Technology has made a significant impact on our daily lives. It has completely transformed our lifestyle and brought an excellent level of convenience to it. From education to healthcare, fashion to online stores, it has streamlined operations everywhere. The same goes for the media industry. In the recent past, digital transformation has made a significant impact on it. Trends like video ads prove incredible digital evolution that business owners are now using effectively to market their products and services. An increase in mobile data usage also has a fair contribution to it.
We are living in the digital landscape where we have access to endless content present across various platforms. It has forced media and entertainment companies to create strategies based on current trends to efficiently fulfill their needs. As a media industry professional, you need to know the current trends that big-game players in the market are currently leveraging.
Technology is evolving at a fiery pace, so you need to pull up your socks and stay on top of changes. In the coming time, it will become inevitable for media agencies to operationalize technological developments. Now it’s time to explore some digital transformation trends of the media industry.
LEVERAGING APPLIED AI
According to a statistical study, one of the major concerns for media and entertainment companies is their expenses increasing more than their profits. Media houses have fallen into the trap of spending that is not under their control. As a media company owner, you should leverage the usability of AI and machine learning. It empowers you to be more innovative, so it improves your decision-making and lets you spend and invest wisely. You can analyze by AI what is working and what is not, so you will know what content is worth creating and accordingly.
Massive trust issues are the dilemma of the media industry currently. According to statistical analysis, around 65% of consumers stated that they lost data control and suffered privacy breaches.
Privacy and digital trust is a significant dissonance in trust between brands and consumers. To address the issue, companies need high-qualified individuals who can create strategies even in bottleneck situations. Consequently, candidates now enroll in strategic communications masters or bachelor’s in communication engineering programs to become worthy of corporate roles. It allows students to learn various technical aspects of digital media to deal with issues like privacy.
Considering the future, brands will offer greater data usage transparency to deliver the best experiences by making consumers understand their data usage. It will provide better visibility and control to consumers to better understand what brands know about them.
A large number of customers pay well for perfect personalization. They need deeper insights that digital transformation provides. With time, media companies will adopt the personalization trend to connect with consumers at a deeper level. Once it happens, content development and niche communication will be more focused on those audiences. It means that there will be greater demand for AI and machine learning to understand audiences’ nature and their needs. It will help media houses to create effective marketing campaigns.
Personalization does not only mean content recommendations for users. It is about updating databases to target customers more effectively. For example, you need to have an updated list of customers to create an email campaign by whom you will expect a subscription back.
There is no point in adding those users in the campaign who already have your subscription. Such things harm your credibility in customers’ eyes because it gives the impression that you do not know your existing customer base. It makes your case worse as a media house owner when you fail to recognize your current clientele’ worth. There will be no room for errors in the future like poor communication or customer relationship management. It is time for you to level up your technology game and get closer to customers.
When it comes to personalization in the media housing industry, you have to pay attention to content development and investing in the right place. You cannot afford to relax while working in the media and entertainment industry because digital technology will keep exciting consumers. It will be best if you work with a more innovative personalization approach to generate better business profitability.
ADAPTATION OF NEW BUSINESS MODELS
Those days are long gone when you have to rely on traditional cable or satellite to watch your favorite tv series. Modern-day users are now consuming content online courtesy of top content platforms like Netflix and Hulu. Users are now going online to find their desired content that has forced the media industry to create impactful digital content.
Digital evolution has made a massive impact on our daily life. It has changed the way businesses used to function and operate. It created a significant influence on the media industry in all possible ways.
It is not easy for media and entertainment companies to enhance their customer base in a highly competitive environment. But by smart adaption of digital trends, it is possible to attain fruitful results. No industry can ever enjoy growth and stability with old-fashioned methods and ways.