Chaotic. Unpredictable. Disruptive. No matter how you view the media and entertainment business, there’s one thing it’s definitely not: boring. The digital megatrend has created a seismic shift across the industry with continuing aftershocks, affecting how media companies approach the creation, production, marketing, distribution, and monetization of content.
More people than ever are consuming content using digital devices:
- More than three-quarters (76%) of people in the US and UK watch video online every week
- More than 68% of people in the US and UK subscribe to a video-on-demand service
- Digital content revenues are predicted to reach $180 billion in 2017, up nearly 30% compared to 2015
Meanwhile, television is losing ground to digital as the latter is expected to surpass the former as the top advertising medium in 2017. And the print newspaper industry continues to see declines in circulation and revenues. Combined print ad spending in newspapers and magazines is expected to fall by 14% in 2017.
As new ways to consume media and entertainment continually enter the market, born-digital companies—the digital disruptors—are going head to head with digital re-inventors (those stalwarts in traditional media businesses that are shifting to digital) in the battle for audiences and ad revenues.
For all media companies, digital success is imperative. But it’s not impossible. Especially if you take advantage of the one unifying force for managing digital media businesses: data. You need data to improve customer experiences and drive ad revenues, make sure you’re ready for major events, and empower your team and your stakeholders by demonstrating the cultural shift you’re leading is delivering tangible results.
This ebook gives IT leaders and their business counterparts in media companies a data framework for creating a performance culture to drive digital success.