The media and entertainment industry has experienced widespread recent changes. Total customer experience management spend in the media and entertainment industry stood between US$ 2.5-3 billion at the end of 2020.
Traditional players in this industry, dependent on in-person entertainment events and attendance, have experienced limited growth and in some cases contraction, and changes in consumer behavior have driven major shifts in the business models for organizations in this space.
Rapid expansion in the use of streaming content during the COVID-19 pandemic has likely become a permanent feature of the media and entertainment landscape. According to pwc, what many call streaming video-on-demand (SVOD), will spur increased revenues in the media and entertainment sector at a 10.6% CAGR through 2025, by which point SVOD alone will be a $81.3 billion industry.
The same source offers that consumer expectations and digital activity have simultaneously increased as viewers spend more time at home and seek ever-more new sources of entertainment and information. There are limits to the number of streaming subscriptions a household is willing to buy, however, and canceling a subscription is a surprisingly easy and common customer activity. Many of the traditional media giants have created their own streaming services, leading to serious competition for viewers’ eyes and wallets. Some of the habits formed around entertainment consumption during the recent period of restrictions will likely endure, even as the urge for public gatherings and live events increases.
A Salesforce/Harvard Business Review white paper advises media companies to focus on delivering the highly curated omnichannel experiences that consumers now expect. Doing so will require continued investment in new skills and technologies that facilitate easy one-to-one, personalized customer experiences. At the same time, there will be intense competition to collect and employ insights from the crush of consumer data in order to produce those individualized experiences.
For many media and entertainment companies, AI and predictive modeling will play an increasingly essential role in “enhancing CX, content development, and product and services development.”
Customers of a well-known media and entertainment client often initiated chat support interactions, but resolution to problems was sometimes elusive or unacceptably lengthy due to communication issues or complex technology problems. ResultsCX offered customers an outbound telephone call as a means of solving problems more quickly. Customer support satisfaction scores increased, as did speed to resolution and AHT.
When support volumes for a media and entertainment client exceeded expectations and strained operations, ResultsCX transformed training processes to quickly develop a pool of qualified and flexible universal agents. The resulting reduction in training time led to client savings, as well as improvement in AHT. Best of all, the client’s brand reputation was enhanced at a critical moment for its business.
A longtime ResultsCX client in media and entertainment faced significant changes in demand for its subscription-based services. Analytics uncovered strategies for reducing the cost per subscriber in addition to improving saves. Agents were refocused on effective saves best practices, leading to best performance by ResultsCX among all vendors, faster speed-to-proficiency, and significant client savings.
One way that media and entertainment organizations can take better care of their customers is to transform support operations with the customization inherent to AI-powered tools.
Learn more about the benefits of AI-empowered customer journeys that can reduce customer care costs while providing tailored, individualized experiences.
More than many industries, media and entertainment companies need to pay special attention to every interaction with customers through social media. Knowing what customers are saying and sharing about services, experiences, and entertainment content is essential among extremely competitive media and entertainment organizations.
This white paper addresses the benefits of protecting your online reputation and using social media as another support option for customers.