Edelman recently released the findings of its annual “Value, Engagement, Trust in the Era of Social Entertainment” survey, in which only 17% of respondents felt that entertainment sources provide "very good" or "excellent" value.
On the contrary, consumer opinion on the value of social networking sites has remained stable, with 37% of consumers in the U.S. and 31% in the U.K. reporting that these sites provide “very good” or “excellent” value.
In a release, Gail Becker, president of Edelman's Western region, attributed these feelings of low value to the plethora of entertainment options available to consumers, but noted that entertainment companies now have the opportunity to regain trust by strengthening their value proposition and engaging with consumers through a number of channels. The youth market in particular was most interested in this engagement.
“With so many forms of entertainment, consumers are spreading their attention across multiple platforms – leading to a decline in perceived value in any one format,” she said.
The mobile space seems to be growing at a fast rate, with around 50% of consumers reporting that they spend more time accessing entertainment content on their mobile devices than they did one year ago. Additionally, 30% said they would like to be able to access additional entertainment content via a mobile device.
Another interesting finding is that more than 85% of consumers in the U.S. and the U.K. have negative feelings about paywalls and the move from free to paid entertainment services and online content. Again, Becker turned to the value proposition on this topic.
“The paywall is not a simple solution to the value problem plaguing the entertainment industry,” Becker said in a release. “Rather, it should be viewed as an opportunity to effectively articulate the value it represents for consumers rather than just explaining the business rationale for it.”
The online survey consisted of 1,017 respondents from the U.S. and the U.K., all between 18 and 54-years-old.