The media & entertainment industry is in a state of disruption. But it is being disrupted by the people and for the people. Consumer behaviors and consumer demands have changed, the entire industry is just trying to keep up. And make money, if possible.
The rollout of 5G technology continued the transformation of the media & entertainment industry. While mobile has been a driving force for many years, 5G has created new opportunities for streaming, personalization, immersive experiences, gaming, advertising and more.
With the shift away from traditional TV, mobile and streaming are becoming more important than ever. A Deloitte study found that nearly 55% of households subscribe to at least one streaming video service, many of which subscribe to multiple services. As a result, media companies are rethinking their content creation strategies and are investing in new platforms and distribution models.
Throughout 2019, we have seen continued convergence of content and telcos. The demand for content on mobile has never been greater. Acquiring this content has created an opportunity for telcos to differentiate themselves in an ultracompetitive environment. It also creates new revenue streams from data usage and ad revenue. As new streaming platforms are announced each quarter and masses of new content become available, we can expect to see additional M&A activity in 2020.
Today, people are looking for enormous quantities of high quality on-demand content wherever they are. The changes in consumer behavior have completely changed the way the media and entertainment industry does business. Creators have to adapt to new platforms and formats, production companies must reexamine legacy distribution models, and all platforms, traditional and new, must find the right content to continually engage their subscribers.
While the industry appears to be going through a chaotic metamorphosis, there is a massive opportunity and it is both an art and a science. Every company collects copious amounts of data to understand audiences, but there is no set formula that works. This could be because consumers are not looking for a singular content platform that has it all. They look for platforms that have the right stories and the right formats for the type of content they want to consume, even if they need to look in multiple places. Diversity, quality and access will determine which platforms will engage and retain consumers.
Mobile allows people around the world to feel connected to celebrities, brands, entertainment and each other. Mobile has created the opportunity and the expectation that there should be a dialogue between fans and the content/creators they support.
Fans want a personalized experience that makes them feel closer to the action. They want to hear Halsey’s latest song, even before it has a music video or a new album release. They want to play League of Legends with the top gamers around the world, no matter the geographic or language barriers. They want to have immersive experiences that allow them to feel like they are in the stadium with their favorite team. Personalization, engagement and experiences creates fans.
Next year at MWC Barcelona, we will feature two days of content on media & entertainment. The first day will focus on how technology and mobile have transformed the entire industry. The second day will explore the fan experience and new approaches for fan engagement.
Monday, February 24
• 5G and Mobile: Transforming the Art & Science of Storytelling