December 6, 2019
The Top 4 Digital Transformation Trends in the Media and Entertainment Industry For 2020
People in the 21st century are driven by digital technology. Digital transformation has changed the face of the media and entertainment industry. With the help of video ads, widened social media and other platforms, the industry has seen the true form of digital transformation in the last decade. Below are the trends that are going to be crucial for digital transformation success in the following year.
AI for improving user-experience
The media and entertainment industry is the mainstay of contemporary human culture. The industry delivers films and advertisements in a multitude of languages across a wide variety of devices. Artificial Intelligence has the ability to transform the way we consume media and seek entertainment. The technology can predict people’s favourite content by mapping online patterns and help schedule such films with more shows.
AI can help brands in knowing the trending content on a popular website, such as YouTube and how to feature a marketing campaign. The technology can provide better monetization to film studios through contextual appearance in high network customers dashboards. AI generates patterns and topics which people are curious about and companies can use them to generate content.
In recent years, customer expectations have played a key role in personalization’s evolution from nice-to-have to a need-to-have technology. According to a recent report by Evergage, 85 % of the marketers surveyed said that their customers expect brand interactions specifically tailored to them. The media and entertainment industry is deploying personalization to meet those expectations and for various other reasons.
Reports show that 40% of the youth and Gen-Z’ers are willing to pay for better personalization. They want deeper engagement that digital transformation can provide. Companies also have a range of tangible benefits from personalization, such as increased conversions, average order value and loyalty. The media and entertainment industry seems to realize that being helpful, making customers feel recognized and removing points of friction are simply good for business.
Privacy and trust
Digital transformation is an extremely exciting venture for the media and entertainment industry. Organizations in the industry are using cutting-edge technology to accelerate their business and make themselves more competitive. However, privacy should always be the foundation of the digital transformation, as the whole business will fail without it.
A recent survey involving over 4000 brands and consumers found 61% of brands admitted to having lost their customer trust by failing to protect their personal information. Given this fact, the future is going to be more of protecting consumer’s private information and delivering the best user experience with the collected data. Data regulations have already started emphasizing on the importance of privacy and they will continue to take such measures in the future.
Enterprise Resource Planning
ERP solutions can be one of the most powerful tools to empower the media and entertainment industry in the future. These systems unify processes, people and resources within a single environment. With new and innovative technologies, the ERP landscape changes continuously. Organizations in the industry are increasingly leveraging these technologies as they become more attainable than they were in the last decade.