What are the trends of digital transformation in media this 2020? How are they adopting the new technologies that are rising one after another?
Digital transformation has made its way to all kinds of sectors. And the media is not one to fall behind.
And this year, there are trends that the media is doing for the digital transformation. What are these?
Read on to know more.
Digital Transformation in Media
The greater power when it comes to the media sector is in the consumer’s hands. And that is especially true today.
The media is not pushing content they chose viewers to see anymore. Today, the media are showing content that viewers want to see.
Thus, showing there is now a shift in power in the media sector.
That is why they are looking for better strategies in their digital transformation.
So, what are the steps they are taking to be successful?
Trends in Digital Transformation in Media
In one report, the operating expenses of today’s media companies do not look good. It is rising faster than its revenue.
Meaning, they spend faster than they receive profit. And that’s always a bad thing in business. Sending a message that the media sector is in a spending trap beyond their control.
So, they need the help of Artificial Intelligence. Media companies today are making full use of AI technologies to help them with this problem.
That’s because AI techs can know where they spend the most. And help them make smarter steps in the future.
Today, more and more customers are losing trust in the media sector. And they are among the top 3 sectors with the most distrust. Along with Social Media and the Government.
And in one survey about privacy and trust, 61% said they feel like they are not getting the privacy they need.
Also, these consumers felt that they lost control of their data. And don’t have the ability to protect themselves from data breaches.
So, the media sector is making efforts to protect consumer data. As well as better transparency of how they use these.
On one survey, about 40% of Millennials and Gen Zs are willing to pay more for personalization. They want a better engagement that digital transformation can give.
So, companies are now working on understanding their consumers to give this. They need to find which contents they’re good at making and throw the free-for-all content.
Also, they are now working on giving targeted content for different audiences. Then, they are working on giving content recommendations to them.
But this is not all. They must work on better communication with customers. Meaning, clearing and sorting data to know who the customers are and those who aren’t yet.
This is to give targeted marketing and avoid offering plans to already subscribers.
Big media players like Netflix are always on their toes with digital transformation. But, companies like them are not immune to revenue loss like what happened with it this year.
So, the media industry must always take to mind how to improve. And better their digital transformation to meet customer needs and wants.
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