The media and entertainment industry already experienced and managed significant changes over the last years, but this isn’t over yet. The 5G technology will create a huge number of new opportunities across the media and entertainment industry and at the same time, familiar themes such as video streaming, personalized content and advertising as well as data privacy will continue to shape the industry. Consumers now expect content to be available at any time, anywhere and on any device. Reaching consumers through “digital advertising” has already increased to 55% of total advertising spending and this percentage is still growing.
Media executives are facing an increasing mix of major new disruptors, genre-specific aggregators and niche content owners building direct links to the consumers.
Data is the key to move forward, no matter in which sector of the industry. With the right data, a media organization can look at viewing trends, log files, clickstreams and social media comments, and then tailor offerings, advertising and recommendations to each customer.
Hiring only people with data or purely technological skills might not be sufficient – it takes a team with a broader set of skills to compete in today’s digital media environment.
No media company can survive on its own in this emerging disruptive digital era without partnerships. This means looking to partners such as content producers, digital technology providers, advertisers, and even competitors to help build digital platforms and share data. This partnership needs to extend to consumers as well to co-create and crowdsource material and to enable audiences to interact with content creators to build more loyalty and engagement with the content.
The ability to innovate and “fail fast” comes from a forward-looking corporate culture which is part of the mission to create intellectual property, keep the attention of audiences and adopt cutting-edge technology.
For traditional media companies, the strategy is clear: They must recognize that they are technology companies.