How Digitalization Paves the way for New Business Models
By Media Entertainment Tech Outlook | Thursday, November 07, 2019
Digital technology has the capacity to improve and to curate the delivery of content to entertain viewers in a highly engaging manner.
FERMONT, CA: The Media and Entertainment (M&E) industry is rapidly growing. Consumer media habits and expectations have changed drastically, marked by the increasing consumption of content via computer and smartphone rather than TV. The recent digital realm is all determined to redesign the television, publishing, music, and film industries working models. As the largest market in the world goes online, the business opportunity is immense in terms of services and infrastructure investments. This is likely to open up new streams of revenue. Digitalization can prove to be a win-win situation for customers, operators, and government if implemented correctly.
With cable TV, it is impossible to watch different channels at the same time. Research has shown that on their computers and televisions, people watch clips and user-generated content on their phones and movies—sometimes at the same time. Media companies are now taking advantage of this situation and are enabling audiences to share content with each other using hashtags.
M&E is at the cusp of rapid transformation, with all sub-sectors focused on digital media. Media and entertainment companies now have a tremendous opportunity to serve current and prospective customers better. Media houses rely on advanced analytics that use different parameters from customer data to incorporate AI-based content improvements with dynamic ad insertions. This is to strengthen the contextualization of the customer experience through a trigger, context, intention, and insight that helps in enriching customer experience through AI. AI transforms the M&E space and plays an increasingly important role in improving efficiencies and contributing to their development.
Content is now becoming more customized, has also led to new business models. The switch to digital is about using new capabilities to achieve transformative businesses and operating models. These capabilities open the door to a wide range of creative media possibilities. In the M&E industry, digital transformation is mainly focused on advertising and profits. This results in utmost importance being given to user experience and engagement, which are crucial for personalization.
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