The Age of Continuous Monetization Strategies for the Media, Entertainment, Software, and Online Services Industries

Contents

Executive Summary

Executive Summary

01

Driving Digital Monetization to New Levels

02

How Much Will People Pay for Content?

03

Emerging Monetization Techniques

04

Monetization Techniques by Sector

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> Software Industry > Digital Media > Video Games > Publishing > Cloud Services

05 06 07 07 08

Leveraging Rich Customer Information

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Revolutionizing the Customer Experience

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This is an era of enhanced recurring revenue potential for companies that create and sell digital assets, such as music, movies, television, games, and published materials. Developers of these media are no longer constrained to sell within the customary, fixed parameters of their own market segments. New technologies and attitudes allow direct connections with consumers (D2C) on many levels, including rewards, customized experience, and engagement with relevant interests like music and live events, while simultaneously motivating the customers to return again and again, facilitating the collection of usage data and the prediction and influencing of future transactions. Media, Entertainment, Software, and Online Services (MESO) companies need to substantially modify their game plan and embrace disruptive, cross-platform engagement techniques if they are to survive in the new digital economy. In publishing and broadcast media, traditional approaches are being replaced by higher levels of interaction and customer mobility. While there will be new revenue opportunities, products and services that companies actually deliver may need redefinition. This white paper analyzes key ideas and approaches that MESO companies should take in general, and specifically within their own industry verticals. It also highlights the rich amount of customer information available for collection and usage by those companies willing to embrace new technologies and make fundamental changes in their operations.

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Driving Digital Monetization to New Levels Digital media producers are now able to deliver to their customers an electronic and proactive embrace, constantly offering them things they care about, including convenient, contextual, and relevant experiences that are not invasive. This helps elevate loyalty and customer lifetime value while monetizing customer activity across all available channels. Historically, many service providers have focused on content reach. But they overlooked improving the monetization of that reach by offering buying options with flexible subscriptions, metered paywalls, usage- and frequency-based entitlements, and dynamic bundling – combining digital and physical purchases – all with the convenience of self service. Media companies should continually confirm assumptions about pricing models, atomic content, and bundles – empowered by agile, flexible tools to monitor and leverage customer behavior data. What they don’t need are long, drawn-out projects requiring expensive IT resources. Business users should be able to collect and analyze data on their own, identify patterns, and take advantage of those insights to tailor the customer experience, test new strategies, and aggressively monetize digital goods and services. It has always been important for businesses in any industry to establish long-term relationships with their customers, but information and content have now become the lifeblood of this bond, with the vendor engaging and understanding all customers on a one-to-one basis, anticipating or influencing purchase decisions through an intimate and ever-evolving knowledge of their motivations. One of the key differences between this form of monetization and sales is that this new strategy cuts across the typical paths of action, rather than merely remaining as endpoints or goals. Some call this technique disruptive monetization. The following is a hypothetical example that is not far from being fully realized. A viewer of a digital, on-demand movie might notice that one of the onscreen characters is wearing a distinctive leather jacket. She is made aware that this “placed product” can be purchased immediately. On a second synchronized screen on a tablet or smartphone, she clicks or taps on the jacket as the movie continues to play. A pop-out window appears with information about where she can buy the same jacket, creating a commerce relationship with the clothing retailer connected to the movie. Later, the viewer learns that for an extra three dollars, she can

watch outtakes and an alternate ending. The following day, via a social media channel like Twitter, she learns she can attend an exclusive online meet-and-greet with two of the movie’s actors – for a small fee. In choosing to watch the movie through her own digital device, she has already provided information to the media company about her genre preferences, favorite viewing times, and preferred device. The data collected becomes part of an everexpanding awareness of consumer activity that records what has happened. More importantly, it can be used to predict and influence what will happen. In response, the media company seeks to increase revenues and loyalty by providing additional opportunities for this viewer – and millions like her – to add greater value to their lives through a wider selection of purchase options and experiences available across numerous touchpoints. Media companies are exploring different combinations of platforms that test numerous business models. Some may view these activities as a replay of decades-old techniques such as product placement in movies, media hype, and word-of-mouth marketing. Today, the difference lies in the enormous power of digital assets as a database of user information – a Big Data engine that extrapolates patterns and trends, and a publicity tool that leverages social media. This digital difference offers media companies a chance to reach out across a variety of channels. Old-school companies may find it difficult to change their methods of revenue generation quickly, and may lose out on newer techniques that seem unconventional or unrelated to their established culture.

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How Much Will People Pay for Content? A clear example of the challenge faced by mainstream media can be seen in the paywall concept. Decades ago, newspapers generated revenue primarily from print ads, followed by classified ads, and then by home delivery subscriptions and newsstand sales. Print advertising rates were calculated based on where readers’ eyes would travel on the page. The most valuable areas of a paper were the front page above the fold, the back page, the front of the sports section, and the space next to the comics. Newspapers were laid out so that two-page spreads would have larger ads along the bottom, with the largest at the extreme left and right margins, thus creating a v-shaped pattern that would ensure that a reader’s eyes would traverse the entire page. This was usage data that a newspaper could use to justify its ad rates by promising that readers would see the ads. During much of the twentieth century, competition existed between newspapers and other media, including TV and radio, but there was little interplay or cross-platform interaction. The Internet age has created serious problems for newspapers, symbolic of those faced by many other MESO companies. Why would people pay for something they can get elsewhere for free?

Over the years, online editions of newspapers have experimented with clickable ads, banner ads, and digital online versions that match the layout of their hardcopy counterpart. Unfortunately, they have discovered the ad pricing and subsequent revenues do not equal that of pre-Internet print versions. This gave rise to the paywall, where a fee is charged to access news stories and features. The challenge with a paywall is that much of the information available is available free somewhere else, especially with news coverage. Features also have to compete with bloggers and online e-zines whose material can be equally compelling to readers. Newspaper companies have been forced to examine the value of the content they offer. Low-value content cannot compete, and only premium papers, long-recognized as offering one-of-a-kind content, such as the New York Times, are able to make the paywall concept work – but even they are noticing slowing growth.1 Other techniques like those used by commercial radio (music and content interspersed with commercials) are also failing in the face of commercial-free Internet radio. Media companies must redefine themselves as purveyors of products rather than conveyors of content. The sports section of an online newspaper should continue to deliver the regular sports stories, scores, and stats. But they should also take

advantage of the digital environment to sell tickets to live sporting events. Similarly, a fishing magazine needs to use its content to sell fishing-related products directly to the reader. This is a leap forward from print advertising, which was a revenue stream on its own. The newspaper was paid for the placement, and the advertiser was responsible for selling goods based on the effectiveness of the ad. Today, content must function as a tool to generate revenue directly from the sale of material goods. Online newspapers can drive revenue from selling products instead of ads or subscriptions. Canada’s largest newspaper, the Toronto Star, recently announced the phase-out of its unsuccessful paywall, opting to embrace a tablet-friendly technology developed by the Canadian French-language publisher La Presse. Developed in two years for CDN$40 million, this technology offers “what most Canadian media companies crave: [to] attract a highly engaged, younger audience who use the tablet app for an average of 45 minutes a day, and up to an hour on Saturdays.”2 The developers of the tablet app are well aware that this new generation of readers does not spend 100 percent of their reading time on the stories. They are interacting and buying – using the online tablet paper as a launching point toward other experiences and purchases.

1

The NYT’s $150 million-a-year paywall, Columbia Journalism Review, August 1, 2013

2

Toronto Star's Paywall Gone In 2015, The Canadian Press, November 5, 2014

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Emerging Monetization Techniques The digital age mandates the delivery of contextual, consistent, and relevant customer experiences using disruptive monetization strategies across all channels, in real time – or face certain decline. The essence of this transition is a move towards seamless-ness, regardless of media format. The seamless model is best illustrated in online gaming, where gamers can instantly purchase another level, weapon, scenario, or skill. This supersedes the previous method, where a player had to purchase a new box or disk from a store, bring it home, and install it. The current scenario shifts from the box to the download, from a one-time purchase to usage-based subscription payments, and from the user’s device to cloud storage. The concept of payment on a timeline is crucial. Usage-based pricing is proving to be more acceptable to consumers than a single purchase made at a store, or through a paywall. An example of usage-based pricing is the per-song download prices offered by online music stores including Apple’s iTunes. This is a significant change that allows consumers to purchase only the music cuts they want, rather than an entire CD. iTunes naturally collects purchase data from these customers to create sales opportunities for products that can extend beyond digital music. Many of these strategies are still at an early stage and are dependent on a range of influences to prove their viability, one of which is the buying public. Media and service companies are currently experimenting with a range of interactive monetization techniques. These include:

→→ Digital subscriptions

Newspapers and magazines in the physical world once relied on a model based on circulation, subscriptions, and ad placement. These models do not translate into digital. Personalized digital subscriptions offer usage- and frequency-based entitlements, metered paywalls, product sales from content, and the bundling of services or accessible topic areas – with easier online payment and micropayment options.

→→ Free trials

These give users access to full-scale or nearly full versions of a software, game, or service, usually for a limited period of time. The most successful free trial offers make a seamless transition to paid subscriptions, requiring no added labor or downloads. Nothing can sell a digital product or content like the product or content itself.

→→ Freemium

Limited usage of a program, service, game, or app, often with introductory-level functionality. In a video game, a player may have limited skills or resources in the freemium version, which expand and improve once payment is made. Alternatively, an app or game may be fullyfunctional from the start, but it might display ads which are removed upon full subscription or prompted purchase. Ideally, freemiums provide a seamless conversion from free to paid versions. According to tracking firm Distomo as reported by VentureBeat, micro-transactions from freeto-play games represented 79 percent of all revenue on the iOS and Google Play app markets in the U.S. in early 2014, representing a 66 percent increase in market share from the previous year. 3

→→ Downloadable Content (DLC)

Downloadable content related to a show, product, or service helps drive customers to engage in repeat business. A non-media example of downloadable content is the Krispy Kreme Doughnut “Hot Light” app, a smartphone app that does only one thing – it sends an alert when a nearby Krispy Kreme pastry bakery has illuminated its famous Hot Light, indicating that hot doughnuts are now coming out of the oven. The app offers no deep corporate information, yet it cements an ongoing relationship with the customer using a reward as reinforcement.

→→ Partner-related downloads

Free games or software can be made available after a purchase from a partner, such as a bank or flower delivery service. Starbucks gives free music download coupons to its paying customers, combining the added value of music industry downloadable content with retail beverage and snack sales to create a continuous and contiguous relationship in both the coffee and music channels.

→→ VIP treatment and regular-visit incentives

Rewards and upgrades are delivered to frequent users, either on-site or in follow-up communications.

→→ Internet of Things (IoT)

Aggressive research and implementation of new development opportunities presented by the emerging world of the Internet of Things (IoT), where devices like home thermostats and wearables provide both inbound customer data and outbound purchase incentives, including subscriptions. A wearable fitness monitor may include a trial freemium subscription to a fitness coaching service.

→→ Layered digital assets

As with the movie-watcher’s leather jacket example described earlier, sales options are layered on top of a broadcast show and presented to the viewer/customer. Other than direct sales of product placement items, further offerings could include travel to the locations used in the show, extra celebrity content, director cuts, or exclusive access to additional scenes.

3

VentureBeat, February 21, 2014

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Monetization Techniques by Sector Each media sector must deal with the monetization challenge in its own way, but some commonalities remain, especially the “audience of one” concept, which represents a significant culture shift from any broadcaster’s origins as a distributor of information and data to a collective audience. Customers see themselves as individuals who choose their own apps and social media connections to interact with the world. Sector-specific media companies should not limit themselves to observing competitors within their own industry vertical, but take note of and leverage best practices from other sectors. The success of online games such as Farmville or Angry Birds resonates loudly: “Even if you are not a software company, look at what we are doing.” With this industry cross-pollination in mind, following is a collection of industry-specific suggestions.

1. Software Industry Software commerce has historically focused on closing an initial sale, and then re-engaging the customer to encourage upgrades and renewals on an annual or revision basis, such as an upgrade from software version 1.1 to software version 2.0. A better strategy would leverage a more permanent relationship to promote a state of constant contextual selling. In this way, users remain continually engaged, and the software practically sells itself with instant, in-app upgrades and add-ons, plus automatic subscription renewals. Similarly, software-based media companies must factor in a shift to the cloud, redefining themselves as Software-asa-Service (SaaS) providers. The service component gives customers a greater level of comfort regarding product quality (always-available upgrades and patches). It is also essential for a SaaS provider to maintain the highest possible degree of quality and security, since revenue is based on an ongoing service rather than a shrink-wrapped take-home box. Microsoft’s Cloud365 product is a good example of this – a cloud-based SaaS version of its industry-leading Office suite, available for a small monthly subscription fee instead of a single shelf price. Microsoft then parlays this membership to promote other services like OneDrive cloud storage and Microsoft Azure cloud-based predictive analytics.

Other software industry advancements include:

→ Offering software upgrades to individual users including bonus access to cloud-based storage from multiple devices based on specific individual usage patterns.

→ Replacing license keys with more economical entitle-

ments grants, and giving customers more options while expanding the target market and increasing digital revenues.

→ Offering free trial software apps with a discounted

subscription at the conclusion of the trial period, engaging consumers on their terms and based on their consumption preferences.

→ Offering usage-based pricing as an enticement to new

emerging market segments like schools or lower-income customers.

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2. Digital Media Companies that offer film, music, audio, video games, newspapers, books, magazines, comics, radio, and television shows must implement more productive ways to establish and maintain persistent, frictionless engagement with their audiences. The key enabler of this new approach is the instantaneous two-way nature of new media, which provides intelligence on consumption patterns, preferences, and behavior – in real time. This is a somewhat revolutionary methodology for a media tradition that has been essentially unidirectional for decades or centuries. House of Cards, a political thriller that airs on Netflix, is an example of new media in action. As reported by the Associated Press4, Netflix paid handsomely – to the tune of $100 million – to outbid HBO and Showtime for the rights to air the series. Its confidence that the show would be a success was based on its “wealth of data on user viewing habits [that] proved there's a large audience for Fincher, Spacey and political thrillers,” according to Ted Sarandos, head of content at Netflix5. In addition to detailed user demographics, House of Cards became synonymous with binge watching, in which viewers view multiple episodes in a single sitting. This is indicative of the significant change in viewers’ lifestyles, in that the act of following a televised series at a regular weekly timeslot no longer matches modern schedules or attention spans. The release of all 13 hours on a single day (February 13, 2013) was supported by strong social media attention, and included commentary and interaction from key actors, such as Kevin Spacey and Robin Wright on Twitter. For media companies, engagement in this new economy can be achieved by:

→→ Offering full video on demand (VOD) across all channels

(TV, tablet, mobile, and PC) with free trials, flexible subscriptions, metered paywalls, one-time buys, upgrades to existing subscriptions, and usage- or frequency-based entitlements with self-service capabilities. A customer receives notification of his right to access content on his PC, tablet, and mobile. He also gets an offer to try a premium sports package for a month free of charge, along with discounted premium movie channels for six months.

→→ Providing suggestions. This is something that both Netflix and Amazon do well – suggesting movies to watch or products to buy based on a customer’s previous activity. It is an area of increasing sophistication that helps companies get closer to a customer’s individual interests, and therefore to actual sales.

→→ Monetizing the entire ecosystem, including third-party

catalogs and the company’s own catalog, by seamlessly weaving them into the user experiences. A customer upgrades her subscription after the free trial month and also signs up for a home security service to reduce her home insurance. While watching her favorite show, she is prompted to download a second screen app on her iPad to get more information and to purchase merchandise seen on the show.

4

Netflix Show 'House Of Cards' Is A Big Gamble, Associated Press, January 24, 2013.

5

Ibid

→→ Marrying online and offline strategies, enabling custom-

ers to bundle digital and physical products in a single transaction, with a strong focus on persistence and consistency of experience across all channels, including Web, mobile, in-store, and customer service. During the upgrade mentioned above, the customer buys a discounted Game of Thrones item of clothing. With IP-based video and IPTV, individual viewer profiles are identified and targeted with relevant promotions or dynamic inserts of contextual video advertisements and direct offers for click-through purchases.

→→ Helping viewers maximize and simplify purchasing op-

portunities by evolving into a one-click buying experience at every interaction point – in-app, in-game, at point-ofsale, on a PC or mobile device, Smart TV, or set-top box.

→→ Crowdfunding - turning to the viewing public for produc-

tion financing. BitTorrent, a peer-to-peer file sharing platform is producing an original Web series entitled Children of the Machine. The series will be released on BitTorrent because of its existing target demographic, and the producers are offering viewers the opportunity to pay $4.95 for access to an ad-free version of the eight-episode season, or $9.95 for ad-free plus bonus content. The fact that this is being done directly by the producers in advance of release, instead of relying on post-release revenue as done in movie theatres and broadcast TV, puts this effort into a crowdfunding category.

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Video Games

Publishing

With the medium of modern video games firmly rooted in interactive technologies, from hand-held devices to at-home consoles, the capacity for direct and instantaneous feedback on user preferences is huge. Data fed back to the game manufacturer ranges from play styles and scenario preferences to user demographics. Additional two-way communication can be achieved through social media interactions, discussions, chat rooms, photo-sharing sites, Twitter chats, and live streaming video platforms like Amazon’s Twitch Interactive video game streaming platform.

The primary change required for digital publishers is to implement more productive ways to establish and maintain continuous engagement with their individual readers on a personalized basis – giving customers what they want on their terms, where they want it, and how they want it. As with print media, this is an industry used to calling the shots, from the selection and support of authors to manufacture and distribution of printed materials. The surprising power of book reviewers, both on large sites like Amazon and smaller niche sites, is driving sales and introducing thousands of new authors.

Strategies for video game companies include:

Publishers can achieve greater monetization opportunities by:

→→ Contextual, real-time purchase and payment options

→→ Removing the one-size-fits-all model and making their

enabled across all platforms - free-to-play, with in-game micro-transactions, flexible subscriptions with varying entitlements, and dynamic bundling of digital and physical product for digital games. A customer receives an offer to try a new cloud game based on preferred game genre and role playing. She signs up and immediately enjoys the game. After playing for a few hours, or minutes, she starts buying weapons, outfits, and stamina for the game with an instant one-click purchase feature (micro-transactions).

→→ Marry the online and offline - This means purchasing

downloadable content while in-store, and buying physical merchandise while in-game. When buying a legendary sword online for her game character, she is offered a t-shirt with the same custom character. She orders the shirt. Later, while shopping at Best Buy for an HDMI cable, she purchases some discounted downloadable content for her game when checking out.

→→ Manage digital catalog and assets - manage the back-

inventory readily available for PCs and e-readers, plus smartphones, tablets, and wearables, and ensuring that audio versions are easily available and downloadable.

→→ Bundling digital and physical books, magazines, and

other content in a variety of creative ways and monetizing the entire ecosystem, including building their own storefronts to sell products, or building strategic relationships for seamless in-frame third-party commerce capabilities.

→→ Offering flexible, tiered pricing and availability rules,

including options for atomic content (selling articles or micro-content), archived evergreen content, and APIs for large-scale data consumption for enterprise customers, in a manner similar to B2B commerce.

→→ Providing multiple purchase options within a single,

seamless transaction. Giving consumers convenience and multiple buy options based on who they are, what they are doing, and where they are.

and-forth of assets and content with studios, developers, publishers, distributors, and retailers, including feeding consistent product information, promotions, prices, and rich media assets across all channels from a single MDM deeply integrated into the commerce platform.

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Cloud Services As a new-generation player in the IT arena, cloud comes pre-loaded with the type of versatility and quick-response attitude the market demands. A/B testing, for example, allows providers of cloud-based services, ranging from storage to software applications (SaaS), to easily demonstrate new monetization strategies, constantly course-correct, and validate assumptions with real data. A culture of creative innovation and relentless competition necessitates maximized flexibility. The virtual nature of its workspace allows for customization and experimentation without major capital outlay.Give customers more buying options - These can be flexible subscription plans, usage-, frequency-, or time-based entitlements, rentals, and dynamic bundling of onetime or subscription-based cloud, digital and/or physical products. Some examples are:

→→ Offer subscriptions for financial monitoring services. →→ Announce that a customer has qualified for 20GB of storage due to frequent usage.

→→ Provide access to the latest blockbuster video game

demo for a fixed number of times per day, or offer special access to a VOD movie available for 48 hours for $3.99.

→→ Offer bundling of subscriptions - Combine a 12-month

satellite TV service contract with a one-time digital product purchase – a pay-per-view movie or game purchase from the IPTV app store – or physical merchandise like a commemorative article of clothing from a favorite TV show.

→→ Align offers with customer consumption patterns -

a special offer to try new software for free in the cloud (try-to-buy), make cloud-based games free to play in limited mode (freemium), or gather customer interest before driving them to a metered paywall.

Leveraging Rich Customer Information The value behind the monetization model lies in its ability to build on the customer relationship through immediate opportunities like upselling, but more significantly, in the larger-scale, long-term, multi-purchase relationships that lie immediately beyond.

→→ Data - Information received by the company through

customer-vendor interaction can quickly reveal personal preferences and the types of devices being used – smartphones, wearables, and tablets – plus the time of day shopping or viewing occurs, where the customer was browsing before landing on the site, and what they looked at before deciding whether or not to make a purchase. This may encompass both implicit and explicit data on consumer behavior, preferences, trending patterns, and activity on social media. Marketers are able to process specific information and send customized offers to customers – messages and promotions that an individual is most likely to respond to and make another purchase.

→→ Real-time and targeted promotions - These could include tailored purchase opportunities within video games that incent the user to buy additional powers or weapons. In the world of broadcast media, a targeted promotion might be a premium bundled sports package offered to fans who watch a particular TV station through its mobile app.

→→ Cross-promotions of products, clothing, beverages, ve-

hicles, and other items that are depicted within a movie or TV program - As a modernized and far more interactive version of product placement, these promotions can lead to immediate sales through a linked purchase account, where the viewer clicks on the product directly in the frame of the movie and activates a purchase of the product through a second screen. The promotions can also help accumulate large amounts of field data, reflecting the preferences and demographics of viewers, and leading to greater accuracy of future programming, program production, and additional sales opportunities.

→→ A/B testing - The technique of experimenting with different stimuli, switching between two different promotions, or simply running a promotion and turning it off for a control group, allows for greater and more accurate data on the preferences of a sector of the buying public.

→→ Predictive analytics - Increased customer data creates the

capacity for predictive analytics, which turns the frontloaded retail relationship around on itself, forming predictable revenue streams. This can be best illustrated by the redundancy of a catalog. Predictive analytics questions the need for a customer to browse a catalog, when the data exists to accurately deduce what a customer is looking to buy, allowing the vendor to make the right offer at the right time.

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Revolutionizing the Customer Experience Continuous monetization provides a deeper, more convenient and granular experience to customers, targeting their specific interests, presenting ample opportunity for cross-selling and upselling, and concluding with a trouble-free one-click buying experience.

By delivering contextual, consistent, and relevant experiences across all channels, and in real time, a merchant can focus efforts on the right prospects, using data rather than guesswork, allowing customers to help themselves and develop a stronger connection.

To be successful in this environment, media companies must change their mindset from being “in-the-moment transactional” to being involved in all parts of the customer journey and relationship. It is more than just commerce – it’s relational, and no longer about how a company is selling to customers. It is about how the customers are using the product. This information is used to make the next offer, and it becomes part of the product itself.

This requires agility and the ability to create rapidly-deployed storefronts across numerous channels, with consistency and ease-of-use predominant. The results include increased customer loyalty and a better opportunity to understand them through access to hard data.

If you’d like to discuss this paper, or meet with one of our experts to help you expand upon this topic, please feel free to send an email to [email protected].

About hybris software hybris software, an SAP company, enables digital content and service providers around the world to monetize digital offerings through all channels and customer touchpoints. hybris delivers omni-channel commerce solutions: state-of-the-art master data management and unified commerce processes that give businesses a single view of customers, products, and orders, and customers a single view of the business. It supports various disruptive business models, including freemiums, direct-to-consumer, and subscriptions, for limitless innovation. With built-for-market solutions made for the digital industry, it delivers frictionless commerce on any device. Both principal industry analyst firms rank hybris as a “leader” in the market. The same software is available on-premise, on-demand and managed hosted, giving merchants of all sizes maximum flexibility. Leaders around the world trust hybris to support their monetization strategies, including AVG Technologies, Ladbrokes, Nest, Entertainment Publications, Houghton Mifflin Harcourt, Checkpoint Software, Handelsblatt, Pearson Bookworld, and Tamedia. For more information, visit www.hybris.com. Version: February 2015 Subject to change without prior notice © hybris Age of Continuous Monetization hybris is a trademark of the hybris Group. Other brand names are trademarks and registered trademarks of The the respective companies.

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