How The Entertainment And Media Industry Can Benefit From A Changing Landscape
We live in an age of unprecedented abundance. It’s hard to imagine another time in history where so many entertainment options are available to capture the hearts and minds of audiences around the globe. Companies in the entertainment and media industries are making rapid advancements and offering better experiences for lower costs. These cost-benefits allow them to stay competitive while positively affecting every sector of the industry, be it radio, cinema, magazines, music, video games, TV, and even book publishing.
A Changing Landscape
Television, in particular, is strongly influenced by current changing trends that bring new opportunities and challenges for company executives. Traditional broadcasters are feeling the heat from on-demand and live streaming video as more people switch to these services. More importantly, companies are vying for the attention of Millennial and Generation Z audiences that will only be won over by forward-looking solutions.
It’s no secret that broadcast and cable television companies have been under a severe amount of pressure in recent years. For example, ABC’s Oscars lost almost 10 million viewers between 2014 and 2016. Forbes reported recently that NFL viewership dropped by about two million per game versus 2015 and about 1.6 million versus 2014. These factors are contributing to this complex problem, but it’s hard to ignore the rise of streaming alternatives offered by a myriad of technology companies as well as the increased demand for devices such as Roku or Amazon Fire TV.
Also, big broadcast networks are facing off against tech behemoths Apple, Amazon, and Google or forming alliances under their offerings like Hulu. Unsurprisingly, tech companies reap the benefits of this new landscape as more folks decide to the cut the cord.
Most Effective Medium For Reaching Viewers
People favor on-demand streaming services because they’re cheaper and more convenient than their traditional counterparts. But which is the right medium to tap into this younger and more tech-savvy audience? None other than the trusty smartphone, a device which most modern-day consumers own or at least have access to one.
But not-so-young audiences are also consuming content through their smartphones while functionality-rich experiences help drive increased engagement. Mobile users spend 86 percent of their time-consuming media using apps and only 11 percent on the mobile web according to Nielsen statistics. Companies need to learn how to thrive, not just survive, in this app-driven world to maximize their fan base.
Setting Up For Successful Outcomes
Entertainment and media companies need to master two connected businesses, which involve creating networks of distributors and platform relationships to deliver content as required by the viewer. Furthermore, live events need to be hosted to build upon and strengthen sustainable fandoms. These events also serve as a direct way of monetizing media relationships through ticket sales, merchandise, sponsorships, and advertising.
If you’re thinking of venturing into the wild mobile frontier, make sure your content can entice on-the-go viewers who have limited attention to spare. Research conducted in 2015 by Adobe found that 58 percent of mobile users watch short-form videos on a daily basis while only 36 percent of respondents confirmed they regularly watch videos longer than 5 minutes on their phone. Also, native mobile apps are a wise investment that will ensure your media products match audience expectations for speed, reliability, and performance.
Paving The Way
At Float Left, we have positioned ourselves at the forefront of this trend with our direct-to-consumer video services for media and entertainment brands. Embattled company executives no longer need to endure sleepless nights, but will stay ahead of the curve due to the expertise we offer in powerful new mediums.
We know what it takes to excite users and the level of customization, control, and perceived value. There’s much to consider when transitioning to a more direct to user world, which may not be easy for many media companies. Float Left aims to make this whole process as painless and predictable as possible.