Once there was a time when the question was “Will the media industry get digitally transformed?”, but the scenario has changed now. The question today is “How will the transformation take place?” and “How will the media companies respond to this change?” Seeing these opportunities presented by the digital video systems, new players are joining the market, hence, capturing consumer’s mind with new initiatives and grabbing their wallets. These changes are bringing in aggressive modification in the industry along with new business models, partnerships and also acquisitions.
Whether one is a movie freak or a mad TV watcher, it is quite known to them that the technology today is not what they have seen few years back. The media and entertainment industry has seen rapid changes and modification in the recent years. The most observing changes that the world of technology has witnessed are as follows:
Multi-tasking and Multi-Channel Experiences
Time has changed now. Those days are gone when people used to see the advertisement of a film on the road-side billboard or on their newspaper and then go to a movie hall to watch the movie. Today, people are multitasking and they are more into multi-channel experiencing. People now are not just into watching a movie or Television show with all their concentration. They are watching a movie, uploading status on their Facebook wall and tweeting about the movie, all at the same time. They are sharing their views and opinions about whatever they are watching on their social media platforms. It clearly indicates that marketing is no more a one-media thing; rather it’s an event of all channels.
An extensive research clearly proved that most people watch clips and user-generated content on their phones and simultaneously they prefer watching movies on a device with larger screen like computer or television set. This is something of which entertainment companies must take advantage of by prompting the viewers to use hashtag (#) and share using branded content to bring more traffic to their content. Those days are no more when the writers and marketers used to be focused about only the writing of the content, rather they are now focusing a lot on how their promotional content on social media platforms should look like and how they can gain more attraction.
Curated Content is more in demand
The audience has changed a lot and so is their demand. People are now demanding more curated content. And the trend is already growing at a very successful pace. It has been observed that media giants like Netflix and Amazon have already been effectively using the curated content for about four years. It is a procedure where the platform suggests what the audience would like to watch or subscribe. When these are used effectively, it can create new audiences instantly for the provider’s new shows and products. This is a better way to advertise products than other means of advertisements.
Getting more creative with Artificial Intelligence
It sounds crazy to hear that the projected amount of spending for AI (Artificial Intelligence) for 2025 is $30 billion which was earlier observed to be $300-350 million in the year 2015. But the main reason behind such a huge projection is that AI is changing the way completely in which creativity was expressed earlier. There are already various companies which are using the AI technology to create interesting movie plot points based on the performance of box office results.
Recent reports informed that McCann Erickson in Japan owns an AI creative director which can actually analyze briefings from clients before pitching a story. From image recognition and language processing to speech recognition and deep learning, AI is analyzing everything to create new levels of impactful pitches through creative process in the entertainment and media industry.
Wireless media is the new upcoming trend
Gone are those days when people had to pay for all 300 channels which their satellite or cable TV channel providers used to give though the viewer actually watches only four to five channels. Now the definition of the entire media and entertainment industry has changed. The companies like Netflix and Hulu has brought in the new generation of wireless entertainment. The new users are going online. From YouTube, Netflix, Hulu to Amazon and even the cable companies are going to wireless and replacing traditional offerings with special and customized packages to attract more consumers.
Smarter Advertisements is the future
The present-day technological advancements have brought an analytical approach in machine learning and have opened doors to combine AI and reality. This is which is making advertisements much smarter. The pundits say traditional product placement will be soon replaced by the just a click on the dress of one’s favorite actor or actress, that too just when it appears. Experts mentioned that marketing agencies with the help of big data, will be soon able to switch out specific product placement to the one the viewer will most likely buy. The advertisement is soon going to be another mode of entertainment.
After the new digital transformations taking place, certain changes are observed in the media and entertainment industry. Traditional revenue models are decreasing in their growth as the new models are emerging. Digital enterprises are gaining much prominence as their ability to deliver multi-channel experience and individual business models are replaced by the modern day complex ecosystem of the new comers including new startups and super-platforms. The concept of generalization is fading away and the personalized content is taking stand.