Contents
Introduction
Game over, or next level?
After such a rapid expansion, there was always the risk of an equally quick contraction. Following a two-year period where the media, entertainment and gaming industry had — quite literally — a captive audience, some attrition was going to be inevitable when restrictions were lifted.
Even so, the dip in demand caught out even some of the biggest players to such an extent that much of the activity in the sector over the past 18 months has been focused on consolidation, cost cutting and reducing headcounts.
But as well as overexpansion, many organizations in the sector made the mistake of underinvesting in CX capabilities, as demand for their content and services grew.
And it’s this failure to prioritize an approach to CX where genuine insights could have been collected, operationalized and used to steer the decision-making process that could prove to be an extremely costly error in the months and years to come.
Without robust customer insights, navigating the future of the industry could be an unsurmountable challenge, especially as despite some deflation, media, entertainment and gaming are anything but flat
Because without robust customer insights, navigating the future of the industry could be an unsurmountable challenge, especially as despite some deflation, media, entertainment and gaming are anything but flat.
Even after the relative downturn towards the end of 2021, industry revenues are still growing year on year. In 2024, it’s a $1.5 trillion business and should be enjoying revenues of $2 trillion before the end of the decade.
But that payday isn’t going to be shared by all organizations or even across all sectors. This unfair dispersal isn’t simply due to consumers practicing greater financial responsibility as the wider economy continues to settle, or because certain types of content or service are fading out of fashion. If your brand understands its customers and has already plotted a course towards becoming digital by default, it should be able to align with expectations irrespective of the overarching economic conditions.
Because ultimately, when choice has never been greater and the competition for market share has never been fiercer, customer experience is going to have the greatest impact on how that $2 trillion is shared.