The study conducted by Accenture reveals interesting insights into consumer behaviors in the media and entertainment industry. Here are the key findings from the study:
- Tired of Browsing:
- More than a third of consumers (36%) struggle to find something entertaining to watch.
- 52% of consumers feel that recommended content does not match their interests.
- This indicates a need for more personalized and relevant content recommendations to enhance user experience and engagement.
- Serial Churners:
- Nearly 60% of consumers are canceling and resubscribing to services based on the availability of desirable content.
- In 2023, 47% of consumers canceled more subscriptions compared to the previous year.
- This behavior highlights the importance of content variety and quality to retain subscribers in a competitive market.
- Shifting Preferences:
- Two-thirds of consumers view user-generated content as entertaining as traditional media forms.
- Social media and social video platforms are preferred over streaming services in various scenarios like humor or relaxation.
- This trend emphasizes the growing influence of user-generated content and the need for media companies to adapt to changing consumer preferences.
The study also suggests opportunities for media organizations to evolve their content offerings:
- Lifestyle Bundles:
- Consumers show interest in using a single app to access all digital services across media and non-media categories.
- Accenture projects lifestyle bundles to reach $3.5 trillion in consumer spending by 2030.
- Technology brands are positioned to lead in creating lifestyle bundles, surpassing traditional media brands in this domain.
In conclusion, the study highlights the challenges traditional media companies face in meeting consumer demands for personalized content, the trend of subscription churn, and the shift towards user-generated and social media content. It also underscores the potential for innovation in content aggregation and lifestyle bundles to meet evolving consumer preferences and enhance engagement in the media and entertainment industry.
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