How Can Media Companies Combat Lost Subscribers … and Lost Revenue?
Today, media companies face challenges on multiple fronts. Subscribers are lapsing, driving away advertisers, which lowers revenue … and ultimately creates a frustrating cycle for media companies.
No media provider is exempt. ESPN lost approximately 2 million subscribers in its 2016 fiscal year. Approximately 100 ESPN employees are expected to lose their jobs this week, including reporters and on-air personalities. The Leichtman Research Group found that the top 11 pay-television providers in the United States, which cover over 95% of the market, lost a combined 665,000 net subscribers in Q2 2016, double the losses from two years prior. How can media companies combat and reverse these trends?
Forty percent of customer purchases cross between offline, online, and mobile platforms. Media companies need presence, strategy, and deliverables in each platform to reach and retain subscribers. To help media companies build these offerings, an adept IT services partner will offer solutions to optimize resources and offer services outside of content creation and improve the customer experience no matter what channels they are using to access content.
While many offerings in the media technology industry help companies increase operational efficiency and revenue, a platform-based solution takes an integrated approach, allowing companies to select the specific solutions they require or adopt the entire platform. By having these critical activates available in one solution, media companies can continue to increase efficiency. Without a robust technology platform powered by the leading solution provider, you may be left behind.
NIIT Technologies offers the most comprehensive, integrated media platform on the market today, allowing for immediate expert consultations in numerous areas. Solutions include areas such as infrastructure management, application services, customer care, business services, and advertising/creative services.
While these are critical activates for the business, taking a different technology and service approach to these activities allows media companies to focus on what they are good at – content creation. In addition, media companies can lean on NIIT Tech to identify new products and services to gain subscribers and revenue. Key differentiators for media companies include:
- Digital Expertise – Turning data into actionable analytics and integrating with other platforms through APIs. NIIT Tech designs and delivers Digital Emotionally Empathetic Experiences (Digital E3) to maximize the value customers receive, and increase their likelihood of reusing and recommending client services.
- Infrastructure Management – Data center consolidation, cloud migration, and Workplace as a Service features. By leveraging multi-cloud and automated solutions, NIIT Tech delivers a world-class user experience.
- Application Development, Management, and Testing – Building tailored solutions for clients’ needs. NIIT Tech utilizes lean principles to lower costs and provide end-to-end testing and the flexibility needed for rapid rollouts and updates.
- Testing Services – Quality Assurance, running tests and generating reports automatically across applications. NIIT Tech leverages domain expertise to reduce time-to-market by 15-20%. Automated QA Portfolio Dashboards eliminate the duplications traditionally associated with testing.
- Business Process Services - Including ProcessGymTM, NIIT’s proprietary consultative approach, TermsMonitorTM, a workflow manager developed in-house, and knowledge sharing systems to enable continuous process improvement.
Every NIIT Tech service a client employs provides project updates to the other activity areas. For example, if creative services redesigns a website, customer care would be updated to help customers calling for help with navigating the “new site.” This coordination allows anticipation of the client’s decision impact on customers, and solutions can be prepared collaboratively before issues arise.
Deloitte estimates in its 2017 Outlook on Media and Entertainment that video-on-demand users will grow to 209 million in 2021 from 181 million in 2015. Companies leveraging NIIT Tech’s multiple solutions can gain a head start on changes in environments, challenges, and opportunities such as 5G, virtual and augmented reality, and increasingly targeted content.
NIIT Technologies integrated media platform helps companies tackle variable costs and increase revenue to heighten competitiveness across the value chain of media operations. Learn more about how multichannel evolution builds audience and increases revenue.