Entertainment and Media
Ecosystems will play a vital part in the media industry
Digital has changed the way we interact with the world around us. Remodeling is seen in the media industry as well with virtually no divide apparent between digital and traditional media now. The rapid shift in the entertainment and media industry can be attributed to changing habits driven largely by the growing number of connected customers, mobile telephony, and broadband adoption. The industry is experiencing vast changes with industry players faced with the complex product portfolio and smaller revenue sources that are pushing them to look at new way with a focus on customer service that would allow the ability to deliver an engaging multi-channel customer experience. It has a structural effect on the media sub-sectors as well thus redefining the business models.
The success of the entertainment and media industry players lies understanding consumer choices, innovation, and experience. Changes in the consumption of media, increased pressure for targeted advertising, understanding of customer data and unpredictability of the market are pushing media houses to create an agile way of working. The digital brands are moving ahead of their competition powered by the ability to deliver multichannel customer experience.
Digital trends impacting the entertainment and media industry
- Ecosystem challenges – there are significant changes in the landscape of the media sector with a diverse set of organizations and individual, start-ups challenging the traditional media companies.
- Multi-channel experiences – with the penetration of mobile and internet, customers expect a multi-channel experience. The power of social is also transforming how media can promote and manage their brand across different channels.
- Artificial intelligence – AI is being widely used by media houses to create an effective medium to target their customers. It is impacting the creative process in the media and entertainment sector appealing to a wider customer base.
- Smarter Advertising – Analytics is making it possible for media companies to explore smarter ways of advertising. They are able to focus on user experience and engagement and even personalizing the viewing experience on whatever device they want.
- Changing customer expectations – the younger audience is keen on global content. They are now aware of the competition and judge their experience while ensuring that security, privacy, and trust is not breached.
In the digital transformation of the entertainment and media industry, businesses need to realize that the focus should not only be on marketing and money but user experience and engagement. With the availability of tools, it is now possible to personalize the customer experience and get them content wherever and whenever they require and on any device. That would be the right mix to thrive in this digital world.
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