5 Ways M&E Firms Can Respond to Digital Dynamics

As the wave of digital revolution is transforming media and entertainment business, firms need to restructure their business strategies accordingly.     

FREMONT, CA: The present-day consumer’s increasing affinity to digital platforms is forcing the media and entertainment enterprises to restructure older paradigms of service offerings and revenue generation. Modern customers are experiencing the growth of social media, online news, streaming, and digital video firsthand. The modern landscape of media is very different than it used to be back then – and the coming years will see prolific changes. Read on to understand the ways media and entertainment organizations can respond to the coming digital environment. 

Restructuring Old Business Model

Digital disruption is resulting in a whirl on the media and entertainment industry, powering the invention and massive growth of innovative business models. Costumers are expecting media and entertainment providers of all kinds to offer varied choices, convenience, and price along with personalized and customized experiences that are available on-demand and on multiple platforms that, too, with limited marketing and robust data protection.

Achieving New Degrees of Operational Excellence

Increasing competition for viewers and advertisers coupled with declines in subscribers is placing significant pressure on major media and entertainment companies. Besides, costs are escalating, particularly in the critical areas of content and talent. The motto of cost-cutting has emerged as the priority for management teams, and the answer today has become more holistic and simple. The media and entertainment firms require new degrees of operational excellence and strategic cost reduction that enables long term efficiencies and results.

Offering Customized Service

In the standard model, creativity, distribution, and monetization had been linear, and for the most part, the customers were passively waiting for content that is made accessible at provider’s convenience. Digitalization has resulted in a new world that is highly disintermediated, complex, and dynamic. As a consequence, media and entertainment customers are more empowered. They have gradually raised expectations over how merchandise and services should be delivered. Now buyers expect personalized experiences throughout their daily life, along with mobility and financial services to communications and entertainment.

Exciting Customers with Compelling Content

The fast proliferation of video distribution platforms and a corresponding uplift in engagement metrics, subscription fees, marketing revenue — or an aggregate — has created an intensely competitive scenario for developing and acquiring the excellent content. With so much content spread across many channels, media and entertainment firms want to revamp their strategies to offer consumers with compelling content. It is predicted that artificial intelligence and machine learning will be leveraged through the forms to dissect viewing patterns from multiple views to build customized guidelines into consumers’ digital interaction.

Entering Global Markets

Globalization is vital to companies eyeing to construct scale, open new markets, and stay competitive. The world sees the growth of economic nationalism and the probability of higher trade barriers, at the same time, an array of enabling digital technologies is rendering borders irrelevant. Today’s media and entertainment firms need to be more open than ever to the opportunities of growing their global operations. The effect of new technologies in the media and entertainment industry is undeniable. So with this transformative move, media and entertainment vendors must more readily pursue opportunities beyond traditional studios and distribution channels.

Check Out : Top Media and Entertainment Solution Companies