How Can Digital Technologies Reshape the Media Industry
By Media Entertainment Tech Outlook | Wednesday, July 15, 2020
The media and entertainment companies are also applying digital technologies so that they can remain in the competition of the market and keep the consumers happy.
FREMONT, CA: Digital technology is transforming businesses across all industries. Media and entertainment are one of the fastest adapting sectors to the digital wave. Rising internet users and cheaper internet subscription cost is increasing the viewership of the media and entertainment industry. Media houses are in a rush to adapt to the latest technology to have a competitive edge by keeping their consumers happy. Most of the major media and entertainment companies are expanding to the internet platform for better outreach by increasing their viewership.
Some of the digital transformation trends in media and entertainment industry which is expected to dominate the market in 2020 are:
OTT platform is the most emerging trend in the media and entertainment industry since the past couple of years. Some of the most popular OTT platforms are Netflix, Amazon Prime, and YouTube. OTT platforms deliver content in the form of video or audio via the internet directly to the consumers or viewers. This helps entertainment companies reduce the hassle of third-party service providers such as satellite and cable operators. Most of these OTT companies offer integrated platforms, which can be accessed from smartphones, computers, or smart television. This increases consumer bandwidth as they can access the content from anywhere and everywhere.
It is not only the platform, but the entertainment companies are also leveraging predictive analysis and consumer analysis with the help of data modeling tools and big data to understand the preference of everyone. This helps companies create smart content or personalized content. Personalized content not only help the companies cater to a diversified user base but also provides the artists' independence to engage in niche ideas. OTT platforms offer different subscription plans based on the personalized content the user chooses to view.
OTT platforms, entertainment companies, internet providers, and search engine operators are collecting a high volume of user data for data analysis. On the one hand, this data helps them to understand the demands of the users and develop personalized content for the but also expose the personal data of the users to theft, in turn, exposing the customer. Governments across geographies are implementing regulatory legislatures to prevent the misuse of consumer data. The most famous legislative law to be performed by the government to protect consumer data is the General Data Protection Regulation (GDPR).