Technology, M&E and many things possible
Until recently, there was a clear recipe for the success in the M&E industry. Now that technology advances have made a lot of things feasible, the M&E industry should also stay updated. To thrive in the technological environment today and even for the future, the sector must drive both innovation and efficiency at the same time. Furthermore, the industry should also embrace new approaches to the development of content, operations, distribution and monetization. Simply put, they must adapt their capabilities, strategies and operating models to address various key essentials.
At the dawn of a new era, a huge expansion of human communication is swaying culture far and wide. Revolutionary technological advances are just part of what is happening, and that is unifying humanity and turning it into a global village. Together with technological advancement, the M&E industry is growing at a fast pace. The information revolution has made the process of information quick. According to a survey by Statista, India is the second-largest online market in the world after China and by the end of 2023, there would be +650mn internet users in the country. Consumer spending and time are shifting to digital.
The shifts in technology are impacting the value of content and distribution. Nowadays, consumers are no longer satisfied with print, video, or other forms of information and entertainment. In a search-driven world, consumers are actively looking for control, interactivity and community. Therefore, ad-supported media companies must develop a robust digital toolkit to create premium inventory. The goal for media organizations has shifted towards creating relationships with the consumer rather building impressions. New strategies combine content and apps could offer considerable value to M&E firms across digital media. For instance, companies are now influencing consumer towards AI and VR rather driving them to stores, theatres and other screens.