Are M&E Streaming Companies Compliance-Ready?
Media Entertainment Tech Outlook | Monday, July 13, 2020
Data privacy laws are changing continually, and media and entertainment firms are trying all the way to stay compliant.
FREMONT, CA: Efforts towards consumer data protection are gaining momentum across the world. Regulatory authorities are trying to institute laws to prevent commercial use of customer data by business firms. Media and entertainment companies also come under the purview of these regulations. For streaming platforms that bank on customer data to drive optimizations on their digital platforms, data protection and privacy regulations are expected to be impactful. Most of the streaming channels derive insights from customer preferences in order to offer intelligent recommendations. These recommendations are central to the success that online streaming companies have been able to access.
Some streaming companies have also made customer data into a source of business. By selling customer data, streaming companies are able to enhance their revenue. To prevent such compromises on the safety and security of a customer’s personal information, streaming companies are expected to comply with regulatory norms. The California Consumer Privacy Act (CCPA), which is to come into effect on January 1, has given rise to concerns among streaming service providers in the state of California. As per the law, customers get the right to know what information is collected from them and how the companies use the data. With CCPA, customers will also be able to request companies to remove their data. According to the criteria set by the enforcement authority, around 300 businesses from the media and entertainment industry are going to face compliance issues.
It is high time for media streaming platforms to embrace measures that ensure consumer data protection. Streaming platforms can incorporate digital solutions for regulatory compliance. Offerings from technology vendors can allow streaming companies to redesign business models and make customer data usage compliant. Digital solutions can provide unmatched visibility and control, enabling streaming companies to conduct seamless customer data management. Besides, electronic audits and reporting help prove compliance.
For streaming companies that want to continue leveraging AI and ML engines, effective data protection measures, and ethical use of customer data will become mandatory very soon.
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