Technology, Accenture in India.
"Prior to the pandemic, star presence was a big draw for video streaming content, however in the post-pandemic economy story, treatment and performances have emerged as the real hero," he added.
