Media Industry Transformation After COVID-19: Customer Data Management Technology Will Be Key
While the country and the world battle one of the most complicated challenges to our societies and economies in generations, there are several industries where the coronavirus pandemic represents both challenges and opportunities, especially media. Media organizations are now at the forefront of the crisis. Accurate and responsible information is more important than ever. But as the economy suffers, so does advertising, which is the main source of revenue for many media organizations–and with that, the ability of the media industry to react to the challenges presented by our new reality.
Additionally, the consolidation of channels where people are getting their news or consuming content is already a visible consequence of this situation and will be a permanent change in the space, even after the “return to normal” decision is made–whatever that normal will be. In short, we need to be ready for the media industry transformation that is coming.
Internet providers are at the top
Internet providers will control the most important asset for households, organizations, and society in general. Social media is definitely becoming the leading source of information and entertainment for many people. Paid subscription services, such as Netflix or Amazon Prime, are leading the delivery of series, movies, and entertainment programming, easily surpassing what regular cable and network organizations can provide.
While sectors like sporting events, music concerts, live programming, and others are suffering, YouTube content and other programming created without direct human interaction is becoming the norm. It is difficult to predict how the space will change as a result of the COVID-19 crisis, but there is certainty that the trends we have observed in the market in the last couple of years will be accelerated.
Media companies must have data to keep up with the media industry transformation
To offer their advertisers with a good deal of accuracy the maximum ROI possible, organizations must be prepared to use all the media tools and data at their disposal to identify–based on the current situation and how societies will adapt to the new realities–key elements, like where their content will be consumed, what people will expect from them, and what kind of audience they need to reach and on which platforms to reach them.
The ability of media companies to determine their future investments to reach the highest concentration of viewers, readers, and followers is critical as they need to start adapting to the post-pandemic market. Consolidations and mergers are on the horizon, with the possibility of creating huge organizations with a commanding presence on all media channels, markets, and sectors.
To deal with this, media outlets need to invest in customer data management tools to discover what their customer niche is and accurately make the decisions they need to maximize their presence, satisfy their customers, and attract the advertisers that want to reach them in an ever-changing market, now dramatically being reshaped.
Learn how to use customer data management to be ready for media industry transformation
- Digitization of media and channels
- Proliferation of social media networks at scale
- Ability for consumers to access content and advertising, any time from anywhere
- Impact of changes in societal patterns like the COVID-19 crisis