A survey released today by Accenture finds the majority of executives in the media and entertainment industries are failing to fully use consumer data that can deliver customized content.
According to the survey, a total of 91 percent of executives admit they do not take full advantage of this data, which may result in missed opportunities presented by the digital distribution of content.
The study also found that 95 percent of the executives do not have strong digital customer relationship management capabilities in place, while 58 percent said they are still in the early stages of developing such capabilities.
“Although some companies have made more progress toward achieving the goal of distributing content via any channel, in any format, to any device, most still need to form a holistic view of their digital consumer so they can monetize their content,” said Marco Vernocchi, global managing director of Accenture’s Media & Entertainment industry group. “Revenue growth in this new, multiplatform world is dependent on delivering personalized, consumer-driven content to individual consumers via the right platform.”
“This change in focus from the mass-market audience to an audience of one requires a complex shift from mass media to mass technology,” he added.
Accenture’s Global Media & Entertainment High Performance Study surveyed 130 senior industry executives across Europe, North America, South America and Asia Pacific. This survey is the latest of Accenture’s study of the media and entertainment industry, which has been collecting information from leaders in television, gaming, film, music, publishing, portals and advertising for more than five years.
Accenture also found that the latest survey shows that only 57 percent of the executives say their companies are still working towards the transition from analog to digital.
“Clearly, the industry has lots of work to do to take advantage of the opportunities presented by the digital distribution of content,” Vernocchi said. “A clear view of the customer, improved customer relationships and digital rights management are just a few areas that could yield significant results.”