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Article

The Influence of Perceived Value, Customer Satisfaction, and Trust on Loyalty in Entertainment Platforms

by
Kyeongmin Yum
1 and
Jongnam Kim
2,*
1
College of Business, Seoul National University, Gwanak-ro 1, Gwanak-gu, Seoul 08826, Republic of Korea
2
Division of Computer Engineering and Artificial Intelligence, Pukyong National University, Yongso-ro 45, Nam-gu, Busan 48513, Republic of Korea
*
Author to whom correspondence should be addressed.
Appl. Sci. 2024, 14(13), 5763; https://doi.org/10.3390/app14135763
Submission received: 6 June 2024 / Revised: 28 June 2024 / Accepted: 29 June 2024 / Published: 1 July 2024
(This article belongs to the Special Issue Human-Computer Interaction in Smart Factory and Industry 4.0)
Browse Figure
Versions Notes

Abstract

:
This study explores the intricate relationships between perceived value, customer satisfaction, trust, and loyalty in the context of the dynamic online entertainment platform industry. As the entertainment landscape has evolved from traditional formats to digital and interactive experiences, businesses face intense competition and the need to innovate to attract and retain users. This study introduces a comprehensive research model that defines perceived value in three dimensions: utilitarian, hedonic, and social. It also investigates the roles of customer satisfaction and trust as mediators in the connection between perceived value and loyalty. A survey of entertainment platform users reveals that enhancing utilitarian and hedonic values can increase customer satisfaction and that all three perceived value dimensions positively influence trust. Customer satisfaction partially mediates the relationship between utilitarian value and loyalty and fully mediates the relationship between hedonic value and loyalty; however, trust does not act as a mediator in this context. The theoretical implications enhance our understanding of these relationships while the managerial implications provide actionable insights for businesses seeking to refine their customer-focused approaches in the competitive online entertainment landscape.

1. Introduction

Entertainment platforms have evolved from traditional formats such as live theater and radio in the early 20th century to modern formats driven by the advent of television. The digital age spanning the late 20th and early 21st centuries brought the internet and online streaming, thereby revolutionizing content consumption. This shift allowed for on-demand access to a wide range of content, from movies to user-generated videos. Recently, mobile technology and augmented/virtual reality have ushered in a new era of immersive and interactive entertainment experiences, ultimately reshaping how we engage with and consume entertainment content [1,2].
The increasing demand for online entertainment platforms has led to a significant increase in the number of companies vying for market share in this industry. Platforms such as Netflix, Amazon Prime Video, and Disney+ have emerged as prominent players. The proliferation of streaming services, along with the prevalence of social media platforms, video game companies, and music streaming services, has provided consumers with an unprecedented variety of options. As the number of providers continues to grow rapidly, companies are compelled to constantly innovate and enhance their offerings to attract and retain users. Consequently, the dynamic and ever-evolving landscape of intense competition has spurred creativity, resulting in a wide array of entertainment choices that cater to the evolving preferences of consumers [3,4].
Online entertainment companies strategically prioritize perceived value and satisfaction to establish and maintain a robust competitive advantage. They understand that these factors play a pivotal role in nurturing customer loyalty and ultimately affect sales and overall profitability [5,6]. Hence, these companies make substantial investments in delivering high-quality content, ensuring user-friendly interfaces, and maintaining responsive customer support systems. Their continuous efforts to enhance user experience and offer personalized recommendations are aimed at fostering enduring customer loyalty, which translates into consistent sales and long-term financial success in the highly competitive online entertainment industry [7].
The relationships between perceived value, customer satisfaction, trust, and loyalty are interconnected in a way that underpins successful business–customer dynamics. A foundational driver is perceived value, which refers to the perceived benefits a customer receives relative to the cost of a product or service [8]. When customers perceive high value, they are more likely to be satisfied with their purchases [9]. Customer satisfaction, in turn, builds trust as positive experiences foster confidence in the brand or provider. Trust is a critical element as it not only sustains loyalty but also encourages customers to become brand advocates. Loyalty, the ultimate goal, is the result of consistently positive experiences, trust, and satisfaction; that is, loyal customers choose to repeatedly engage with a brand and promote it to others, ultimately contributing to long-term business success [10].
While existing research has extensively explored the associations between perceived value, customer satisfaction, trust, and loyalty across various domains [11], the application of these findings to entertainment platforms is not straightforward. Distinguished from conventional products and services, the entertainment industry encompasses a diverse array of subjective and emotionally charged content, introducing complexity into gauging perceived value and satisfaction in a context-specific manner. These intricacies are further heightened by the personalized nature of customer preferences and the continually evolving technological landscape within the realm of entertainment, thereby posing challenges in directly implementing established models. Consequently, the dynamics of the relationships between perceived value, customer satisfaction, trust, and loyalty within the dynamic and unique environment of entertainment platforms merit comprehensive investigation.
To address this gap, this study introduces a comprehensive research model that encompasses several crucial elements within the customer experience domain. Specifically, the model considers perceived value, which comprises utilitarian, hedonic, and social value dimensions; customer satisfaction; trust; and loyalty. This study primarily focuses on the intricate relationships among these key components: perceived value, customer satisfaction, trust, and loyalty. Additionally, this study investigates the potential mediating roles of customer satisfaction and trust in influencing the connection between perceived value and loyalty.
The findings hold significant promise for the formulation of customer-centric strategies and policies, particularly in the context of online entertainment platforms. These insights can offer valuable guidance for businesses seeking to enhance customer-focused approaches in this dynamic industry.
The following sections of this paper are organized as follows: First, we review the relevant literature to provide a foundation for our study. Next, we present our research model and hypotheses. Then, we conduct an empirical analysis using collected data. Finally, we discuss the results and implications of our study.

2. Literature Review

2.1. Online Entertainment Platforms

An online entertainment platform is a digital service that offers a diverse array of multimedia content, including streaming videos, music, games, and social media, all of which are accessible via the internet. These platforms provide on-demand entertainment options, enabling users to access a wide range of content, from movies and TV shows to music, live streaming, and interactive experiences, often through subscription-based or ad-supported models. They have revolutionized how people consume and engage with entertainment, making it easily accessible across a variety of devices and contributing to the digital transformation of the entertainment industry [1].
The future of online entertainment platforms is characterized by a seamless fusion of immersive technologies, artificial-intelligence-driven personalization, and diverse content offerings. These platforms will not only transcend the traditional boundaries between streaming, gaming, and social interaction but also create entirely new dimensions of interactive and shared experiences [12]. Users may expect hyper-personalized recommendations, high-quality live streaming, and a wealth of original content while platforms explore novel monetization models, global expansion, and deeper integration with emerging technologies, such as augmented reality, virtual reality, and the metaverse [3]. However, they will also grapple with increasing regulatory scrutiny and environmental sustainability concerns as they strive to provide a continuously evolving, interconnected, and ethically sound entertainment landscape.
Online entertainment platforms exhibit a distinctive set of characteristics. First, they emphasize a user-friendly interface tailored for touch input, ensuring effortless navigation and an aesthetically pleasing user experience. Second, user accounts are often essential as they enable personalization, content storage, and smooth platform interactions. Third, push notifications are commonly employed to keep users informed about new content and personalized recommendations even when the app is inactive. Fourth, integration with social media platforms fosters content sharing and community engagement, thereby expanding the platform’s reach. Fifth, in-app purchases, including virtual goods and premium features, generate revenue. Sixth, global positioning systems and location services are harnessed to provide location-based features, offering users local content, events, and deals. Seventh, personalization is central, with platforms tailoring content recommendations to user preferences to enhance engagement. Eighth, robust security measures, including encryption, secure payments, and authentication mechanisms, are implemented to protect user data [13,14].

2.2. Perceived Value

In the modern digital era, businesses prioritize perceived value as a critical element in enhancing customer satisfaction and maintaining a competitive edge. In particular, they invest in product and service improvements, strive to understand customer preferences, and offer exceptional experiences. By focusing on perceived value, companies can sustain their competitiveness and foster enduring customer relationships, laying a foundation for long-term success [15].
Perceived value is essentially how customers perceive a product or service, and this concept has evolved. Initially, it focused on utilitarian aspects, in which customers evaluate costs versus benefits. Subsequently, an additional dimension, hedonic value, was introduced to account for the emotional and enjoyable elements of using products or services [16]. The recent prominence of social media and messaging has introduced another dimension, social value, which reflects the desire for connection and recognition [17]. Consequently, perceived value now encompasses three essential dimensions, namely, utilitarian, hedonic, and social value dimensions. Collectively, these dimensions provide a more comprehensive framework for businesses to consider when meeting customer needs and expectations.
Researchers have extensively investigated perceived value across diverse contexts. Tsai [18] explored perceived value within branded café settings, examining dimensions such as quality, affection, monetary price, nonmonetary price, and reputation. Sosanuy et al. [19] studied perceived value in ready-to-eat food stores, focusing on monetary, utilitarian, and hedonic values. Vieira et al. [20] explored perceived value in retail shopping, considering both hedonic and utilitarian aspects. Chiu et al. [21], Lavuri et al. [22], and Overly and Lee [23] studied perceived value in online shopping malls, emphasizing utilitarian and hedonic values. Ozturk et al. [24] explored utilitarian and hedonic values in the context of mobile hotel booking. Xu et al. [25] investigated perceived value in mobile commerce apps, highlighting utilitarian and hedonic values. With the rise of social media and messaging platforms, the study of perceived value has expanded to include social values. Rintamäki et al. [17] examined perceived value in department stores, considering utilitarian, hedonic, and social values. Evelina [26] and Soepatini [27] explored perceived value in e-commerce, incorporating utilitarian, hedonic, and social values. Barakat et al. [28] and Gan and Wang [29] delved into perceived value in social commerce, considering utilitarian, hedonic, and social values. Hsiao et al. [30] explored perceived value in department stores and mobile social apps, focusing on utilitarian, hedonic, and social values. This evolving research landscape underscores the multifaceted nature of perceived value across diverse domains.

2.3. Customer Satisfaction

Customer satisfaction is a pivotal metric that reflects the overall contentment experienced by customers throughout their engagement with a product, service, or business entity. At its core, customer satisfaction hinges on the cognitive assessment that customers make regarding whether their expectations have been met or exceeded. When customers discover that a product or service aligns seamlessly with their needs and desires, they feel a sense of contentment and fulfillment. Conversely, when a perceptible gap emerges between customer expectations and actual experiences, dissatisfaction sets in [31]. Customer satisfaction goes beyond merely meeting expectations; the ultimate goal is to consistently surpass them. This principle emphasizes that higher levels of satisfaction are attained when a product or service outperforms the initial anticipation, whereas lower satisfaction arises when performance falls short of expectations [32].
Initially, businesses were primarily focused on optimizing their production processes and efficient distribution of goods. However, as markets evolved to become more competitive and saturated, there was a noticeable shift in priorities toward understanding and effectively meeting the evolving needs of customers [33]. This transition underscored the pivotal role that customer satisfaction plays in determining business success [9]. Concurrently, advancements in technology, particularly the internet and social media, empowered customers by providing them unprecedented access to information and alternative choices. This newfound access heightened customer expectations, prompting businesses to prioritize responsiveness and transparency in addressing customer feedback [34]. Consequently, organizations have significantly ramped up their investments in CRM systems, real-time analytics, and personalized marketing strategies. These strategic initiatives are aimed at not only enhancing overall customer satisfaction but also at fostering long-term customer loyalty in today’s fiercely competitive global marketplace [35].
Customer satisfaction substantially affects business success. Satisfied customers are more inclined to continue their associations with a company, and they evolve into passionate brand advocates who enthusiastically recommend the company to others. The recommendations of these customers contribute significantly to positive word-of-mouth marketing [36]. Therefore, businesses must prioritize and actively manage customer satisfaction as it not only leads to a positive brand image but also fosters customer retention, both of which are key factors in achieving long-term success in a competitive marketplace.

2.4. Trust

Trust is the bedrock of successful transactions and embodies confidence in the reliability, integrity, and honesty of businesses, products, and services. This notion of trustworthiness extends its significance beyond personal interactions toward the world of commerce, where customers place trust in businesses to meet their expectations. Trust is not merely a feeling of confidence but rather the assurance that businesses will uphold their commitments and responsibilities throughout the entire customer journey. It serves as a potent risk mitigator as it reduces uncertainty and fosters lasting customer relationships. Moreover, trust acts as a potent catalyst of customer retention and thus exerts a profound impact on business success [37].
The evolution of trust from traditional to digital commerce marks a significant shift. In traditional settings, trust was cultivated through face-to-face interactions, personal relationships, and local reputation. Consumers relied heavily on direct experiences and recommendations from their community to assess the reliability and integrity of businesses [38,39]. However, in the digital age, trust is shaped by new dynamics such as online reviews, social proof, digital transparency, and ethical considerations regarding data privacy and corporate responsibility [40]. Businesses must now establish trust through virtual interactions, ensuring clear communication, secure transactions, and ethical practices to meet the expectations of today’s informed and discerning consumers.
In the contemporary digital landscape, in which an increasing number of virtual interactions occur, trust has become increasingly important. In particular, online businesses understand the heightened significance of trust as they strive to instill in customers the belief in the reliability and integrity of their services [41]. Creating a secure and trustworthy environment for online transactions has become a paramount objective for businesses because of its direct influence on customer satisfaction and retention [42]. Trust is the cornerstone that maintains customer loyalty and enhances the credibility and success of online businesses.

2.5. Loyalty

Loyalty is a fundamental pillar of business success that encompasses the probability that customers will persist in using a product or service over an extended period. This concept holds immense importance in the realm of customer behavior and directly influences the long-term sustainability of businesses [43]. When customers demonstrate a strong intention to consistently use a product or service, it signals the development of brand loyalty, which results in repeated purchases and positive word-of-mouth recommendations. Businesses must possess an acute understanding of the intricate factors that shape loyalty as this comprehension serves as the bedrock for customer retention and the cultivation of enduring relationships [44]. Both customer satisfaction and trust are pivotal components in the formation of loyalty [45]. Elevated levels of customer satisfaction contribute to a heightened inclination to continue using a product or service. Furthermore, positive customer experiences and the consistent delivery of experiences that meet or surpass expectations foster trust and loyalty. These aspects pave the way for recurrent purchases, the establishment of a positive brand reputation, and the attainment of sustainable growth in a fiercely competitive marketplace [46].
In today’s digital era, achieving loyalty amidst pervasive connectivity and abundant information presents both challenges and opportunities for businesses. Technology expands the reach of businesses and shifts consumer expectations towards personalized interactions [45]. Digital platforms play a crucial role, leveraging advanced data analytics and machine learning to enhance customer engagement and foster loyalty by understanding consumer behaviors, preferences, and purchasing patterns [47]. Personalized strategies such as tailored recommendations, interactive content, and customized communication channels deeply resonate with individual customers, thereby boosting satisfaction and loyalty. Real-time feedback loops on digital platforms provide valuable insights into customer sentiments, empowering businesses to swiftly adjust to evolving expectations. These elements are indispensable for cultivating enduring customer loyalty in today’s competitive digital landscape, ensuring sustainable growth and success in the market [48].

3. Research Method

3.1. Research Hypothesis Development

3.1.1. Relationship between Perceived Value and Customer Satisfaction

The correlation between perceived value and customer satisfaction is fundamental for business success. A product or service that provides substantial value is more likely to satisfy customers. Satisfied customers, in turn, are more prone to becoming loyal, repeat buyers and brand advocates. Various studies across different industries have supported the connection between perceived value and satisfaction. Deng et al. [49], Hsiao et al. [30], Kim et al. [50], and Lam et al. [7] examined mobile instant messaging services, social applications, online shopping malls, and business-to-business services, respectively. These studies consistently found that higher perceived value leads to increased customer satisfaction. Therefore, this study proposes the following hypotheses to understand the relationship between perceived value dimensions and customer satisfaction in entertainment platforms:
H1: 
Utilitarian value is positively related to customer satisfaction.
H2: 
Hedonic value is positively related to customer satisfaction.
H3: 
Social value is positively related to customer satisfaction.

3.1.2. Relationship between Perceived Value and Trust

The relationship between perceived value and trust is deeply intertwined in the business–customer relationship context. Consistently delivering high value through a product or service fosters trust as customers learn to rely on the brand for the reliable fulfillment of their needs. This trust, in turn, enhances customers’ willingness to engage with the brand over time based on the belief that it will consistently meet their expectations and provide value. Bolton and Drew [51] underscored the pivotal role of perceived value in trust formation, while Jarvenpaa and Todd [52] emphasized that increasing perceived value can enhance trust in transactional relationships. In support of these findings, Kim et al. [50] demonstrated the substantial impact of perceived value on trust in online shopping malls. The following hypotheses are proposed to understand the relationship between perceived value dimensions and trust in entertainment platforms:
H4: 
Utilitarian value is positively related to trust.
H5: 
Hedonic value is positively related to trust.
H6: 
Social value is positively related to trust.

3.1.3. Relationship between Perceived Value and Loyalty

Perceived value also plays a pivotal role in shaping loyalty. When customers consistently experience high value, they are more likely to become loyal to the brand. Loyalty is driven by the belief that the brand consistently meets or exceeds expectations and provides worthwhile benefits. Thus, creating and delivering perceived value can be a strategic approach to fostering and maintaining customer loyalty. Chang et al. [53] and Haghkhah et al. [54] demonstrated that perceived value influences customer loyalty in the lumber market and business-to-business services, respectively. Additionally, Sirdeshmukh et al. [10] found that perceived value significantly affects loyalty in the retail and airline industries. The following hypotheses are proposed to understand the relationship between perceived value dimensions and loyalty in entertainment platforms:
H7: 
Utilitarian value is positively related to loyalty.
H8: 
Hedonic value is positively related to loyalty.
H9: 
Social value is positively related to loyalty.

3.1.4. Relationship between Customer Satisfaction and Loyalty

Customer satisfaction and loyalty are intricately linked in the business landscape. High customer satisfaction typically results in enhanced customer loyalty. Satisfied customers are more inclined to make repeat purchases, advocate for the brand, and resist switching to competitors [55]. This loyalty not only elevates customer retention rates but also contributes to long-term profitability as loyal customers tend to increase their spending over time. Consequently, businesses that prioritize customer satisfaction through quality products, exceptional services, and consistent positive experiences are more likely to cultivate robust customer loyalty, which is a pivotal driver of sustained success and growth. Numerous studies, including those by Hsiao et al. [30], Miao et al. [56], and Wang et al. [57], have provided substantial evidence supporting the positive influence of customer satisfaction on loyalty across various domains, including online shopping, mobile communication apps, and mobile social apps, respectively. The following hypothesis is proposed to understand the relationship between customer satisfaction and loyalty in entertainment platforms:
H10: 
Customer satisfaction is positively related to loyalty.

3.1.5. Relationship between Trust and Loyalty

Trust serves as the cornerstone for cultivating strong customer relationships and achieving success [58]. When consumers trust a product or service, they are more likely to become loyal customers, consistently make repeat purchases, and actively promote the product or service [58]. As trust deepens, customer loyalty expands, resulting in increased customer retention and positive brand reputation [10]. Businesses that prioritize trust-building strategies can foster enduring customer loyalty, which is crucial for long-term marketing success and profitability. Researchers such as Haghkhah et al. [54], Miao et al. [56], and Shao et al. [59] provided evidence of the positive impact of trust on loyalty in business-to-business services, online shopping, and mobile payment systems, respectively, thereby reinforcing the integral link between trust and loyalty. The following hypothesis is proposed to understand the relationship between trust and loyalty in entertainment platforms:
H11: 
Trust is positively related to loyalty.

3.1.6. Mediating Role of Customer Satisfaction and Trust in the Relationship between Perceived Value and Loyalty

Understanding the mediating role of customer satisfaction and trust in the relationship between perceived value and loyalty is crucial because these intermediaries explain how perceived value influences and shapes loyalty. Several studies have investigated this relationship. Lam et al. [7] and Patterson and Spreng [60] found that customer satisfaction mediates the relationship between perceived value and loyalty in business-to-business services. Do et al. [61] demonstrated that in the vacation rental and short-term lodging industry, perceived value influences word-of-mouth through customer satisfaction. Chang et al. [53] found that trust mediates the relationship between perceived value and loyalty in the lumber market. Additionally, Ikramuddin and Mariyudi [62] explored how customer satisfaction and trust mediate the relationship between perceived value and loyalty in the telecommunication services sector. Therefore, the following hypotheses are proposed to understand this mediation in entertainment platforms:
H12: 
Customer satisfaction mediates between utilitarian value and loyalty.
H13: 
Customer satisfaction mediates between hedonic value and loyalty.
H14: 
Customer satisfaction mediates between social value and loyalty.
H15: 
Trust mediates between utilitarian value and loyalty.
H16: 
Trust mediates between hedonic value and loyalty.
H17: 
Trust mediates between social value and loyalty.
This study investigates the relationship between perceived value, customer satisfaction, trust, and loyalty. Figure 1 illustrates the research model.

3.2. Operational Definition and Measurement of Variables

The variables in the current study were operationalized by adapting measurement variables from previous research. The three dimensions of perceived value were distinctly defined: utilitarian value, involving customers’ assessments of rational benefits such as low-cost, high-quality services and time savings; hedonic value, capturing customers’ evaluations of emotional benefits, such as joy or pleasure derived from service usage; and social value, encompassing customers’ evaluations of social benefits, such as participation in community activities, fulfillment of self-esteem, and alleviation of privacy concerns [23,25,63].
Drawn from prior research, each of the measurement items for perceived value comprised three questions for the utilitarian and hedonic value constructs and four questions for the social value construct, resulting in 10 questions in total. Similarly, the measurement items for customer satisfaction, trust, and loyalty comprised four questions for each construct. The measurement items are presented in Table A1 found in Appendix A. A 5-point Likert scale was used for all measures.

3.3. Data Collection and Analysis Method

This study conducted a survey in December 2023 to gather insights from users of entertainment platforms in South Korea. Before the survey, the respondents were adequately informed about the purpose and content of the study, and their consent was obtained. The survey, administered through a self-administered method, garnered 330 responses for subsequent data analysis. The collected data were analyzed using SPSS and Amos 29.0. Initially, a frequency analysis was conducted to discern the respondents’ demographic characteristics. Subsequently, confirmatory factor analysis was performed to assess the reliability and validity of the constructs. Finally, structural equation modeling was employed to substantiate the relationships between the variables.

4. Empirical Analysis

4.1. Demographic Characteristics of the Sample

The demographic characteristics of the surveyed sample included sex, age, occupation, and educational background. The analysis of Table 1 reveals a balanced sex distribution, with 175 males (53.0%) and 155 females (47.0%). In terms of age, 37 respondents (11.2%) were below 20 years old, 98 (29.7%) were in their 20s, 91 (27.6%) were in their 30s, 59 (17.8%) were in their 40s, and 45 (13.6%) were over 50 years old, indicating a relatively higher proportion of respondents in their 20s and 30s. Regarding education, 179 respondents (54.2%) held a bachelor’s degree, 97 (29.4%) had high school education or below, and 54 (16.4%) had postgraduate degrees. Regarding occupation, 145 respondents (43.9%) were employed, 45 (13.6%) were self-employed, 107 (32.4%) were students, and 33 (10.0%) reported other occupations. The high proportion of students indicates that many South Korean students actively use entertainment platforms. The other category reflects the reality that the proportion of full-time homemakers and unemployed individuals is relatively high.
Classifying respondents into four primary occupational groups—employed, self-employed, student, and others—effectively captures diverse social dynamics. These groups collectively represent a significant segment of the population, providing a nuanced reflection of societal diversity. Across these occupational categories, users of entertainment platforms demonstrate distinct perspectives and experiences. Employed individuals utilize these platforms for relaxation and social interaction, while self-employed individuals integrate them into their flexible schedules for networking and inspiration. Students leverage platforms to balance academic commitments with leisure activities, and other groups such as full-time homemakers and non-employed individuals engage for leisure and social connectivity. This classification approach not only ensures a balanced and comprehensive dataset but also facilitates insightful exploration of varied viewpoints within each group. Such categorization establishes a solid foundation for future analyses, enabling researchers to uncover diverse behaviors and preferences within the sample, thereby offering insights that can better reflect broader societal trends.
Specifically, the distribution of occupations helps pinpoint which groups exerted significant influence on the research outcomes. Students, in particular, prioritize content that is diverse, innovative, and fits their flexible schedules. Due to their substantial presence in the sample, the unique preferences of students can significantly impact perceived value, customer satisfaction, trust, and loyalty.

4.2. Reliability and Validity Analysis

Although many questionnaire items in this study were drawn from the existing literature on perceived value, the exploration of the new concept related to entertainment platforms necessitated a rigorous examination of reliability and validity. The results in Table 2 show a robust assessment of these measures.
Reliability, gauged by Cronbach’s α, demonstrated strong internal consistency for all constructs, with values surpassing 0.778, which was well above the acceptable threshold of 0.60, as established by Nunnally [64]. This result confirmed the reliability of the measurement items. Confirmatory factor analysis was employed to assess convergent validity. The results revealed that all items had factor loadings exceeding 0.608, thus surpassing the minimum threshold of 0.60. In addition, the composite reliability (CR) values ranged from 0.840 to 0.961, exceeding the recommended threshold of 0.70. The average variance extracted (AVE) for each construct ranged from 0.639 to 0.861, surpassing the threshold of 0.50. These metrics collectively underscored the robust convergent validity of the measures.
The measurement model’s indices indicated a commendable fit with the data (χ2 = 435.371; d.f. = 194; χ2/d.f. = 2.244; comparative fit index (CFI) = 0.952, Tucker–Lewis index (TLI) = 0.942, root mean square error of approximation (RMSEA) = 0.061, root mean square residual (RMR) = 0.061, normed fit index (NFI) = 0.917; goodness-of-fit (GFI) = 0.913, adjusted goodness-of-fit (AGFI) = 0.881). The χ2/d.f. ratio fell below the recommended level of 3.00, affirming the adequacy of the proposed model. Jackson et al. [65] observed that many studies commonly use CFI, TLI, and RMSEA alongside chi-square tests to assess model fit. Typically, if these indices meet the recommended thresholds, the model is considered appropriate. In this study, following the criteria established by Hu and Bentler [66] and Hair et al. [67], CFI, TLI, NFI, and GFI all exceeded the cutoff value of 0.90. Additionally, RMSEA and RMR were below their respective thresholds of 0.08 and 0.05. Although AGFI fell slightly below the 0.90 cutoff, the proposed model was still deemed suitable.
The results of discriminant validity (Table 3) further confirmed the fulfillment of the criteria, as the square root AVE of each construct exceeded the correlation coefficients between the constructs, thus solidifying the evidence for discriminant validity [68]. In summary, these outcomes collectively established this study’s adherence to rigorous reliability and validity standards.

4.3. Hypothesis Test Results

This study employed structural equation modeling to explore the hypothesized connections between perceived value dimensions and their impact on customer satisfaction, trust, and loyalty. The model’s adequacy was confirmed by strong fit indices (χ2 = 478.331; d.f. = 195; χ2/d.f. = 2.453; CFI = 0.943; TLI = 0.933; RMSEA = 0.066; RMR = 0.042; NFI = 0.908; GFI = 0.903), aligning with the established standards set by Hu and Bentler [66] and Hair et al. [67]. The parameter estimates for the relationships are listed in Table 4.
In examining the influence of the three perceived value dimensions on customer satisfaction, the standardized coefficients (β) revealed that utilitarian value (β = 0.203, p = 0.000) and hedonic value (β = 0.601, p = 0.000) significantly and positively affected customer satisfaction, providing support for H1-a and H1-b. Meanwhile, social value (β = −0.032, p = 0.532) did not exert a significant impact on customer satisfaction; thus, H1-c was not supported. In the case of trust, all three perceived value dimensions, namely, utilitarian value (β = 0.248, p = 0.000), hedonic value (β = 0.441, p = 0.000), and social value (β = 0.130, p = 0.024), demonstrated significant and positive effects, thereby supporting H2-a, H2-b, and H2-c, respectively.
Regarding loyalty, utilitarian value (β = 0.216, p = 0.000) had a significant and positive effect, thereby supporting H3-a. Meanwhile, hedonic value (β = 0.084, p = 0.258) and social value (β = 0.057, p = 0.259) did not exhibit a significant influence on loyalty; thus, H3-b and H3-c were not supported. Notably, customer satisfaction (β = 0.431, p = 0.000) and trust (β = 0.126, p = 0.043) had a positive impact on loyalty, thereby lending support for H4 and H5.
This study also examined the mediating roles of customer satisfaction and trust in the relationship between perceived value and loyalty using the bootstrap method with 500 resampling procedures, as detailed in Table 5. For utilitarian value, an indirect effect on loyalty was found through customer satisfaction (β = 0.087, p = 0.005); hence, H6-a was supported. The indirect effect through trust (β = 0.031, p = 0.070) did not support H6-b. This result indicated that customer satisfaction partially mediated the relationship between utilitarian value and loyalty as utilitarian value significantly influenced loyalty (β = 0.216, p = 0.000). For hedonic value, an indirect effect on loyalty was observed through customer satisfaction (β = 0.262, p = 0.004); hence, H6-c was supported. However, the indirect effect through trust (β = 0.055, p = 0.095) did not support H7-a. This result suggested that customer satisfaction fully mediated the relationship between hedonic value and loyalty as hedonic value did not significantly impact loyalty directly (β = 0.084, p = 0.258). Social value showed no indirect effect on loyalty through either customer satisfaction (β = −0.137, p = 0.578) or trust (β = 0.016, p = 0.081); thus, H7-b and H7-c were not supported. In summary, customer satisfaction mediated the relationship between both utilitarian and hedonic values and loyalty, while trust did not mediate the relationship between any perceived value dimensions and loyalty.

5. Discussion and Implementations

5.1. Discussion of Research Results

In this empirical investigation of the relationship between the three distinct dimensions of perceived value, customer satisfaction, trust, and loyalty within entertainment platforms, 13 hypotheses were rigorously examined using structural equation modeling. The findings indicated that both utilitarian and hedonic values significantly and positively influenced customer satisfaction and that social value did not exhibit a significant impact. This aligns with the findings of Doghan and Albarq [69] and Evelina et al. [26]. These results suggest that enhancing utilitarian and hedonic values in entertainment platforms can contribute to increased customer satisfaction.
Furthermore, this study revealed that all three perceived value dimensions, namely, utilitarian, hedonic, and social values, had a significant and positive impact on trust. These findings are in line with those reported by Naingolan et al. [70] and Sustariyah et al. [71], indicating that perceived values significantly influence trust. This indicates that customers are more likely to develop trust in a brand or service when they perceive tangible benefits, enjoyable experiences, and a sense of social belonging. The significant impact of social value on trust, despite its non-significant impact on customer satisfaction, highlights the nuanced role of social factors in building trust independently of direct customer satisfaction. This implies that social connections and perceived societal benefits are more critical in fostering trust than in enhancing immediate customer satisfaction.
In addition, this study found that utilitarian value directly affected loyalty and that hedonic and social values did not. This result is in line with the findings of Evelina et al. [26] and Kussudyarsana and Indraswari [72]. The analysis demonstrated the differentiated impact of perceived value dimensions on loyalty. Utilitarian value positively influenced loyalty, indicating that functional benefits and practical utility are pivotal for customer retention. However, hedonic and social values did not significantly affect loyalty directly. This suggests that while enjoyment and social connections are important for immediate satisfaction and trust, they do not necessarily translate into long-term loyalty unless they are mediated by other factors.
Customer satisfaction and trust are influential factors that drive loyalty, as shown in the studies of Ikramuddin and Mariyudi [62] and Kim et al. [50]. In this study, customer satisfaction partially mediated the relationship between utilitarian value and loyalty and fully mediated the relationship between hedonic value and loyalty. These findings are in line with those reported by Doghan and Albarq [69], suggesting that customer satisfaction mediates the relationship between perceived value and loyalty. This indicates that while practical benefits and enjoyment contribute to loyalty, their effects are significantly mediated by the overall satisfaction they generate. Therefore, enhancing customer satisfaction is crucial to convert perceived value into loyalty. By contrast, trust did not mediate the relationship between any of the perceived value dimensions and loyalty. Although all perceived value dimensions significantly influenced trust, trust itself did not directly translate these values into loyalty. This suggests that although trust is essential, it is not the primary mechanism through which perceived value impacts loyalty.

5.2. Theoretical Implications

The theoretical implications of this study are multifaceted, enhancing our understanding of the interconnections between perceived value, customer satisfaction, trust, and loyalty in business–customer relationships on entertainment platforms. By identifying the relationships between the three dimensions of perceived value (utility, hedonistic, and social values), customer satisfaction, and trust, this study enriches the theoretical framework in marketing and consumer behavior.
This study emphasizes the critical role of customer satisfaction as a mediator on the path to customer loyalty, thereby strengthening the theoretical foundation for understanding the importance of satisfaction in building long-term customer relationships. Additionally, the finding that trust does not act as a mediator challenges the existing theoretical assumptions and warrants further exploration of the conditions under which trust functions as a mediator.
The comprehensive model in this study provides a theoretical basis for developing customer-centric strategies, particularly in online entertainment platforms, thereby enhancing the theoretical landscape of customer experience.

5.3. Managerial Implications

The managerial implications of this research are substantial. For businesses, particularly those in the online entertainment industry, the findings provide actionable insights for enhancing customer-centric strategies. By recognizing the pivotal role of customer satisfaction in driving loyalty, companies can focus on improving customer satisfaction to foster long-term customer relationships and brand advocacy.
To increase customer satisfaction and, ultimately, loyalty, businesses must focus on utilitarian and hedonistic aspects. Marketers should prioritize the delivery of functional benefits and enjoyable experiences to build strong customer relationships. These strategies are crucial as they directly enhance customer satisfaction, which, in turn, promotes loyalty.
Although social value may not directly influence satisfaction or loyalty, its significant impact on trust suggests that fostering a sense of community and social belonging can be beneficial for building trust. Therefore, social elements must be incorporated into marketing efforts to enhance the overall perceived value and trust in the brand. The fact that different dimensions of perceived value influence trust emphasizes the importance of tailoring marketing and service efforts to enhance these value dimensions. Furthermore, the absence of trust as a mediator suggests that businesses should focus on building trust directly with customers rather than relying on trust as an intermediary factor.

5.4. Limitations and Future Directions

This study used self-reported data from a specific group of entertainment platform users, which may introduce bias and limit the generalizability of the findings. To enhance this research, future studies should consider diverse data sources and methods such as user behavior analysis and qualitative interviews. Although the findings provide insights into online entertainment platforms, research in different industry contexts is needed to broaden our understanding.

Author Contributions

Conceptualization, K.Y. and J.K.; Methodology, K.Y.; Validation, J.K.; Formal analysis, K.Y.; Investigation, K.Y. and J.K.; Data curation, K.Y.; Writing—original draft, K.Y.; Writing—review and editing, J.K.; Supervision, J.K. All authors have read and agreed to the published version of the manuscript.

Funding

This research received no external funding.

Institutional Review Board Statement

All procedures performed in the study were in accordance with the ethical guidelines of the Korean Psychological Association and the 1964 Helsinki Declaration.

Informed Consent Statement

Informed consent was obtained from all subjects involved in this study.

Data Availability Statement

The raw data supporting the conclusions of this article will be made available by the authors on request.

Conflicts of Interest

The author declares no conflicts of interest.

Appendix A

Table A1. Measurement items.
Table A1. Measurement items.
Item DescriptionSource
Perceived value dimensions[23,30]
Utilitarian 1I believe entertainment platforms offer practical benefits and functions.
Utilitarian 2The entertainment platform provides services tailored to my taste and preferences.
Utilitarian 3The entertainment platform is useful to me.
Hedonic 1Using the entertainment platform is enjoyable.
Hedonic 2Time seems to fly when using an entertainment platform.
Hedonic 3The structure and design of the entertainment platform are attractive.
Social 1I enjoy interacting with others through the entertainment platform.
Social 2Various information, knowledge, and experiences can be shared through the entertainment platform.
Social 3The entertainment platform enhances my social interactions.
Social 4Through the entertainment platform, I have experienced a sense of homogeneity through interactions with other users.
Customer satisfaction[73]
Satisfaction 1 I am generally pleased with entertainment platforms.
Satisfaction 2I enjoy using entertainment platforms.
Satisfaction 3I am very satisfied with the services of entertainment platforms.
Satisfaction 4I am happy with entertainment platforms.
Trust [73,74]
Trust 1If the platform makes a claim or promise about its service, I trust that it is truthful.
Trust 2My intention to continue using the platform is rooted in my confidence in its services and operations.
Trust 3Based on my experience, I find the platform to be highly reliable.
Trust 4I trust the platform to safeguard my personal information and ensure security.
Loyalty[73]
Loyalty 1I would recommend entertainment platforms to others.
Loyalty 2I intend to continue using entertainment platforms.
Loyalty 3I will continue to use the online entertainment platform in the future.
Loyalty 4I prefer entertainment platforms over other options.

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Applsci 14 05763 g001
Figure 1. Research model.
Figure 1. Research model.
Applsci 14 05763 g001
Table 1. Characteristics of respondents.
Table 1. Characteristics of respondents.
VariableCategoryFrequencyPercentage
Gendermale17553.0
female15547.0
Agebelow 203711.2
20–299829.7
30–399127.6
40–495917.8
over 504513.6
Occupationemployed14543.9
self-employed4513.6
student10732.4
others3310.0
Education levelhigh school or below9729.4
bachelor’s degree17954.2
postgraduate degree5416.4
Table 2. Reliability and convergent validity.
Table 2. Reliability and convergent validity.
ConstructNo. of ItemsFactor LoadingCRAVECronbach’s α
Perceived valueUtilitarian value30.9280.8480.6420.778
0.924
0.645
Hedonic value30.9390.8560.8150.854
0.887
0.608
Social value40.8300.9150.6390.864
0.627
0.824
0.835
Customer satisfaction40.8440.9610.8610.913
0.847
0.908
0.855
Trust40.8000.9290.7660.872
0.807
0.783
0.780
Loyalty40.9500.9320.7820.886
0.937
0.650
0.701
χ2 = 435.371, d.f. = 194, p = 0.000, χ2/d.f. = 2.244, CFI = 0.952, TLI = 0.942, RMSEA = 0.061 RMR = 0.061, NFI = 0.917, GFI = 0.913, AGFI = 0.881.
Table 3. Discriminant validity.
Table 3. Discriminant validity.
ConstructUtilitarian ValueHedonic ValueSocial ValueCustomer SatisfactionTrustLoyalty
Utilitarian value0.801
Hedonic value0.3490.902
Social value0.0990.3830.799
Customer satisfaction0.4060.6540.2170.927
Trust0.4090.5540.3250.6520.875
Loyalty0.4740.5300.2430.6600.5450.884
Note: The diagonal value is the square root of the AVE.
Table 4. Parameter estimates for hypothesized relationships.
Table 4. Parameter estimates for hypothesized relationships.
RelationshipβSE.CR.pResult
H1. Utilitarian value -> Customer satisfaction0.2030.0603.7310.000 ***supported
H2. Hedonic value -> Customer satisfaction0.6010.1088.3620.000 ***supported
H3. Social value -> Customer satisfaction−0.0320.036−0.6250.532not supported
H4. Utilitarian value -> Trust0.2480.0644.0280.000 ***supported
H5. Hedonic value -> Trust0.4410.0986.2620.000 ***supported
H6. Social value -> Trust0.1300.0372.2560.024 *supported
H7. Utilitarian value -> Loyalty0.2160.0593.7450.000 ***supported
H8. Hedonic value -> Loyalty0.0840.1011.1310.258not supported
H9. Social value -> Loyalty0.0570.0321.1280.259not supported
H10. Customer satisfaction -> Loyalty0.4310.0656.0980.000 ***supported
H11. Trust -> Loyalty0.1260.0612.0230.043 *supported
Note: * p < 0.05, *** p < 0.001.
Table 5. Total, direct, and indirect effects.
Table 5. Total, direct, and indirect effects.
RelationshipTotal EffectDirect EffectIndirect EffectResult
βpβpβp
H12. Utilitarian value -> Customer satisfaction -> Loyalty0.3350.003 **0.2160.000 ***0.0870.005 **supported
H13. Utilitarian value -> Trust -> Loyalty0.3350.003 **0.2160.000 ***0.0310.070not supported
H14. Hedonic value -> Customer satisfaction -> Loyalty0.4020.003 **0.0840.2580.2620.004 **supported
H15. Hedonic value -> Trust -> Loyalty0.4020.003 **0.0840.2580.0550.095not supported
H16. Social value -> Customer satisfaction -> Loyalty0.0590.2830.0570.259−0.1370.578not supported
H17. Social value -> Trust -> Loyalty0.0590.2830.0570.2590.0160.081not supported
Note: ** p < 0.01, *** p < 0.001. The confidence level for all bias-corrected confidence intervals is 95%.
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Yum, K.; Kim, J. The Influence of Perceived Value, Customer Satisfaction, and Trust on Loyalty in Entertainment Platforms. Appl. Sci. 2024, 14, 5763. https://doi.org/10.3390/app14135763

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Yum K, Kim J. The Influence of Perceived Value, Customer Satisfaction, and Trust on Loyalty in Entertainment Platforms. Applied Sciences. 2024; 14(13):5763. https://doi.org/10.3390/app14135763

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Yum, Kyeongmin, and Jongnam Kim. 2024. "The Influence of Perceived Value, Customer Satisfaction, and Trust on Loyalty in Entertainment Platforms" Applied Sciences 14, no. 13: 5763. https://doi.org/10.3390/app14135763

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