Nine in Ten Consumers in India Desire Simplicity in Entertainment Experiences

A report of Accenture revels that, more than nine in ten consumers in India (95%) want an all-in-one platform to simplify their entertainment experiences with video streaming, fantasy sports, social media, ecommerce and more, according to “Reinvent for growth.

As part of its second annual global entertainment study, the survey finds, 6,000 consumers including more than 500 consumers in India to understand their preferences and behaviors regarding their online entertainment experiences. 72% consumers in India said they would pay for an all-in-one platform for their entertainment services. In addition, five in six (83%) want the ability to share their streaming profiles across platforms to allow for better personalization of content.

The survey says, standalone streaming services are running up against some simple facts: There are limits to what consumers will pay for and only a certain amount of complexity and options that they are prepared to deal with. It is time to reimagine entertainment ecosystems so that media companies can move to profitable growth by helping consumers get everything they need and want.

Expert says, 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. 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, customization and affordability.

The shifts in consumer preferences and behavior 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. 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. With an evolved audience, media companies must also invest in better stories and put greater emphasis on co-creating stories.

Dr. Deepak Kumar Sahu, Editor-in-chief- VARINDIA