DALLAS, Dec. 15, 2021 /PRNewswire/ — A new whitepaper from Parks Associates, AI-Enabled Data: Key to Video Service Optimization, reveals the OTT subscriber churn rate in the US in 2021 is 44% and, as of Q3 2021, nearly 50% of US broadband households have four or more OTT video service subscriptions. The whitepaper, developed in partnership with Symphony MediaAI, examines the drivers and use cases for artificial intelligence (AI) and machine learning (ML)-enabled data analysis to address consumer trends in the video services market.
"Video services are seeking ways to optimize the performance of their businesses in as many dimensions as possible," said Paul Erickson, Senior Analyst, Parks Associates. "Data, insights, and actions enabled by the application of artificial intelligence (AI) and machine learning (ML) can maximize their abilities to compete and thrive in the current high-pressure streaming video landscape."
"Content owners and streaming providers are operating in a highly competitive environment, driven by the multitude of choices available to today’s consumer," said Mark Moeder, CEO of Symphony MediaAI. "AI and ML-enabled data analysis confer a crucial competitive advantage: the ability to predict, and adapt, to both overarching trends and individual consumer behavior."
The whitepaper reports that 37% of US broadband households that subscribed to a new OTT service in the last year are planning to terminate that subscription because of a lack of new content. Additionally, 26% of those cancelling an OTT video service report doing so because they had finished watching the shows they liked, highlighting the importance of connecting subscribers to relevant content to increase retention. AI and ML solutions can identify content that would keep subscribers engaged and stave off churn and can even identify behaviors that are predictive of future churn.
"The integration of AI-enhanced data is becoming a necessity to be able to compete in a crowded, fiercely competitive video service environment, with numerous competitors vying to capture and retain an increasingly elusive streaming video consumer," Erickson said.
Parks Associates is presenting its latest OTT data today at Future of Video, sponsored by Symphony MediaAI, in the virtual sessions "Capturing the Consumer: Video Engagement Strategies" and "OTT Bundling Partnerships." More information and the 2022 schedule is at www.futureofvideo.us.
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About Parks Associates
Parks Associates, a woman-founded and certified business, is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates creates research capital through market reports, primary studies, consumer research, custom research, workshops, executive conferences, and annual service subscriptions.
The company’s expertise includes IoT, digital media and platforms, entertainment and gaming, home networks, Internet and television services, digital health, mobile applications and services, support services, consumer apps, advanced advertising, consumer electronics, energy management, and home control systems and security.
About Symphony MediaAI
Symphony MediaAI is the leading provider of financial management services and is rapidly emerging as a leading provider of AI-powered technology solutions that help accelerate revenue growth for the global media industry. Symphony MediaAI experts develop proven software solutions for revenue integrity and strategic revenue management across all distribution channels and deliver financial and audit insights to more than 90% of the U.S. media industry. http://www.symphonymedia.com
SOURCE Parks Associates