Automate sales content for Entertainment

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hey hey Trailblazers I'm Ishmael Brown from Salesforce marketing today we're going to talk about what's happening in my favorite industry but first do you think you can take a guess as to what it is and remember don't tell the other Industries media entertainment much like all Industries are experiencing rapid change linear to digital new ad supported models subscriber churn data data and oh did I mention data tossing some web 3 and using generated content wow that's a lot of change on top of this audience expectations are changing demanding even more seamless and personalized experiences so I'm going to give you the top five Trends Salesforce has seen after we interviewed 350 media entertainment experts globally so let's get right into it with Trend number one customer expectations have soared in recent years today's customers expect highly tailored and personalized experiences from any industry immediate entertainment is no exception that is even more true for subscription-based companies and let's talk about it we all love a good shoulder binge watch for me it's you know the Fresh Prince of Bel-Air Ted lasso in my absolute favorite stranger things but that doesn't matter what does matter is companies provide an excellent subscriber experience because the competition is extremely Fierce and custom return is a major challenge for this industry in fact media and entertainment companies report an annual average customer return rate of 17 percent and we're going to keep this party rolling with Trend number two as media entertainment industry seeks to avoid customer churn and navigate economic headwinds diversifying revenue streams are even more important and although advertising Remains the dominant Revenue stream media entertainment companies are diversifying fast and that makes sense because 21 of companies are unsure about the future of their ad spend which directly impacts the industry and to keep growth companies are investing across other lines of businesses including Commerce subscriptions live experiences and licenses and Rights Management I'll be honest with you I absolutely love buying Collectibles from my favorite shows they're basically taking up the non-existent space in my New York apartment okay so let's get right into it because there's no possible way and I mean no possible way to do a Trends report in this day and age and not talk about user generated content and the exploration of web 3 possibilities alongside diversification media entertainment companies want to keep consumers engaged with relevant and even more compelling content in order to increase the average revenue per user in one way the industry is doing this is by finding ways to partner with content creators instead of competing with them in fact we found 65 immediate entertainment companies are actually partnering with influencers media entertainment companies are also exploring the possibilities of web 3. yet While most companies say they have web 3 strategies to find only 38 percent have fully implemented industry leaders are seeing increasing competition as the top hurdle with the changing customer expectations and behaviors also being a significant concern increasing costs notably these skyrocketing cost to sell advertising as soon as they introduce second biggest challenge with the goal of doing more with less media and entertainment companies are under extreme pressure to streamline operations now and for our fifth and Final Trim of the day you could have been anywhere in the world which decided to spend the time with me that means a lot 99 of many entertainment companies are investing in ways to boost operational efficiency automation Ai and data integration are seen as key ways to getting there but along this journey there's still a long way to go 38 of production processes and 39 of term prediction is still generally described as being manual in their pursuit of efficiency media and entertainment companies are recognizing that automating certain manual tasks can improve employee productivity while allowing them the space and the capacity to focus on more business critical activities to take advantage of these new business opportunities harmonizing and unlocking data from various departments and systems is delivering a whole new world of insights industry decision makers rank improved data quality real-time data access access to Accurate reporting and implementing AI is their top priorities when it comes to their data management strategies and get this 69 of respondents set a single view of the customer is critical to their success but only 11 say they have that's a huge opportunity not small nor medium and definitely not big a huge opportunity media companies are seeking trusted solutions to unify their data ones that allow them to segment and activate audiences to fuel the improved customer experiences I've been talking about all of the data and yes I mean all of the data points to continued change throughout the media and entertainment industry leaders will have to continue to Grapple with these five Trends to save on costs increase productivity and make bubble decisions that will be pivotal to Leading The Way if you want to learn more and dive even deeper into these trends be sure to click the link in the description below if you want to learn more about the industry insights report and for even more information on Salesforce be sure to subscribe to our YouTube channel thank you for tuning in until next time