If you’re a streaming service still operating on a legacy OBS/BSS system, chances are you’ve yet to achieve your best potential. While many have been pushed to digitize over the past few years, some continue to stick with a legacy systems out of comfort or convenience. Though sticking to what you know may initially seem more straightforward, doing so may hinder agility and resilience in the long run.
Think of it this way: technology develops with each passing day, and soon, legacy infrastructure and technology solutions may no longer support rapid business growth. What’s more, in this age of hyper-digital competition, all eyes are on growth and retention in the OTT streaming industry. To establish strong subscriber relationships, services must find ways to empower users with choice and offer value-added services – these legacy systems may prevent streaming platforms from offering.
At Evergent, we’re on a mission to remove the barriers that digital media and service providers encounter when engaging with their audiences/customers. Sticking to a full legacy system can be a barrier in more ways than one.
In a whitepaper released earlier this year, we address the advantages of a cloud-native, agile billing system and why the time is now to consider a legacy replacement.
Consider these five reasons why a legacy system may be holding you back from rising above the rest:
1. Subscriber Retention
Today, an average subscriber only has the budget for a handful of subscriptions at a time, significantly as many have been financially affected by the pandemic. Monthly spending is shrinking while trying out new subscriptions is made more accessible. For OTT streaming services, this means that subscriber loyalty today is more challenging to earn.
Subscriber retention is critical to stay competitive, and platforms need to listen to their customer needs to prevent the dreaded churn. Churn can happen at any customer lifecycle stage longer and is more likely to occur in platforms operating on legacy systems. The reason is, subscribers today want ease. They want intuitive platforms that can give them what they want, even before they decide. To get legacy systems to that stage, OTT streaming services must integrate artificial intelligence (AI) and machine learning (ML) to remove factors that will lead to subscriber fallout. Evergent’s lifecycle management solution can help legacy systems achieve this efficiently, all within budget.
If there’s anything we’ve learned from the pandemic, it’s that customer behaviors are ever-changing. If subscribers seek personalized viewing experiences today and content recommendations tomorrow, platforms must be well-equipped to provide these quickly. AI and ML can efficiently deliver these value-added experiences to subscribers, provided platforms upgrade their backend legacy systems.
Often, legacy systems can hold you back from expanding into new markets as supporting multiple geographies can get hefty for these systems. If you’re a streaming platform looking to launch across various geographies, doing so seamlessly is crucial as it can make or break your brand in the local markets. First impressions last, and upgrading your legacy system can ensure your launch faces minimal hiccups, setting you up for success. Our customer management solution allows you to achieve true agility by giving you the power to launch within days seamlessly.
3. Reaction Time
At times, there’s no avoiding a subscriber’s wandering gaze. They have various options before them, and it’s only natural to test the waters. It’s up to OTT streaming services to win subscribers back, and one way they can do so is by rolling out promotions and services for at-risk subscribers when it matters the most. These personalized offers must be released quickly before final decisions, and legacy systems would slow down the process.
Likewise, reaction time to your competitor’s offerings is crucial in a cut-throat industry like OTT streaming. Whether it’s offering packages to capitalize on market opportunities or engaging with new subscribers by launching in days, not weeks or months, services must have modern systems which allow flexibility to roll out such initiatives as soon as possible. At Evergent, our revenue management solutions allow users to configure easily, price, and quote offers to customers faster than ever before.
4. DTC Friendly Systems
OTT is a highly competitive market driven by significant growth in DTC (Direct to Consumer) models. As DTC models take off, subscription management systems lag, unable to support businesses in their growth journey. Players need new comprehensive systems that can support this unique subscription-based business model as more shifts towards it. Whether you’re an SVOD, TVOD, or AVOD, solutions should allow you to explore hybrid models, including digital and non-digital services, with minimal risks.
5. Billing Processes
Legacy systems can also complicate OTT billing processes. Say an OTT streaming service covers multiple markets, offering different monetization models with dynamic pricing and on-the-spot billing. Billing is less straightforward, leaving greater room for errors. This is especially true for services opting for hybrid models, as these businesses must keep track of both recurring revenue and one-time billing. They need integrated solutions that allow them to coordinate their business KPIs with their offerings and revenue optimization processes. Ultimately, having a system that will enable this in one platform can help shorten time to revenue and protect cash flow. That’s what we aim to deliver at Evergent – simple billing and revenue optimization processes that enable businesses to focus on what matters most.
Standing out in a crowded market can be challenging for service providers and OTT platforms. The nature of the industry makes growth impossible without the right backend/business-support system. At Evergent, we believe that taking an incremental approach to digital transformation is vital in achieving market success. Migrating legacy systems can be daunting, and doing so bit by bit can allow businesses to address their needs in accordance with their budget and time constraints.
We’re here to walk you through the migration process step by step through our unique, easy-to-integrate solutions. Chat with our team now, or request a demo here.