Dramatic shifts are underway in how entertainment and media (E&M) companies compete and generate value. To thrive in this highly contested yet slower growing market, companies need to develop strategies and build capabilities to engage and monetise their most loyal and passionate users — their fans. It’s all about user experience. Discover what we’re talking about in PwC’s Swiss Entertainment and Media Outlook 2017-2021.
Just a quick taste: Four shifts in entertainment and media
Shift 1: User experience is taking the lead
E&M companies have been accustomed to competing and differentiating themselves mainly via two avenues: content and distribution. Today, they need to focus more intently on a third dimension: What is it that truly engages users? Simply taking existing approaches to capture the natural growth in consumers is no longer sufficient.
Shift 2: Changing behaviour of the millennials
Advanced technology has caused the consumer behaviour of youths to change; hence, the industry must adapt its business models and monetisation strategies. Given today’s effortless access to free content through a variety of channels, the competition for attention will become even more intense. For a business to be successful in future, it is imperative that the needs and lifestyle of Gen Zs be taken into account.
Shift 3: Personalised content is still king
Overwhelmed by content choices, consumers fall back on the familiar; they rely on recommendations from friends, algorithms and rankings. The result: content that is popular becomes more popular. But to get closer to consumers and reach that level of popularity, service offerings must be personalised and adapted to individual needs.
Shift 4: Data is evolving into a kind of currency
Any buyer/seller transaction or relationship involves an exchange of value. Historically, that value has been measured in currencies. But it is increasingly likely that for E&M companies, value will eventually become measured in the monetisable currency called ‘data’.
The bottom line:
Read about these trends, visualise the hard facts, and prepare yourself for the future by signing up for PwC’s Swiss Entertainment and Media Outlook 2017-2021.
Leader Technology, Communications, Entertainment and Media Industries
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Leader Telecommunication, Media and Technology Consulting
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