By now, we all recognize 5G as synonymous with speed, reliability, and enablement. The question is: How best can you put it to work for you? Digital transformation is a business-critical reality, yet customer-centricity remains an unsolved puzzle until we realize the hyperconnected future for the global business economy. The ability to monetize 5G provides another transition opportunity: Shifting this distant dream to a real possibility.
The 5G revenue opportunity goes beyond the world of data and digital, extending to healthcare, public facilities, music, sports, and more. While the world is transported into this perplexed ecosystem, businesses must think outside the box to leverage the ultimate monetization potential and elevate user experiences propelling retention and profitability.
A recent Global Newswire report suggests that the global 5G market is estimated to be worth USD 250 million by 2027. This speaks volumes about how 5G monetization brings industry-agnostic implications. As a simple example, consider how 5G networks are already being deployed in densely trafficked urban areas to provide uninterrupted vehicular data and contribute significantly to collision avoidance. 5G hyperconnectivity is also being implemented in autonomous vehicles, also known as connected cars, for better communication and coordination on the road.
Additionally, 5G capabilities can be fully realized once governments utilize networking prowess to establish smart ports, intelligent military bases, and ultra-high-speed command centers to enhance cargo shipping, improve base security, and support mission-critical systems.
Leveraging IoT’s reliability, 5G’s high availability - and ultra-low latency - trade a mighty promise. The potentially powerful networks that smart cities enable can unlock a much-monetized world of operating networks.
Think about the following futuristic vision: 5G technology prowess empowers businesses to scale a subscription platform that offers ‘Everything-as-a-Service (XaaS),’ complementing the ‘everything connected’ business landscape. With XaaS, business scalability is augmented with a combination of 5G-enhanced telco networks propelling must faster OTT streaming platforms. With generative AI capabilities coupled with powerful network webs, streaming platforms can gain that edge over the competition by strengthening the connection between potent network connectivity and excellent customer experience.
According to a recent report by Nokia, 98% of telco service providers plan to monetize their Business Support Systems (BSS) for 5G-enabled subscription models. The report further reveals that 5G generates revenue through value creation from enterprise IoT services, with a significant pie allocated for the media and entertainment segment, much like how Generative AI understands customer preferences to design tailored services.
Streaming services contribute a significant chunk of revenue - up to 60% - for the OTT industry, specifically in the Business-Business-Consumer (B2B2X) landscape. With new service providers and services popping up, building robust partner ecosystems is a must in BSS restructuring, eventually contributing to CSP hypergrowth. The Evergent Revenue & Royalty Management (ERRM) accesses real-time data to enhance partner relationships through innovative campaigns and dynamic trend analysis.
Pricing is a critical element that helps illustrate how streaming and telecommunication businesses can mine hyperconnected networks for revenue opportunities. 5G offers telcos innovative pricing models designed from consumer data to complement customer preferences. This approach establishes a strong communication channel between businesses and consumers and enriches platforms with hyperautomation and dynamic prediction capabilities.
In a nutshell, 5G empowers your platform with generative AI and significantly improves customer retention. Retention and profitability result from a ripple effect you create by establishing a robust partner network by leveraging Evergent’s partner-enablement capabilities. To know more about how the monetization capabilities of the Evergent portfolio of products complement your growing business needs, book a call with our experts today.