In the ever-evolving landscape of MediaTech, the industry faces a significant challenge: a shortage of skilled talent. This issue is not only impeding growth but also hampering innovation , stifling creativity, and impacting the bottom line, as the scarcity of talent drives up hiring costs. To combat this, it is essential to understand the complexities of talent shortages and resilience within the industry and to actively implement strategies to attract, retain, and develop talent.
Our latest internal research, comprising a comprehensive survey and a series of interviews with MediaTech professionals, reveals five key pillars of the challenges and potential solutions to this pressing issue.
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In the current environment of organizational cost-cutting amid the push for global corporate profitability, media organizations must continually pursue efficient and cost-effective solutions to manage their large-scale implementations. The undeniable economic benefits of delivering broadcast-quality video over the public internet are becoming mainstream; however, as consumers become increasingly careful about the environmental impacts of media organizations, these entities are now held accountable for their carbon footprint and are expected to align with sustainability initiatives.
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Sustainability in the media industry is not only about reducing negative environmental impact but also about embracing innovation with responsibility. It’s about aligning a sustainability strategy with company goals, values, and operations. Yet, dealing with a large amount of vast and diverse sustainability data can indeed present challenges. Early in our sustainability program development at TMT Insights, it became clear that we can’t improve what we can’t measure and that a goal without a plan is simply a wish. As a relatively young company, we had a unique opportunity to build a sustainable foundation from the ground up and put our trust in the process, knowing that when you see it in motion, you start to see the benefits.
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The environmental impact of the digital industry, and the equipment it uses around the world, has emerged as a pressing concern, contributing around 3.8% of global Green House Gas (GHG) emissions according to GreenIT.fr. Within this digital spectrum, video streaming — although currently a smaller portion of the digital industry’s footprint — is rapidly expanding. Sandvine’s 2023 Global Internet Phenomena Report found that data usage from video sites increased by 24% in 2022, and video accounted for a staggering 65% of all internet traffic last year. This trend is not slowing down, meaning there is potential for an even larger carbon footprint on the horizon.
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The media and entertainment industry, while a powerful force in shaping cultural narratives, also carries a hefty environmental footprint. From the colossal energy consumption of data centers to the environmental costs of physical production, the industry’s impact on the planet cannot be ignored. However, a growing tide of awareness is pushing media companies to embrace sustainability and minimize their environmental impact.
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The OTT industry has undergone some major changes over the past few years. Market growth slowed somewhat compared to previous years and video providers have broadened their monetization strategies and shifted focus from subscriber growth to profitability. Despite this, the OTT video industry remains buoyant; according to analysis by Statista, the industry is projected to show an annual growth rate of 6.30% between 2024 and 2029, to reach US$429.40bn by 2029. This change of focus towards profitability is driving service providers to provide a better experience for viewers and optimize their services. However, there is a need to balance this drive for profitability with the industry-wide need to transition towards a sustainable video ecosystem.
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In the era of increasing environmental consciousness, media companies are under growing pressure to address their impact on the world. Going digital may seem like a step in the right direction, but the digital sector relies on equipment and infrastructure that is networked across the entire planet. The environmental impact of this infrastructure is proving to be increasingly worrisome. According to estimates, the digital sector represents 2% to 4% of global greenhouse gas emissions, and energy consumption is growing by 9% each year. Behind these figures, it’s important to emphasize that video represents 82% of internet traffic, and the volume of data stored in data centers is experiencing hyper-growth of 40% per year.
This article will explore the challenges of measuring carbon emissions output, sharing strategies for media companies to ensure sustainable cloud-based media workflows.
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With the current climate crisis acting as a daily reminder of the scale of the problems facing us globally, it’s essential that we as an industry all commit to being part of the solution by putting sustainability at the very heart of our business. At Genelec we don’t see this as a regulatory hurdle to overcome or an opportunity to try and ‘greenwash’ a corporate image to make ourselves look better, but something that is crucial for the broadcast sector to survive and thrive.
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MainStreaming is a Carbon Neutral Intelligent Media Delivery Company, providing sustainable video delivery technology for broadcasting, streaming, and the media and entertainment industries via our Edge Video Delivery Network services.
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Josh Arensberg was elected Chair of the IABM Members’ Board in July this year. We asked him to share his vision for where he sees IABM – and our industry – heading.
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