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Changing consumer behaviours combined with advancements in technology are rapidly evolving digital economies around the world. Consumers now demand high speed data, voice and access to video and digital content on multiple devices. Smart and data hungry devices are increasing at a rapid rate; social media is driving almost everything and consumers are demanding the world. In Australia and New Zealand, the introduction of national broadband networks and LTE will only accelerate these changes and drive innovation in business models. Network and Communication services providers are racing to catch up to these new digital realities and rapidly changing customer demands.
CSG Systems International, Inc., (NASDAQ: CSGS), a global provider of software- and services-based business support solutions, has been working with telecoms, media, entertainment and technology industries across the globe to help them determine if they are prepared, or even willing, to take advantage of the opportunities, or defend against the challenges, being introduced by a rapidly changing digital economy.
According to Ian Watterson, CSG International’s Vice President & Managing Director Asia Pacific, “Digital content within the communications ecosystem has raised the need for the most significant change to business models in recent history. Communication Service Providers (CSPs) need to be looking at their strategic options, the future of the core communications products which generate much of their revenue and how they can improve the customer experience to reduce churn and attract new customers in the telecommunications, media and technology sectors.”
Traditional content service providers have seen competition from other industries for several years, including entertainment, broadcasting, IPSs, search engines, consumer electronics and IT. This is eroding their revenue stream, harming their brand value and the value they have in the eyes of their customers. For example, within the mobile entertainment industry, the mobile music segment is the largest revenue contributor with a compound growth rate of 13.2 per cent – more than doubling from $10b in 2008 to $21b by 2014.
“Now is the time to be developing innovative solutions to the challenges facing their organisations, launching strategies that accelerate new growth opportunities and evolving their business models to keep pace with new realities” said Watterson. “The clear winners in the next phase of this evolving market will be those who invest the resources into building an infrastructure and eco-system that supports customers in an anytime, anywhere, always-on world. Those who fail to embrace strategies for monetising content now will lack the crucial foundation for winning customers and content partners in this rapidly evolving digital landscape.”