Parks Associates released the new white paper “Improving OTT Customer Engagement with Smart Data” on the final day of its virtual conference Future of Video: OTT, Pay TV, and Digital Media. The white paper, developed in cooperation with Salesforce, finds approximately 40% of US broadband households trialed at least one OTT service during the COVID-19 crisis and nearly 70% of these households ended up subscribing.
“The use of free trials, promotional offers, and bundled packages has accelerated through the first part of 2020, during the initial stage of the COVID crisis,” said Steve Nason, Research Director, Parks Associates. “The conversion of those trials to paid subscriptions has also increased, but to keep those subscribers long term, providers need to deliver a continually evolving and personalized experience. Taking in and leveraging the data gained from viewer habits and actions offer OTT video service providers an opportunity like never before to engage subscribers through every phase of their journey with their services.”
The white paper examines the key phases of the OTT consumer journey, from acquisition to engagement to upgrade opportunities, and how data can be used to enhance strategies in each phase. It highlights how leading digital media and entertainment organizations are achieving success utilizing smart data in their customer engagement programs.
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April 1, 2022Salesforce, which recently announced its acquisition of Slack for $27.7 billion, is the research partner of the third annual Future of Video, a virtual event on December 14-16 addressing new strategies for service providers to provide high-quality customer service, retain subscribers and attract new customers, and design bundled options through new distribution strategies. Christopher Dean, VP & GM Media & Entertainment, Salesforce Industries, spoke in the session “Using Data to Acquire and Retain Customers” on December 15.
“Companies that effectively integrate smart data are leading the battle to engage the ever-elusive digital media and entertainment consumer,” Nason said. “The overall OTT churn rate has dipped some, but if the economic impacts from COVID-19 pandemic linger, households will continue to scrutinize their spending in entertainment services and determine which ones to keep and which ones to cancel. Smart data usage can give an advantage to a provider in keeping their service at the top of a household’s entertainment equation.”
Additional data from the white paper:
• US broadband households spent an average of $16 per month on OTT video service subscriptions in Q1 2020, based on consumer-reported spending.
• The overall OTT churn rate hovers around 40%.
To download, visit http://www.parksassociates.com/whitepapers/smartdata-wp2020.
About the Author: Parks Associates is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates creates research capital for companies ranging from Fortune 500 to small start-ups through market reports, primary studies, consumer research, custom research, workshops, executive conferences, and annual service subscriptions.
The company’s expertise includes digital media and platforms, home networks, Internet and television services, digital health, mobile applications and services, support services, consumer apps, advanced advertising, consumer electronics, energy management, and home control systems and security.
Each year, Parks Associates hosts industry webcasts, the CONNECTIONS™ Conference Series, Connected Health Summit: Engaging Consumers, and Smart Energy Summit: Engaging the Consumer.
For more information, visit http://www.parksassociates.com.