Nearly two out of five streaming video users say they are spending too much time trying to find something interesting to watch, according to a new consumer study released by Accenture this month.
Details from the survey were reported in Accenture’s “Media Thrive Index,” which serves as a wake-up call to media and entertainment companies that are looking to increase interest and revenue from consumers who are increasingly taking up streaming services for their video needs.
Around 36 percent of those surveyed said they’re tired of having to constantly browse through services and platforms for something interesting to watch. Sixty-two percent of respondents said the content that streaming services are recommending to them aren’t in line with their own personal interests.
That is leading to higher churn across services, with 60 percent saying they’ve rotated through subscription streaming offerings based on the titles that are available at a given time. The figure was up from 47 percent reported last year, according to Accenture.
“Media companies need to get radical and get outside their comfort zone,” John Peters, the Managing Director for Media and Entertainment at Accenture, said in a statement. “It is necessary to be bold, whether it means overhauling traditional revenue streams, targeting new audiences, redefining roles within the media value chain or competing in new industries altogether.”
One way companies can satisfy customers is by making more investments in personalizing their content offerings, Accenture said. Another way is to diversify beyond content by offering customers bundled opportunities that tie subscription video services with other non-media products in categories like lifestyle.
Lifestyle bundles are expected to reach more than $3.5 trillion by 2030, and those with technology platforms in place are well-positioned to capitalize on that trend. According to Accenture, 83 percent of respondents affirmed they would subscribe to a digital content and lifestyle bundle if a company offered it to them.
