The meaning of entertainment is changing and at a rate faster than we can catch up with. Be it books, newspapers, watching movies, listening to music, events, promotions or a business-do harnessing the scope of digital media is becoming the key to keep customers engaged and interested.
The influence of technology has brought an upheaval with the advancing era of IOT (Internet-of-Things). Consumers are willing to spend on quality experience forcing the marketers to redefine strategies and move to the third age of marketing. For marketers, things have changed from being a brand and having a social media presence, to being both media friendly and able to deliver at the same time. Smart, web-connected intelligent products have made it possible to talk directly to consumers and monitor brand performance with real time analytics. This gives a clear insight on who the customers are, where they are, what they engage with and how the sales are driven.
As per, Internet and Mobile association in India (IMAI), the internet user base will cross 500 million by the year 2018 and rural internet users will be around 210 million. Thus, creating market for fresh, creative and regional content. Advertisers are paying for better reach for their online audience who prefer entertainment in various formats. Companies like Netflix are tying up with local businesses to popularize latest video streaming technologies. Hand held devices and 4G services have increased consumer demand for online and personalized content.
According to studies, an average millennial (age group 16-30) in India spends about 2.2 hours a day on mobile devices as compared to 1.2hours a day on TV. About half of the amount of time spent on mobile is on social media.
The digitisation of content offers more choices to the viewers enabling them to have selective and targeted information available anywhere, anytime.
The technical obsolescence leading to content loss and deterioration which was once a major concern has been overcome by cloud and big data technologies. Businesses are able to create, pluralize and promote content facilitating reuse of assets. Thus, flexible and customised digitization models assures preservation and monetization of content suitable to the nature of organization.
The behaviour pattern of Indian millennials is also a major metric for the entertainment industry. With higher access to resources and opportunities this population is all set to shape the economy of the country. The ‘must haves’ for previous generations are not that important to millennials. This demographic group has become a driving force with their unconventional thinking, short attention span and zeal to explore. They are more focused on experiences and don’t want to engage with content they consider insignificant. Millennials are more aware, make informed decisions based on priority. They look for the best option, at the cheapest price. Marketers find themselves acclimatising with the ‘quick-access’ demands of the off-beat millennials. Over-the-top (OTT) consumption of content has become today’s reality with high-end broadband infrastructure in the country.
The game is to strengthen the offering in the field of digitalentertainment. Which other factors do you think will democratize our entertainment choices in next 5 years?