2023-01-17-埃森哲-重塑增长_25页_4mb

Reinvent for Growth: Media Strategies in a Multidimensional Landscape

Core Content

This document explores the evolving media landscape and the need for traditional media companies to reinvent their strategies to achieve profitable growth. It highlights the challenges of the current direct-to-consumer (D2C) streaming model and the rise of new entertainment ecosystems driven by consumer demand for simplicity, customization, and value. The paper identifies three emerging roles in the media industry: Audience Aggregators, Audience Cultivators, and Content Merchants, each with distinct strategies and responsibilities.

Main Viewpoints

• Streaming's Limitations: Streaming has not delivered the expected returns for traditional media companies. The market is saturated, and consumers are increasingly dissatisfied with the complexity and cost of managing multiple services.

• Shift to Value-Centric Models: The focus of competition is shifting from content volume to value. Media companies must now prioritize delivering value to both customers and investors by aligning with consumer preferences and expectations.

• Consumer Behavior: Consumers want simpler, more personalized, and more integrated entertainment experiences. They are looking for a single platform that offers a mix of content and services, with seamless sharing of preferences and profiles.

• Rise of Aggregators: Tech giants like Amazon, Apple, and Google are leveraging their existing revenue streams (e.g., ecommerce, devices) to expand into entertainment. They are creating platforms that bundle multiple services, offering consumers a more streamlined experience.

• Audience Cultivators: These companies focus on creating and efficiently monetizing content. They must avoid the pitfalls of trying to be everything to everyone and instead concentrate on specific audiences and content types, while also engaging with aggregators for broader reach.

• Content Merchants: These entities prioritize content quality but face challenges in monetization. They must either establish a niche dominance or grow through strategic acquisitions to gain better leverage with aggregators and cultivators.

Key Information

Consumer Trends

• Subscription Fatigue: Churn rates are increasing, and 35% of consumers unsubscribed from at least one of the "Big 5" streaming services in the last year.

• Cross-Service Search: 68% of consumers now use cross-service search engines, up from 47% in 2021. This signals a growing demand for integrated platforms.

• Content Preferences: Consumers are shifting away from binge-watching to more defined, on-demand choices. They also want to access other forms of entertainment like social media, gaming, and fitness from their streaming platforms.

• Price Sensitivity: 39% of consumers say they won't pay to remove ads, and 52% have increased their use of ad-supported content. There is also a growing interest in flexible pricing models.

Business Model Shifts

• Aggregation as a Key Strategy: Platforms that aggregate multiple entertainment services are becoming the new standard. These platforms offer simplified experiences, flexible pricing, and bundled services.

• Revenue Streams: Aggregators monetize through attention, engagement, and indirect revenue sources such as ecommerce and payments. Cultivators and merchants must find ways to integrate with these platforms.

Strategic Recommendations

• Audience Aggregators:

  • Focus on ubiquity, scale, and innovation.
  • Build integrated platforms that offer a wide range of services.
  • Ensure collaboration with other services and maintain customer intimacy.

• Audience Cultivators:

  • Prioritize content and cost efficiency.
  • Create trusted relationships with consumers through audience insights.
  • Leverage data and analytics for targeted marketing and advertising.
  • Balance brand focus with aggregator partnerships.

• Content Merchants:

  • Focus on standout content and dynamic content creation.
  • Establish niche dominance or strategic growth through acquisitions.
  • Develop strong relationships with audience cultivators and aggregators.

Market Data

• Subscription Growth Slows: The SVOD market saw a decline in new sign-ups in 2022.

• Consumer Preferences:

  • 72% of consumers report frustration in finding content.
  • 55% are overwhelmed by the number of streaming services.
  • 86% would be interested in a single platform for all entertainment, with 41% willing to pay for it.

• Consumer Spending:

  • 39% of consumers plan to reduce their spending on streaming services.
  • 52% increased their use of ad-supported video.

Conclusion

The media industry is at a critical juncture, with streaming no longer the panacea it once was. Companies must reinvent their strategies by focusing on value, aggregation, and consumer-centric experiences. The future belongs to those who can adapt to the evolving landscape by embracing new business models, leveraging data, and delivering simplified, integrated, and flexible entertainment solutions.