Digital Disruption Takes on Media and Entertainment Sector with Surprising Results
The impacts of digital disruption are being seen in nearly every business sector, but much more so in the media and entertainment sector. The ramifications are pushing businesses to make big changes in order to protect consumer relationships and their bottom line. While some media and entertainment businesses are taking advantage of the disruption, the process has had surprising results. Changing marketing and content strategies is one thing, making sure those changes are successful is a totally different story.
Embrace the Digital Disruption Challenge or Succumb to Conflict
Agile businesses are able to recognize change as it happens and turn potential conflicts into opportunities. Those that are stuck with legacy systems and silos of data aren’t likely to be able to keep up with the digital disruption. As indicated in “15 Mind-Blowing Stats About Media and Entertainment Marketing,” posted by Giselle Abramovich on CMO.com, media and entertainment companies are becoming more creative with marketing and content when tackling the challenges brought on by digital disruption. However, the road has been bumpy.
The Adobe Survey Says…
The CMO.com parent company, Adobe, surveyed over 200 marketing executives and found many interesting, and seemingly conflicting, information pertaining to the priorities, challenges, and opportunities facing this business sector. Here’s a few interesting highlights:
- Digital ad spending is up. An eMarketer’s prediction indicates that online and mobile media advertising will grow from about $8.24 billion in 2017 to nearly $11.52 billion by 2020.
- Technology is lacking. Approximately 49% of executives indicated that they lacked the technology needed to capitalize on digital opportunities.
- Problems with technology. About 51% of respondents viewed marketing technology as an obstacle to a data-driven strategy.
- Time to make changes. Nearly 23% of executives surveyed indicate they would be “replatforming,” moving marketing technology from one platform to another.
Turn Digital Disruption into a Competitive Advantage
The survey by Adobe highlights interesting and somewhat predictable conflicts many businesses face during a digital disruption. Advances in technology move fast, alongside changes in the marketplace and consumer behaviors. Aging legacy systems make it difficult to move with the pace of change. Data stuck in silos is difficult to access and, in many cases, difficult to trust. In this instance, business technology has definitely become an obstacle to a data-driven strategy. Replatforming could be a viable option, but only if the technology you choose is comprehensive, integrated, agile, and works the way you work.
Position your business for success during digital disruption or other changes by making sure your technology can keep up. Print and digital publishers, cable, broadcasting and other media companies are taking advantage of more modern technology, like DynamicsADvantage. This comprehensive solution works with enterprise resource planning (ERP) and customer relationship management (CRM) solutions to streamline complex billing and revenue streams.
Key features of DynamicsADvantage include:
- Ad sales automation
- Opportunity and sales forecasting by product and media
- Advertiser and agency relationship management
- Campaign management
- Ad billing
- Actuals and fulfillment data tracking, procession and reporting
- Revenue recognition and forecasting
An agile solution suits agile businesses, like those in the media and entertainment industry. Not all management solutions are alike. Be sure to choose the technology that works the way you work and is flexible enough to remain aligned as business grows and changes over time. Contact AKA Enterprise Solutions for guidance with navigating digital disruption and positioning your media and entertainment company for success.