Media Industry: Creating a Trailblazing Path for Digital Transformation
By Media Entertainment Tech Outlook | Tuesday, July 02, 2019
It is always fun to watch your favorite show and talk to a distant friend at the same time. It makes you feel like both of you are watching it together while discussing the whole episode.
FREMONT, CA: Media and entertainment sector is growing at a rapid pace. Consumer media habits and expectations have fundamentally changed, which includes content being increasingly consumed via computer and smartphone rather than TV. The digital experience goes beyond just providing content. The latest digital paradigm is all determined to restructure the working models for the television, publishing, music, and film industries. The business potential is enormous in terms of services and investments in infrastructure as the world’s largest market goes digital. This is likely to open up new revenue streams. If implemented correctly, digitalization could prove to be a win-win situation for customers, operators as well as the government.
With cable TV, one cannot watch different channels simultaneously. Research has shown that people watch clips and user-generated content on their phones and movies on their computers and TVs—sometimes simultaneously. Media firms are now taking advantage of this situation and are prompting viewers to share using branded content and hashtags to gain their content even greater reach.
The media and entertainment industry is at the cusp of rapid transformation with digital media taking center stage across all sub-sectors. Media and entertainment businesses now have a massive possibility to serve current and prospective consumers better. Media houses rely on advanced analytics using various parameters from the customer data incorporate the AI-based content improvements with dynamic ad insertions into their offerings. This is to enhance the contextualization customer experience through a trigger, context, intention, and insight enriching customer experience through AI. AI is transforming the media and entertainment space and is increasingly playing a significant role in improving efficiencies and contributing to growth therein.
Content is becoming more tailored now, and cord-cutting has led to new business models as well. The move to digital is about using new abilities to accomplish transformative businesses and operating models. These abilities open the door to a wide range of possibilities for creative media. The digital transformation happening in the media and entertainment business focuses mostly on marketing and money. It gives utmost priority to user experience and engagement, personalization being the key.