COVID-19 is having an unprecedented impact on the media and entertainment industry attributing to media content, distribution, consumption, and advertising. Though this unexpected situation has brought a halt to the movie theatres, the demand for Over-the-top (OTT) content has been witnessing an explosive growth.
As the pandemic scenario will become clear in the coming years, the M&E industry is likely to focus on these things to emerge in the post-COVID-19 world.
- Change in Consumer Behavior post-COVID-19: Consumer behavior is changing rapidly as they are adjusting with the current situation where social distancing is the norm. Demand for online gaming, at-home digital media is growing significantly. Over-the-top (OTT) platforms and digital media are attracting consumers as they continue to expand to new locations and demographics.
- Everything going Digital in the future: With significant lockdown in various parts of the world, online gaming consumption has become quite popular among youngsters. On the other hand, older generations are favoring traditional TV shows imparted through digital means. OTT originals are in demand and M&E players need to craft targeted content for specific users once the lockdown is minimized. They need to reduce lead times by leveraging technology as the focus on new content require a huge amount of cash flow.
- Monetization Challenge: Increase in digital media consumption has resulted in the monetization challenge. Advertising has played a critical role in deriving a small percentage of revenue for most of the media outlets. M&E players might require more accuracy in ROI calculations, advanced advertising options via digital means.
- Leveraging technology in the supply chain: Technology is everywhere. M&E companies need to enhance their technological capabilities for better customer experience and gain revenues. Companies are looking for AI/ML-based solutions to anticipate consumer behavior and provide content recommendations.
Technology service providers are facilitating these M&E companies with customized technological solutions based on their business requirements. With the aim to provide personalized and innovative content to consumers, service providers can act as a key enabler to design and develop unique platform-based digital content solutions for the current and post-COVID-19 world.
Draup’s AI-based sales intelligence platform gives critical information about the key M&E players and their requirements. This helps service providers to reach out to the business leaders and present more unique offerings to the table that can enhance their content creation, distribution, and monetization capabilities.