In 2024, we’ll witness a shift as media businesses adopt advanced AI solutions to not only forecast reasons behind subscriber churn, but also to implement real-time engagement strategies.
AI has been utilised in the subscription management space throughout the last decade. In 2024, we’ll witness a shift as media businesses adopt advanced AI solutions to not only forecast reasons behind subscriber churn, but also to implement real-time engagement strategies to mitigate this churn as it happens. This includes intelligent payment retries and personalised offers to maximise retention. Ultimately, AI is nothing without high-quality data; streaming operators that can tap into proven expertise and massive data sets based on the behaviour of hundreds of millions of global subscribers will be in the best position to get ahead of the competition.
Globalisation will present increased complexity and growing opportunity in the live sports market in 2024. Sports organisations pursuing direct-to-consumer streaming strategies are building deeper relationships with their fans than ever before, moving beyond transactional engagement with subscribers and toward a community membership model that opens up new revenue streams. This necessitates highly flexible subscriber management systems. One of our major North American sports league clients’ D2C streaming audience is two-thirds global. This international complexity requires a flexible approach to managing diverse pricing strategies and subscription models, accommodating unique regional viewing habits and economic factors.
Ongoing macroeconomic challenges will continue to make consumers think more carefully about their subscription choices. Streaming companies are consequently under constant pressure to both retain and monetise their existing subscribers. A growing trend in 2024 will be the emphasis on service aggregation and bundling as effective strategies to enhance customer retention and establish stickier revenue streams. We’ll see a lot more streaming businesses re-evaluating their subscriber management strategies, focusing on whether their existing tools for billing, monetisation and retention are capable of offering the flexibility their customers need and the scale required to support their company’s next phase of subscriber growth.
