Malaysia in View - Monetizing Video Content with Apigate
In the Asia Pacific, many have embraced digital technology with enthusiasm and are the world’s most avid users of social media.
At the same time, Malaysia has a growing digital ecosystem featuring online commerce, media distribution, and financial services.
In fact, the bulk of new jobs in the Asia Pacific are in the digital economy field. Digital services represent the lifeblood of new economic frontiers, with huge opportunities waiting to be realized in the near future.
In 2017, the Malaysian Minister of International Trade and Industry claimed that the country is targeting to surpass the global employment rate in the digital economy by 2025. The growth will be spurred, in large part, by continuous investment and development in digital technology.
Malaysia Digital Economy Corp (MDEC) stated that foreign investors and established digital economy ecosystem creators remain committed to their investments in Malaysia’s digital economy.
In this post, we explore how the digital economy and competitive dynamics are developing in Asia in general, but with a strong focus on Malaysia.
State of Digital Economy in Malaysia
Digital economy contributed 18.3% to Malaysia’s economy in 2017. Its year-on-year growth was 10.3% while e-commerce has grown at a 14.3% rate in the same period. Both have outpaced the national economy GDP growth of 9.9%, showing just how strong the digital economy is!
What made this possible are users. And in Malaysia, active internet users make up 79% of the entire population. At the same time, mobile penetration has grown beyond that to 143%!
This paints a picture of a consumer base ready and eager to incorporate digital solutions into their everyday lives.
Companies offering digital financial services such as e-wallets, remittance, micro-insurance, and micro-lending have already established themselves as the drivers of the new digital economy. However, companies that provide ways for video content makers to access Malaysia’s consumers stand to get their hands on the lion’s share of the country’s digital economy.
Asian consumers, in general, appear to be most receptive to introducing technological advances into their social lives. For instance, 50% of Malaysian consumers are willing to embrace new technological advances that the digital economy brings.
Understanding different trends and new technological advances in the digital economy will help companies expand their reach and create happy & loyal customers.
How are Companies Accelerating Subscriber Growth and Enhancing Consumer Experience
Powerful customer experience has the ability to increase the number of users, boost their retention rates and increase sales. If companies want to continue enhancing their customer experience, then they have to embrace digital services as the new frontier of a CX strategy.
The automation provided by API technology is the cornerstone of effective digital customer experience. It enables companies to provide customers with an easy and smooth journey. Customers want a fast and intuitive process that demands little input on their part and remembers all of their information.
For example, a customer doesn’t want to fill out a form in order to register for a service, and then re-enter the same information within an app, and then yet again when they make a purchase.
Incorporating automation into a CX strategy will allow you to get insightful customer feedback. How are your customers reacting to the processes you’ve implemented? Are they complaining, or are your customers absolutely delighted?
Don’t forget that users today expect quick responses and solutions to their questions and issues. Automation sends instant responses to the kinds of questions you get most often, so customers don’t have to wait.
Basically, the more digitized your customer experience, the stronger your chances of growing your business and producing a continuous revenue stream.
What does this Mean for Online Video Distribution and Monetization?
Apigate is backed by hundreds of mobile network operators, making us the perfect platform for video distributors and streaming services to scale on the global market. Our industry-standard API integration will make their services agile, extend their reach, and enable them to monetize their video content in a modern way.
While telecoms, through APIs, give video content creators the ability to leverage their assets to get new users, engage them and boost their loyalty, on the other hand, this also helps telcos. They can provide their users with new services, so they don’t leave them for a competitor, and get new revenue at the same time! In other words, they can tap into billion-dollar industries.
Additional challenge video providers face is accessing different local markets around the world. Apigate, with partnerships with hundreds of telcos, possesses that much-needed expertise and presents the perfect partner for video companies to expand and grow.
Join Us at Malaysia in View
Apigate will be discussing the latest trends sweeping the digital economy both in Asia in general and Malaysia in particular at this year’s Malaysia in View conference. Our SVP for Asia Pacific Raja Mansukhani will present different ways video content producers can harness the power of API technology to reach untapped markets and new viewers.