Market Trends of Subscription Billing Management Industry
Media and Entertainment Industry Expected to Exhibit Significant Adoption
- The media and entertainment sector, which constantly develops new technology and creative methods to produce and deliver subscription-based digital material, is a prime example of an industry undergoing a rapid digital transition. Advertisers, publishers, broadcasters, and others are implementing the subscription-based income model to keep up with the rapidly expanding demand.
- The majority of the media and entertainment market is transitioning to subscription-based offers, and businesses need to be able to change their promotions and discounts as needed to keep customers interested in adding add-ons or subscription upgrades.
- So, in order to integrate revenue processes into one simplified customer-focused experience and gain unprecedented insight into the entire quote-to-cash process, broadcast platforms, media businesses, and advertising firms are introducing subscription billing management solutions quickly.
- The expansion of the industry is being accelerated by subscription services, including OTT video streaming, e-learning, digital news and media, and communications software, as the population is being compelled to stay at home.
- The media industry encompasses e-magazines, e-papers, journals, TV, radio, podcasts, gaming, websites, and apps for watching video content. Furthermore, these companies employ only one fixed billing plan. In addition to choosing different billing structures, they also improvise prices and structural changes throughout time. Subscription Billing management enables the testing of billing models and supports numerous currencies.
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North America Expected to Dominate the Market
- Due to the presence of numerous significant industry participants, including SAP, Salesforce, Oracle, Amazon Web Services, Apttus, Recurly, and many more, North America is predicted to lead the subscription billing management market.
- Government regulations, the desire to increase customer retention and decrease subscriber churn, and other factors are the main drivers of the growth of the subscription and billing management market.
- The rapid adoption of automation of the subscription process has been made possible by BYOD and cloud-based services, and the US's growing use of mobile devices and cloud-based solutions by large organizations and SMEs is what is driving the growth of the regional market.
- Furthermore, organizations are considering using effective billing strategies to develop flexible business procedures and save capital costs. Due to paperless billing methods, businesses are saving money on paper, printing, and shipping. Improving financial management across the region assists clients in better organizing their payment schedules and budgets and avoiding pointless late penalties.
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