In the past few years, the media and entertainment industries have evidently progressed with their subscription services through digital transformation. They have endured customer relationships throughout the transition, owing to compelling personalized content.
Key requirements for the media industry
- Scalable platform capable of processing millions of transactions per day.
- Data integration from numerous commerce platforms
- Reliable automatic revenue accounting for subscription and non-subscription services.
- Automated payment application with the three-way match between payment processors and bank deposits
- Media Product Portfolios That Are Constantly Changing
- Revenue Share, Royalties, and Commissions Calculation and Reporting
Challenges faced by the media industry
Customer Expectations
Consumers of entertainment and media are looking for solutions that are more feasible for their time and needs. A convenient and personalized experience can go a long way toward exceeding expectations. Providing an on-demand service to such customer expectations is one of the major challenges.
Seamless Innovations
Standing out in the competition is another major challenge that requires being on track with the current innovations.
It requires short and quick efficiencies to level up through potential updates.
Personalized Packages
Customers demand customized services that could help them attain unique experiences and offers at their own pace.
This is a rather challenging part as the needs could change from person to person.
Putting out the best content
Delivering content that could drive people towards them is an ongoing process. It requires a deep understanding of the entertainment industry and updates on the latest trends.
Why SAP BRIM?
The subscription business has been a comprehensive growth engine for the media and entertainment companies. It allows them to well-optimized their digitization journey.
According to SAP, about 83% of the media-based companies listed in Forbes Global 2000 are SAP customers.
Subscription services by SAP BRIM help the media industry to establish strong connections to their audience. It supports them to carry out the order-to-cash cycle seamlessly across the entire platform.
Role of SAP Subscription Services
Customer Experience
SAP BRIM helps deliver the best customer experience through its visibility and transparency in the entire billing process.
Subscription Packages
It allocates various subscription packages – usage-based, volume-based, and time-based that are feasible and can be adapted according to the user’s needs.
Order Management
SAP Subscription services give out complete transparency in order management and seamless automation in the entire order processing.
Billing & Invoicing
Automated billing & invoicing through flexible charging and quick monetization of the offered services.
Finance settlements
Automated settlements of account receivables and quick notifications for unpaid accounts and feasible cancellations.
SAP Subscription Services have had a major impact on the revenue growth of many media and entertainment companies. It has also led them to offer bundled services over individual ones. The subscription economy for the media industry is expected to have a steep growth in the years to come.
To learn more about SAP Solutions including SAP BRIM, SAP Commerce Cloud, SAP Plant Maintenance, and SAP Subscription Billing, kindly reach out to us.