Few industries understand digital disruption, and its profound impact on consumer behavior, as well as the media and entertainment (M&E) world. These companies embraced the challenge and have become even more creative with their marketing and content strategies.
For more insight, Adobe, CMO.com’s parent company, surveyed some 200 marketing executives working in the vertical to uncover their priorities, challenges, and opportunities. Read on for the highlights; click here for the full report (short registration required).
1. Digital ad spending is on the rise in the U.S. M&E industry. The report cites eMarketer’s prediction that the industry will spend a combined $8.24 billion on paid online and mobile media advertising in 2017, which will grow to $11.52 billion by 2020.
2. 49% of M&E executives agree or strongly agree that they lack the technology that is needed to capitalize on digital opportunities.
3. 30% of executives include the ability to deliver ROI on technology investments among their top priorities, and 23% include moving from one platform to another, or “replatforming,” their marketing technology.
4. 51% of M&E marketers view marketing technology as an obstacle to their data-driven strategy.
5. Executives working to deliver ROI on technology investments have identified a number of challenges. These include a lack of communication throughout the organization, not taking full advantage of the technology in place, and not accurately measuring the impact of technology investments.
6. 14% of M&E executives say that establishing a single view of the customer is a discussion but not a priority. The vast majority say it is a priority and 13% are in the midst of implementation.
7. Bridging the divide between how offline and online data is managed typically involves a lot of internal collaboration with internal teams. In fact, 64% of marketers say that “offline and online data are typically handled by separate teams.”
8. A replatforming initiative lets executives tackle these challenges anew. Among executives that want to replatform their marketing technology, 43% want to do so for data management capabilities, 31% want to do so for targeting and personalization capabilities, and 24% want to do so for content optimization capabilities. Other popular reasons for replatforming include multichannel management and mobile optimizations.
9. 43% of M&E executives use online data to optimize the offline experience. Conversely, 48% are using offline data to optimize the online experience.
10. 49% said their executive management was not fully committed to data and technology investment as a path to growth; 46% don’t believe that their boards understand digital strategy and what it requires.
11. M&E businesses are struggling with the costs of marketing content production; 31% of executives said reducing these costs are a top priority for their organizations.
12. 26% of M&E executives are prioritizing hiring new talent for the next phase of their digital transformation journey.
13. 44% of M&E executives admit that they don’t always take full advantage of the technologies they already have.
14. Separate research from Adobe Digital Insights shows that consumers are increasingly spending more time watching television programming outside of their living rooms. And that trend is only going to continue to grow.
15. Separate research from Adobe and eConsultancy found 60% of media organizations agree that they lack a truly cooperative culture in marketing and still rely on siloed budgets and behaviors.