Media & Entertainment Industry: An Overview
Dr. Pradeep K. Mukherji & Saugata Sengupta
Media & Entertainment (M&E) industry is in a transformation phase as both old and new continues to coexist. Interactivity, digitization, multiple-platforms, multiple-devices and globalization of services based landscape has remodeled the media and entertainment vertical over the last decade.
Social Media, Mobility, Analytics and Cloud Computing (SMAC), the new generation in technology & globalization is now the next wave catalyst of change for the industry.
The Media and Entertainment (M&E) industry has multiple segments that combine into one vertical; Movies/Cinema, Television, Music, Publishing, Radio, Internet, Advertising and Gaming. Moreover, trends and drivers for each of the segments vary across sub-segments, geographies and consumer segments. This makes the vertical unique, since these sub-verticals compete, compliment and combine to fulfil the ever-increasing demand for entertainment and information globally.
The industry also depends on multiple external factors/technology developments like wireless, mobile, devices, digitization, internet access speeds, cloud storage, consumer analytics and social media among others. The industry has successfully adapted around these developments in every generation. Since 1990s, digitization of content has changed creation and delivery of music. Another disruption in 2000s, the rise of the internet was a game changer for all the sub-verticals of the industry. Presently, social media has been instrumental in shaping the present media & entertainment industry.
Traditionally the M&E industry has been a creative industry following technology innovations and consumer demands. By its inherent nature, the industry is extremely dependent on markets, cultures, languages and consumer segments. We have, however, witnessed content that have bridged not only the language barrier, but also worked across segments internationally. M&E is also unique due to its psychological, emotional and aspirational appeal to its customers. Quality and acceptance hence become extremely subjective to each individual. Traditionally, content creators were the deciders on what to supply – the critical change in the new era is that demand is completely consumer driven. The new age consumer not only demands what they like, but also in the format they like, additionally, they also want to customize the content to their preferences.
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