Entertainment and media companies are increasing worldwide even though the media industry is unstable. However, there is a bright future for the entertainment and media companies because they are more complex, diverse and stable than before. Entertainment and media industry has shifted more towards video entertainment and the internet sector. This is because technology is so advanced that we are using new media more than traditional media. We used the internet more often and video entertainment is easily available on the internet too. This shift depends on the global entertainment and media landscape which includes; demography, competition, consumption, geography and business models.
The demography that dominates the internet is youth. Youth is fast at adapting and multi-tasking different media. Also, they are the first to set the trend and easy to influence the audience. The competition that the media industry is facing is global and local content. There is a rise in supporting local content. The media industry will have to tailor the content to suit what the audience wants. The consumption that the consumer wants is having the power to control such as creating their own playlist. The geography depends on the country with growing and developed markets. The business models refer to media industry integrating technology and approaches that create value so that consumers will continue to want it.
These entertainment and media landscape will help me and my team in considering what our consumer wants and what the future will be for the media industry. Even though our consumers are mostly youth, I feel that we should also consider the older generation and how they can adapt and be involved in the media industry also. Overall, the idea or creation of the media industry should always be updated to support whatever that will happen in the future.
Chris L & Megan B. (2016). A World Of Differences. Strategy+Business & PwC.
