The key to success for media and entertainment (M&E) businesses is to make content available to consumers wherever they want it. The problem is, they want it everywhere.
No wonder content monetization continues to plague M&E companies both big and small. But the industry is, nevertheless, bullish on the opportunities ahead.
For this installment of CMO.com Wants To Know, we reached out to M&E industry experts, and also perused some of our existing content, to get a better sense of the digital disruption happening in the space. Here is what the experts had to say:
Esmee Williams, VP of consumer and brand strategy at Allrecipes.com:
The biggest disruptor for media and entertainment today is virtual reality. Technologies such as Facebook 360 and YouTube 360 allow millions of consumers daily to experience and interact with content from afar through very natural, immersive human experiences. The availability of low-cost 360 cameras paired with dynamic streaming technology will further democratize content creation by allowing people to create and distribute VR experiences with no special equipment.
Andy Yost, CMO at USA Today Network & Gannett:
With technology advancements, media and entertainment companies are able to create more immersive experiences now more than ever. Content creators, like ourselves at USA Today Network, are continuing to find new ways to use technology to bring their readers into the story through VR, and in the future, AR elements. It’s the next evolution, expanding upon video’s success, for both consumers and for advertisers looking for interactive platforms as a new way to connect with consumers.
Deidre Bigley, CMO at Bloomberg:
The challenge is that the types of marketing we really want to do are going to be people-intensive. It’s not dollars-intensive. Moving from spending hard dollars to spending on people and making sure you’re staffed appropriately to be able to react to market dynamics--that is the challenge I face.
Jennifer Cooper, director of industry strategy in media and entertainment at Adobe:
The biggest forces disrupting media today are the “tug of war” between traditional, linear, and digital channels, and the subsequent monetization models deployed across linear and digital. Consumer expectations are driving media companies to provide more and more digital content across all channels, as access devices continue to evolve. This is leading to disruption in the monetization and audience measurement models.
Jennifer Betka, CMO at StubHub:
Technology is both an opportunity and a challenge for us, and, as we now are occupying presence through our most recent acquisition of Ticketbiz in 40-plus countries around the world, I think the combination of having technology that allows us to scale our marketing effort but also feel local and personal is a challenge. I’m sure we’re not the only ones with this challenge.