Accenture Introduces Media Thrive Index in the World of Media & Entertainment

Accenture, a provider of IT services and consultancy, announced on Tuesday the release of its new "Media Thrive Index," which measures how well media and entertainment firms can survive in a more competitive market.

Although the media sector is expanding, the industry's major players are not.In essence, this indicates that the value is moving elsewhere.It is abundantly obvious that media firms cannot prosper in the long run by taking little, survivalist steps. Neeraj Sharma, MD and Lead for Accenture's Media business, stated that media organizations must make bold bets, go where consumers want to be, explore new growth opportunities, redefine new roles in the entertainment value chain, and find new income streams.

Accenture, a provider of IT services and consultancy, announced on Tuesday the release of its new "Media Thrive Index," which measures how well media and entertainment firms can survive in a more competitive market.

"Although the media sector is expanding, the industry's major players are not.In essence, this indicates that the value is moving elsewhere.It is abundantly obvious that media firms cannot prosper in the long run by taking little, survivalist steps. Neeraj Sharma, MD and Lead for Accenture's Media business, stated that media organizations must make bold bets, go where consumers want to be, explore new growth opportunities, redefine new roles in the entertainment value chain, and find new income streams.

Over 35% of Indian customers reported difficulty switching between various applications, gadgets, and entertainment services, and 72% claimed that suggested material did not align with their preferences. Serial churning is another problem, since over 65% of Indian consumers cancel and resubscribe to services dependent on the material they wish to view at the moment. According to 63 percent of Indian customers, they canceled more subscriptions in 2023 than they did the year before.

Furthermore, according to two-thirds of Indian consumers, user-generated material is just as interesting as established media. In a variety of scenarios, social media and social video platforms were repeatedly chosen as the preferred medium over streaming video services.

Accenture also discovered several chances for media companies to go beyond their typical offerings. Customers questioned said that 89% of them would like to use a single app to access all digital services, including those in the media and non-media categories. Additionally, according to the business, lifestyle bundles will account for $3.5 trillion in consumer spending by 2030. Technology brands, as opposed to conventional media brands, are better positioned to benefit from this trend and provide these bundles.