Every day more and more video is being produced—newsreels documenting historic events, epic series we binge watch, marvelous movies, documentaries and mocumentaries, DIY and product demos/promotion. There is an endless amount of video content that can be viewed with just a quick click.
COVID-19 has ripped through the global economy. As people adjust to the new reality of social distancing and remote working, consumer behavior too, has transformed. And, as a majority of global population self-isolates at home , media consumption levels have gone through the roof. According to a recent report from Global Web Index, 87% of US consumers and 80% of UK consumers revealed that they are consuming more content than ever before.
Unfortunately though, these high media utilization rates come at a time when new content production— from live sports to sitcoms and movies—has come to a grinding halt. Cast and crew members are now safely ensconced in their homes, often in separate countries.
But there’s good news too. Progressive incumbents in the media industry have taken creative approaches to cater to viewer demand. For instance, traditional sports are increasingly turning to virtual competitions to keep their fans, sponsors and broadcasters engaged. Major sports and Esports leagues are making it possible for star athletes like Kevin Durant and Charles Leclerc to participate in live tournaments. This lets supporters watch their favorite athletes live, and fills up empty airtime for broadcasters. Even celebrity talk shows are now playing out of hosts’ living rooms and bedrooms .
There’s no turning back but the future is far from clear or certain for many. New tools for broadcast and media in every department but how to put them to work to best advantage is still a challenge for most.
How Technology and Global Distribution Has Ushered in The New Age of Storytelling [caption id="attachment_54030" align="alignleft" width="150"] By Brad Soroca, Chief Marketing Officer, Deluxe[/caption] It is no secret the media and entertainment marketplace finds itself in the midst of the most tumultuous time in its history. Headlines blare of mergers we thought we would never see, growth rates of young companies continue to defy expectations, and business models remain in a constant state of flux. Technology has democratized content distribution, creating a whole new set of challenges, along with a multitude of opportunity. Those who succeed in this marketplace will be those that can not only create great content but create agile business models founded on data with the ability to quickly scale. What has become clear is that there is no longer a clear delineation between content creator and distributor. The industry leaders, or those who seem to be in the position to lead, can be grouped into three types: 1. Distributors with large install bases of users; 2. Creators with unique and valuable content and IP that attracts large, loyal audiences; and 3. OTTs, or “the new creators”, that have transferred their customer reach from a different business...
The shrinkage we’re talking about here is of the technology variety. Across the board, from traditional operations to content delivery to business systems, the media and entertainment industry is moving from macro to micro. We’re going granular — taking big, bulky things and breaking them into smaller, much more manageable chunks…