4 Trends that will Dominate the Indian Media Landscape in 2020 and Beyond
The ‘media and entertainment’ industry is in the midst of a transformation. The quantum of change is more than what we have seen for the last several decades. Digitalization has obviously been the biggest harbinger of change which has led to a perceptible change in how people consume entertainment.
Unlike the older millennials who grew up watching their favourite shows on the family television as per broadcast schedules, the new normal today is on-demand, screen-agnostic entertainment.
Media consumption has become far more personal, and with the explosion of data availability it has made streaming content over the internet affordable and accessible. These changes have had noticeable impact on the media industry at large.
Here are some trends that we can foresee in the media landscape over the next few years:
1. Moving Beyond Mass Content Generation
Media companies now need to focus not only on the amount of content that they produce, but also need to think far more strategically about who is consuming their content and how they are consuming it. To succeed in this industry, media companies now must go in with a combination of superior content, the right technology layer to deliver this to the right audience, as well as an attractive and cost-efficient channel to deliver it. As a result, we are seeing content companies doubling down on premium original content to cater to the tastes of their audience, as well as have a strong technology vision to be able to connect with their audience in an efficient manner.
2. Consolidation in Media Ecosystem
Consolidation in the media ecosystem was inevitable and the trend is not surprising. From buying studios and commissioning original content, Media organisations are now looking at getting a handle on the technology that drives discovery and engagement on their environment.
The lines between content production and distribution are blurring because today customer experience is paramount. People who want to watch video content are spoilt for choice. From TV or through an online streaming service or even on their social media channels. In the past, we had seen a sort of reverse integration globally, where TV companies bought studios to have better control on the content. Now, the focus has moved to the last mile.
3. Last-Mile Customer Connect
In the current scenario, media companies in India are fast realizing that the current last mile connectivity vehicles, whether DTH providers or syndicating to social media channels or 3rd party streaming companies might be too generic. They may not be the best modes to connect to specific Indian audiences, especially those outside of top urban centres. While multi distribution is not being replaced, to get your audiences to choose to watch your content is in the ease of discovery. This can happen only if you are front and center in their lives.
Therefore, media companies in India too are doing their bit to forward & vertically integrate so that they are in control of the last mile connect with their viewers rather than having to rely wholly on external parties. Most OTT companies within large broadcasters in India are resonating this theme in the way their organisations are structured with a strong product and technology mission, indicative of their future plans.
4. True Demand
As content distribution channels evolve, we’re seeing a shift from having a bunch of entertainment options bundled-in, to a scenario where a consumer can pick&pay for only the options that they want. For example, a report from Deloitte said that about 1 million viewers in the US have recently moved from multichannel subscription services to more streamlined solutions.
In this same report we have a strong argument for how Rural India could very well be OTT first given the proliferation of mobile phone connectivity and the lack of cable & satellite reach let alone basic electricity.
Regulations such as the recent ruling on TRAI’s tariff order on individual pricing and packaging of TV channels offered to subscribers will lead to highly customized packages led by consumer choice. For media companies, this also means using data analytics intelligently to influence consumers more effectively such that they are able to drive demand for their individual offerings without being bullied out by pricing driven bundling.
Over the next few years, we could see a media and entertainment revolution that will have a far-reaching impact on how news and entertainment content is created, marketed and distributed. The most nimble and dynamic organisations will survive and even flourish. Those who don’t will have a hard time catching up.
Content is still king, but the customer’s experience of how they consume it will what will make or break it.2020, Content, Digital, DigitalPublishers, Digitization, entertainment, media, Monetisation, OTT, Transformation, trends
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