A Guide on Digital Transformation of Entertainment Industry

Digital transformation has a profound impact on every industry and is also affecting the Media and Entertainment sector. Digital disruption has increased consumer expectations tremendously and created digital rivals. Its native companies are the ones that are giving MEA a run for their money. It’s actually a double whammy: India’s media sector is consolidating.

The economy is slowing down, revenues are dropping and digital disruption are all making it difficult. Media companies should use digital technologies from Android App Development Company and other Mobile App development Company. This will improve their business efficiency and reduce costs.

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Entertainment Industry Revolutionized by Emerging Technologies

Let’s take a look at innovative technologies that changed the way entertainment content is created and distributed.

• Blockchain in Digital Transformation

Blockchain is breaking down technical barriers in entertainment by its extraordinary qualities. it can revolutionize revenue sharing, royalty payments pricing, publicity, & pricing. This technology is gaining popularity and delivering benefits such as optimized paid content payment models and efficient royalty distribution. its apps have made content royalty distribution easier, faster, more secure, and easier. It allows quick, secure payments that are quicker and cheaper than traditional systems.

• Automated Journalism

Automated or Robot journalism is simply computer programs that automatically generate articles, stories, and interpret data to create relevant content. It can be a great way to relieve journalists of the pressure of timely reporting. This gives them more time to complete complex tasks. This technology is both the most economical and the most time-saving. It produces the majority of information quickly. This is ideal for new outlets who have to work within a limited budget but still need full coverage.

• Video Creation Technology in Digital Transformation

It is clear that video streaming has become a major addition to the entertainment sector. Video representation is one of the most reliable ways to deliver content. However, it is difficult to create multiple video pieces that are accessible to different audiences. This is where video technology, such as API solutions or automated video creation solutions, can help to simplify the process.

• Voice Search Technology in Digital Transformation

The entertainment industry can suffer the biggest loss if it ignores voice search technologies. Smartphone users are constantly using voice-driven search solutions and smart speakers to find quick answers. Artificial Intelligence combined with Machine Learning allows voice recognition technology to continuously optimize content and give a more personalized experience. Google Assistants like Siri and Amazon’s Alexa & Microsoft’s Cortana represent the best examples of successful voice recognition technology. With advanced Mobile App development services, voice search technology is on the rise.

• Internet of Things in Digital Transformation

The Internet-of-Things (IoT), was adopted by the entertainment industry to achieve new levels of success. Amazon and Netflix played in millions even though global businesses were under lockdown. Their shares were above the market in the sharemarket. IoT app development is undoubtedly causing major rifts within the entertainment industry. Let’s examine the IoT’s benefits in the entertainment sector.

• Creation of stunning content
• Create targeted advertising campaigns
• Personalization of content
• Broader Reach and Expansion of the Global Audience

Top 3 Digital Trends in the Media & Entertainment Industry in 2022-23

The new reality made it possible for existing market players, or content providers like over-the-top companies (OTT), to flourish. These companies are well-positioned and able to fulfill the customer’s existential needs. Other companies are looking for partners to help them digitize their business.

• Ad-Based Business Models

The first thing that attracted audiences to online streaming was the ability to view content on-demand without watching ads. This viewing experience was not available on traditional TV. In light of global media conglomerates entering the ad-supported streaming arena, the only viable option for economic viability remains ad-supported content.

Streaming ads-supported content can help keep subscription fees low. YouTube was the first company to offer AVOD (advertisement based, video-on-demand) monetization. After watching an ad on YouTube, they wait patiently to watch their preferred video. YouTube’s AVOD model works well. Even a survey has shown that YouTube users are less likely to multitask during ads than viewers of traditional TV. You can also opt for the Ad-Based Business Models and hire Android Application Developers for your business growth.  

• Direct-to Consumer (D2C), Video Streaming

The initial phase, which was applied across all geographies, saw a spike of demand for internet services. People streamed high-quality, meaningful video content. The cross-platform compatibility of platforms like Netflix, Amazon Prime, etc, caused a major drop in US pay-TV subscriptions.

There is, however, a growing market share competition among OTT platforms. It was Disney that brought its content off Netflix and put it on Disney+. This platform is based upon the D2C model. This was a turning point that led to others following the lead and creating third-party content aggregators.

This trend raises another question about whether end-users are willing to pay for multiple OTT services and subscribe to them all. This saturated ecosystem could become increasingly fragmented over time and would be difficult to sustain.

• Ecosystem-Focused Business Models

As a result of the convergence of technology, including 5G, industries are blurring, making cross-industry collaborations possible. One example is AT&T’s acquisition of media behemoth Time Warner Inc.

Media and Entertainment companies continue adopting a mixture of ecosystem-based models, depending upon industry context, capabilities, business strategy, etc. These ecosystem-based models of business are used in Media & Entertainment.

• Smart Content Providers
• Value Aggregators
• Value Creators

Last Say !!

The transformation of media and entertainment is just the beginning. Increasingly, the line between traditional and digital media, social and traditional media, pay TV and OTT is becoming less distinct. However, Media & Entertainment companies are reimagining every aspect of their business. You can use the right technology and deliver premium content tailored to your audiences’ needs at a low cost. 

About Author

Harry Miller is an expert developer at MobileCoderz, an established Web & Android App Development Company. Harry Miller has more than 12 years of professional expertise with startups, medium and large scale enterprises. Aside from app development, he/she loves to read and write poems.