The pandemic outbreak in 2020 had a monumental impact globally, creating unrest and bringing unpredictability across professional and personal lives. As we were confined to the four walls of our homes, the idiot box or the personalised gadget became our saviour and probably the only source of entertainment. As the world battles hard to tide over the impact of COVID-19, life is slowly but surely getting back to normalcy. Entertainment is geared up to bring back positive sentiments across consumers and its critical for players in the media and broadcast segment to identify shifting consumer behaviour & patterns, deep dive into needs and adopt a radical approach in strategy, content, aggregation, marketing and distribution.
Year 2020 created a widespread usage of digital technology and models across all facets of life as well as businesses. New-age digital transformation will prove to be a game changer in redefining business dynamics and bringing a paradigm shift in the media industry. Focus on creating economies of scale, introducing new business models, investing in ecommerce, research & insights to bring content in an enhanced and personalised way to consumers will be of paramount importance.
Corporates including established brands and start-ups will aim to generate ground-breaking content keeping consumers in mind offering a potent mix of entertainment and personalisation. Innovative, diverse, and qualitative content formats will see value amongst consumers and the advertising community alike. Analytics and measurement that authenticates and optimizes creative content quality will gain prominence while advanced analytics will fuel strategic investment decisions. Broadcasters will build new revenue streams via curated virtual events, licensed IPs and branded content on the pillars of a data-driven, tech-based and consumer-centric approach.
In the day and age of post-pandemic, viewers will become increasingly savvy to consume authentic, reliable, well-researched and factual content which will become a prerequisite to choose the preferred media channels. A deeper understanding of co-viewing habits which have grown in the pandemic period, especially in the case of streaming platforms, will help to gauge its efficacy and effectiveness in the times ahead.
One of the major, anticipated transition will be consumers shifting to a subscription-driven model compared to ad-driven. Vlogs, videos-on-demand (VODs) especially SVOD & PVOD, e-sports, podcasts, and streaming services are changing consumption patterns in the post-COVID era. Media companies would continue to break barriers and stereotypes by creating engaging content through diverse storytelling that is adaptable across all types of media will define. Consumers are ready to discover and explore differentiated content but in a personalised way at their fingertips. The end-experience will matter, whether its on a Smart TV, an IPAD or a mobile phone.
In a nutshell, the M&E industry needs to leverage a strategic approach to tide over the COVID-19 crisis and prepare to bolster their positions in the future. Noteworthy would be:
- Renewed focus on customer behaviour to deepen engagement
- Media convergence and creating premium experiences via new service offerings and content bundling
- Repositioning business models by adopting data analytics & technology advancement to create personalisation
It’s a reality that times will change forever post COVID-19 and the impact will be seen across every industry in the world. Media and Entertainment is part of everyday life and we expect to see some defining trends. Please do share your views and comments.