What Direction is the Media Industry Heading?Posted: November 20, 2014
I am thinking about the future of the media industry and what is happening to the entertainment and media mix. eBooks are outselling paperbacks, cable TV is loosing subscriptions to streaming services, hard copy purchases of music and video recordings are loosing ground to digital purchases and newspaper subscriptions have been going down for the past 14 years even though the number of households has been growing. But there are winners too. Radio advertisement revenues have been growing since 2010 and box office ticket sales are bigger than ever! The US entertainment and media industry over all is growing at a faster pace than GDP. The media pie is not becoming smaller, but rather evolving in its ability to tell stories. Making content digital, mobile accessible, available for real-time streaming and allowing consumers to buy increments with micro-payments are just foundational elements that will enable transmedia storytelling or cross-media integration.
Jeff Parkin’s xTED video tells the story of transmedia story telling extremely well: https://www.youtube.com/watch?v=to2IZzhRCs0#t=1067
Cross-media integration is being adopted by large corporations. Unilever’s Susan Glenn Axe cross-media integrated campaign is an example of the potential in cross-media integration, gaining over double brand recognition compared to their main competitor. Or Sprint’s Does Your Phone Dream When it is Shut campaign is edgy, mobile, interactive and data driven. Both examples are media rich, but only mildly integrated. We are only seeing the tip of the integration ice berg.
From a technology enablement perspective transmedia story telling requires:
- Both business and content management supported by powerful analytics and compute elasticity
- Concept development and resource management
- Content acquisition, licensing and management
- Content planning, scheduling and quality control
- Advertising sales and scheduling
- E-Commerce and billing
- Automation, master control and digital platform
- Digital delivery
To the audience it is all about the content experience, which requires a large subscriber base, comprehensive media mix and rich multi form factor devices ecosystem to enable participation.