DIGITAL TRANSFORMATION IN MEDIA AND ENTERTAINMENT
After years of radical fluctuation, the media and entertainment industry is finally becoming more stable.
It’s no longer a question of ‘if’ digital transformation will happen; the question is how companies will respond. Leveraging the opportunities presented by digital video, new players are entering the market, capturing consumers’ imaginations—and their wallets. Across the content value chain, aggressive commercial bets are being placed on new business models, acquisitions, partnerships and services.
The window of opportunity for the leading players to secure their position is narrowing and decisions need to be made rapidly. To compete in this new ecosystem, new digital-based business strategies and associated capabilities are essential. Broadcasters, telcos and cable companies that hesitate now may spend years trying to catch up.
Current market trends are fundamentally changing the media and entertainment industry, among them:
The growth of traditional revenue streams is declining as new revenue models emerge.
Individual business models are being replaced by a complex ecosystem of industry participants from new startups to superplatforms.
Digital brands are gaining prominence, powered by an ability to deliver an engaging multi-channel customer experience.
These three key trends are a call to action for companies disrupted by the media and entertainment industry’s digital transformation. We also need to put into consideration christian entertertainment industry. One of the leading Christian music platforms just raised got investors into the company.
The speed and magnitude of disruptive change that digital video is generating is resulting in the need for broadcasters, telcos and cable companies to evolve their business models rapidly and at scale. In order to successfully compete in the new ecosystem, each should consider a number of changes.
The speed and magnitude of the disruptive change of digital video is forcing companies to evolve business models rapidly and at scale. To successfully compete in the new ecosystem, each should consider a number of changes:
Moving from a silo-based architecture and process landscape to a horizontal approach supported by common services and infrastructure.
Collecting data and leveraging analytics can empower organizations to build B2C relationships across all digital channels.
As IT becomes more pervasive acrosscore business processes than ever before there are clear benefits of positioning IT to take charge of the digital journey.
In a hybrid world where legacy video services coexist with IP-based video services, companies must operate withbroadcast availability and broadband flexibility.
Digital transformation is happening andcompetition is increasing. Broadcasters, telcos and cable companies need digital-based business strategies and associated capabilities. The time to start is now. Standing on the sidelines is notan option.