03 Aug 2018

DIGITAL INNOVATION SHAPING ENTERTAINMENT AND MEDIA

The digitization of the media has reshaped the global entertainment and media system and content has become more immersive and available on demand. Gone are the days when TV networks, film studios, or companies of any kind could thrive through available revenue sources. Today, profitable growth increasingly depends on digital trends on businesses and products that extend beyond traditional sources. From buying a newspaper to opening a news app on your tablet, from renting a DVD to streaming your favorite television series on a smart TV, from buying a cookbook to getting customized recipe suggestions on your smartphone, it’s undeniable that the digital transformation of the media industry has already begun.

People are increasingly turning to smartphones, tablets and other mobile and Internet-connected devices to watch video and not only are people increasingly watching video over the Internet, but they are clearly going mobile, with people using mobile broadband where Wi-Fi is not widely available. Many companies have transitioned from simple web publishing to more full-blown customer experience management, as they seek to take advantage of the web, and explore digital technological to conduct core commercial operations to grow their businesses.

Many technologies in the information landscape are used daily to support experience management initiatives in any given organization: mobile, digital and media asset management, web content etc, digital disruptors such as Netflix, Amazon, Facebook, Google and Snapchat have embraced the consumer’s love for video to fundamentally change the customer video experience. The experience management requires you to work with multiple tools and technologies to manage your users’ journeys as they interact with your firm. Companies are launching live events and podcasts, creating subscription offerings, producing video for consumers and brands, and expanding e-commerce and product licensing efforts. TV networks and film studios are developing streaming video services. Sports leagues and video game companies are converging on e-sports. Many are prioritizing new advertising products. Some of the most ambitious players are expanding globally, building new revenue streams in new geographies.

The largest digital platforms are absorbing much of the digital advertising growth. Consumption and spending habits are evolving with remarkable speed. The increase in mobile and Internet penetration has made being connected a way of life for younger generations of consumers. This presents media businesses with opportunities to fuel the continuous conversations that this connectivity allows and increase connectivity. Technology now allows access to content anywhere, anytime so the growing availability of open-source and free software enables startups to build new businesses and innovative products in record time and with the widespread availability of cheap sensors, connected devices and cloud computing, we have witnessing the birth of the Internet of Things, a network of connected machines delivering smart services, which will offer the media industry a whole range of opportunities to create seamless, personalized services.

However, technology gives media companies an avenue to get to the audience and content insights they need, and match audience interest to content relevance more accurately, more in the moment and with a much greater degree of personalization than would be possible without this technology.

Mobile and social. The power of mobile and social is transforming how media is consumed and perceived.³ Continuous and instant access, particularly through sharing on social media, empowers users to promote or destroy brands and institutions. Overnight stardom or instant reputational crises are new phenomena that need to be managed from business and technology perspectives.

The industrialization of the media industry. New digital processes are changing how media is created, distributed and monetized. Traditionally, the media industry focused on creating content and optimizing distribution, but today many companies are automating this, digitizing catalogs and inventories, launching new rights management systems and writing algorithms to create content.

Looking at the future of digitalization, we see an environment where there will continue to be more and more information out there articles, blogs, etc, Awareness of the most enduring trends that will enable you to effectively deliver relevant ads in order to target consumers while connecting thorough data with whatever new technologies are available. It is therefore important to stay on top of developments but do not overcommit. As digital technology continues to develop, find out if it fits in with your strategy before going ahead.

 

Article by Blessing Bassey

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