How to grow an online entertainment business and reduce subscriber churn?
There has been plenty of growth in the online entertainment industry recently, especially as far as OTT (over-the-top) video services go. The incredible success seen by online vide subscription services like Amazon Prime, Hulu, and Netflix has brought the OTT/entertainment markets to unseen heights. Businesses are now attempting to put themselves in a position where they can capitalise on the increasing number of people cutting the cable cord (or refusing to have it put in) that want to be able to watch their favorite TV shows and movies whenever and wherever they want.
As OTT and online entertainment industries continues evolving and maturing, a key factor in whether a company will succeed or fail will be creating solid subscription monetization strategies. A company must monetize their digital assets by creating flexible subscription billing systems and establishing best practices that make the following easy:
- Creating agile, subscription-based and video-on-demand business models in response to customer demand
- Maximising recurring revenue with pricing, packing, bundling, campaigns, and promotions
- Retaining customers longer through implementing seamless subscription payment strategies to reduce subscriber churn
- Leveraging subscriber analytics to get an insight into customers and understand the key trends, improving the decision-making process
Improve the Subscriber Experience
The SaaS-based monetization solutions FlyBilling offers for OTT and entertainment can be used to improve the customer experience while making the most of revenue streams. Our proven solutions for recurring revenue can be used to bring new customers in and retain old customers, as well as encouraging them to upgrade their service. You’ll have the means to rapidly test and analyse how effective a marketing campaign is to help you choose the ideal price points and customer mix in order to maximise profits and margins.
It doesn’t matter if your company needs the complete subscription billing and recurring payment package, or just wants to increase how effective a current billing system is by improving customer retention and reducing subscriber churn, we make the customer experience seamless; allowing customers to pay for their subscription services. FlyBilling reduces churn through the initial acquisition through the billing cycle by making the payment process as simple and automatic as possible.