Like every other industry, the phrase ‘consumer is king’ applies to the media industry as well. There is stiff competition in the media industry today, with businesses competing for the attention of the viewers and readers. In this rat race, only those Media and Entertainment (M&E) companies will survive that can constantly identify and adapt to the fast-evolving demands and consumption patterns of the consumers. In the past, the entertainment through media typically meant a few grainy channels on the television or tuning into limited stations on the radio or else reading stale news from a newspaper or a hard copy of a book. Back then, outdoor activities were much more popular.
Technological advancements have made the consumers self-aware about the powers they possess. This has caused a change in demand which has subsequently led to the evolution of entertainment media. Gadgets like cell phones have become popular and have enabled pulling of media software, media has become location agnostic. Furthermore, the use of social sites has proved to be a game-changer. Today, people are exchanging notes among each other about media content and the survival of such content are decided in a matter of seconds.
The evolution of the gaming industry is another factor. With the introduction of new segments like mobile and online gaming, successful titles and the phenomenon of in-game advertising, this medium has gained mass popularity. An increasing number of gamers today are older and there is a significant growth in the number of the female population engaging in their idle time.
At Northeastern University’s CEO Forum Event, Robert Bakish, president and CEO of Viacom, stated that the Media and Entertainment industry is in a significant state of change. He also suggests that virtual reality (VR) and 3-D technology could be the latest game-changers in the M&E industry. 3-D technology has already gained popularity in movie theatres and VR is soon catching up.
Harman Singh