Trend prediction for various industries is one of the most trending topics at the beginning of each year. Industry experts keep a close watch on these trends so that they can be prepared for changes and alter their strategies to stay relevant in the market. Also, it is highly essential for businesses to keep a closer watch on the opportunities and challenges that are coming their way. This would help them prepare themselves to withstand contingencies and capitalize on the opportunities at the right time. Given the rapid rate at which content creation, distribution, and monetization is being disrupted in the media and entertainment industry, it becomes critical to focus on the changing dynamics in a more scrutinized fashion. Media companies have no option but to be on their toes and decipher ways to drive customer and brand relevance, strategic growth, and operational excellence. We have decoded a few opportunities and challenges that entertainment industry companies need to be prepared for in 2018:
The rallying cry for companies over the past decade has been to “Go Digital.” As more media companies transform themselves into digital businesses, their technologies and the data running through them become the business. This means that any security breach could have a more massive impact than it would on a company that is less reliant on its digital assets. Hence, for media companies, protecting both content and consumers is now a powerful imperative. Businesses in the media and entertainment industry must seek to prioritize and plan cybersecurity, protect their customers and assets, and undertake ongoing efforts to maintain that focus consistently.
Content is the King
No matter how much money is spent on advertising and promotions, at the end of the day, content is the king in the media and entertainment industry. Moreover, there is increasing competition in the sector to provide premium content and garner more customer attention. Furthermore, several players in the entertainment industry are investing heavily in original content and licensing. This is making content creation and acquisition increasingly challenging for traditional media companies.
Enhancing Customer Experience
The advent of technology has transformed the way consumers use and experience media. It has also raised the bar of customer expectations in the media and entertainment industry. To engage consumers in new and innovative experiences, media companies not only have to be highly creative but also provide a connected experience to the consumer through data and technology.
Gaining a Foothold in the International Market
Most companies in the entertainment industry are looking at opportunities to expand their operations and get the international audience hooked on to their content. However, economic nationalism and the prospect of higher trade barriers may impact global strategies. Media companies must also understand that each market requires a distinctive approach and formulate their strategies accordingly.
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Adopting the Latest Technologies
In this technology-driven world, media companies need to embrace the latest technologies to prevent themselves from being deemed obsolete. Businesses in the media and entertainment industry must keep a constant watch on the most recent technological trends and evaluate its feasibility for their firm. Assessing various technologies for the company might prove to be a challenging task considering the capital investment and risk involved. As technology plays a far more integral strategic and operating role, it can efficiently power everything from better procurement to more meaningful and actionable business intelligence in this sector.