Entertainment and Media Industry
This industry is currently being revolutionized by the new developing technologies. Proliferation of online and social networking portals and other mediums like gaming and mobile advertisements has increased the reach of the media and entertainment services and so does its significance. It has driven companies to rethink their strategies of reaching out to customers and new business models are being developed. The emphasis on this sector is increasing rapidly due to its expected immense potential impact.
Key trends shaping the Entertainment & Media Industry
Product innovation: The changing environment and technology has led to rapid changes in the business models and the strategies followed by most of the companies. With recent efforts of cost optimization, significance is also provided to develop new media for engaging new clients to expand the user base.
Niche market development: As the penetration of these new mediums increase, the emphasis will shift towards catering to more niche markets through higher degree of segmentation and catering to the special needs of the segment. Higher literacy rate among population will have a large impact in developing brand conscious segment.
New Entrants and consolidation: Dynamically evolving nature of this industry provides better opportunities for new entrants which challenge the existing competition. Consolidation is also expected to be an important feature in the further evolution of the industry.
Challenges facing the players involved in the Entertainment & Media Industry
Being part of a dynamic environment, the challenges in this industry are enormous:
Declining print media: Internet growth has shifted the concentration of user base from print media to newer platforms which have better accessibility in higher literacy section. This has led print media to link with the online platforms which require greater understanding of new technologies and ways to leverage them to the fullest.
Sustainable growth: The current challenge lies in developing a model for sustained growth. Revenue streams have translated into different ways. Diversification is used as a strategy to tap into the expanding segments and challenge is to efficiently utilize its benefits.
Larger revenue requirements: Larger reach and impact also requires increase in the budget to face the increasing competition in the industry. Large investments are required in the coming years to achieve the expected growth levels.
How BMGI can help?
BMGI helps companies to design new products and processes to manage the changing environment scenarios in the industry. Geared with high knowledge of tapping technology BMGI provides support to the growth initiatives and helps to integrate processes efficiently in the system ensuring high ROI. Our approach also helps organizations to develop these initiatives into a sustainable model through scientifically designed programs. BMGI a preferred Entertainment Consulting firm in this entertainment & media space, focusses on delivering assured results by realistically linking strategic plans into executional goals.
To know more about our Entertainment and media Industry Practices, Give Us a Call