With the soaring demand for streamed videos, music and podcasts, media companies are offering broad content libraries to attract viewers, giving consumers practically limitless options to choose from. To remain competitive, entertainment providers need to adopt an even more customer-centric approach through improved personalisation, while abiding by global privacy regulations.
Media companies also need to more efficiently manage resources and big-ticket costs. Accenture recently noted that OpEx for many media and entertainment companies is rising faster than revenue. Non-content costs, such as marketing and distribution, are major contributors to this trend.
As AI continues to play an essential role in media production, it is also enabling entertainment companies to refine their strategies to achieve sustainable market growth. Media enterprises are adopting AI to:
- Better personalise content recommendations and content creation
- More profitably acquire and retain customers
- Support data privacy requirements.
BlackSwan Technologies’ ELEMENT, a cloud- and AI-based offering trusted by world-leading organisations, is built for enterprises such as major media producers and distributors looking to pursue operational excellence using advanced AI capabilities. It’s a fully customisable platform that adapts to your processes. Below are examples of how BlackSwan’s ELEMENT can optimise operations:
Precise Customer Segmentation and Personalisation
Automatically identify customer segments and tailor content recommendations, using contextual analysis to determine relevance
The demand for personalised content is rising. Salesforce Research reports that 40 percent of millennials and Gen Z are willing to pay more for better personalised content recommendations. ELEMENT can enrich personalisation by “micro-segmenting” individual customers, enriching their profiles using information from multiple public sources, and driving tailored content—using machine learning and natural language processing. The system can also derive insights that can enable media companies to develop niche content geared toward particular customer segments, using “knowledge graphs” to reveal relationships between people and their behaviors and applying advanced data visualization techniques to uncover subtle trends. Moreover, ELEMENT easily coordinates content metadata, which is frequently duplicated across a multi-portfolio media company, by ingesting data from all types of internal sources to build a consolidated data repository.
Improved Customer Acquisition and Retention
Optimise customer acquisition and retention efforts, and provide higher quality customer experience at lower costs
Market saturation due to lower entry barriers and widespread price transparency is resulting in higher churn rates and lower profit margins. To thrive in the hypercompetitive entertainment industry, media companies need to optimise customer acquisition and retention strategies and costs. With ELEMENT, media enterprises can analyse customer sentiment using natural language processing to assess satisfaction levels and determine the factors that cause churn. Using machine learning, ELEMENT can predict the likelihood of particular customers to churn, enabling specific targeting with offers and tailored marketing to optimise retention efforts. The system can also identify similar traits and behaviours of loyal customers using inferred behavioural analysis, to more insightfully define customer personas.
Enhanced Customer Privacy and Data Transparency
Offer greater levels of data privacy and transparency to rebuild trust and enhance customer experience
There is currently a massive trust gap between consumers and providers. A recent study by Futurum Research revealed that 61% of consumers felt that they have lost control over their data and privacy; traditional media was among the most distrusted industries. ELEMENT enables media enterprises to achieve greater control by coordinating oversight of all personal data across internal sources and incorporating data collected by third parties. Data opt-in sourcing and privacy requirements can be recorded down to an individual item of data. Additionally, the appropriate business departments can collaborate to establish and review corporate policies directly in ELEMENT – no need for the IT department to get involved. Finally, customisable, automated alerts, workflows, data visualisation, and a customer/case-handling dashboard enable remediation situations to be handled efficiently at a macro-level or individually. This holistic framework empowers customers to understand and seamlessly act on their privacy rights and options, building trust.