19 May 2018

HOW MEDIA AND ENTERTAINMENT INDUSTRY EMBRACED DIGITIZATION

Since the advent of mobile technology, television, radio, and newspaper have taken a backseat just like the internet has transformed the M&E industry. The “second screen” phenomenon has made sweeping changes to the way users watch television. The second screen is the laptop, mobile or tablet that is used in between programs or commercials by television viewers. The presence on this second screen is extremely critical and every industry is vying for space here.

With online content, newspapers clearly have fewer readers and lower revenues. While publishers have survived and are still up and running, it’s too early for media managers to lean back and relax. Reader behavior has changed dramatically, attracting new subscribers has never been more difficult, and earning significant money with paid content is the exception, not the rule.

Giving away online content for free, coming to terms with digitalization has been an uphill battle for this traditionally high-margin industry. Technical possibilities and commercial necessities induced many changes: multiple online offers were created, print publications got smaller and thinner, Sunday papers were added, editorial offices were reorganized into newsrooms, and classifieds moved almost completely to online platforms. Maybe most importantly, the industry’s heavyweights started to gate their precious online content behind paywalls. Even though the resulting revenue effects are mediocre at best, many publishers are starting to feel comfortable again. They’ve been busy transforming themselves in recent years, and despite a marked reduction in revenues and profits, the downturn seems to be more manageable than initially feared. But this abating sense of urgency is both deceptive and dangerous, as most publishing houses are far from ready for the next level of digitalization.

Today the media industry relies on multiple types of content for reaching the users. They use high-resolution graphics, videos, articles, ebooks/magazines, Infographics, polls, animations etc. All this can be managed quite effectively with an online platform. The interactive content is integral to keep the consumers engaged today.

Despite centuries of experience in using promotions to attract new subscribers, almost no newspaper manager knows what discount works best for which product or customer. But as the fight for each new reader intensifies, these knowledge gaps are turning into pain points. Managers need to know the ROI of their promotions, and cannot afford to shy away from topics such as customer lifetime value. This all requires a working CRM system that enables pertinent data analyses be it small data to get started, or big data for the digital pros.

The way people read news has changed with digital platforms. Today users spend most of the time online reading content on their mobile and tablet devices. Design thinking helps to create digital news platforms that can serve the needs of the readers. The layout of the news portal can be tailored according to the reading habits and preference of the users for fluid information flow. The content layout for the news can be chosen by users as per their preferred reading habits.

Content that is available at the click of a button, yet is available from anywhere and can be shared is the need of the hour. Digitization will make sweeping changes in the way content, be it newspaper or television, is looked at and consumed. Large Media houses dealing with news on print have started looking at various avenues of reaching the audience and digitization is helping them to do so.

The media companies are embracing design and digitization to meet the needs of their consumers. Digitization has changed the way how content is created, distributed and monetized. The digital technology has created a wealth of opportunities for media companies and brought new avenues. Kreyon Systems is helping media companies to modernize the way they operate, provide the end to end technology to increase their reach and growth.

 

 

 

Article by: Busayo Tomoh

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