Transformation In The Media & Entertainment Industry After Covid19
Fundamentally Transformed all kinds of industries, but none more so than the Media and Entertainment Industry. Eight or nine years of traditional acceleration has happened in four or five months. Pretty much every single sub segment of media and entertainment has been affected by COVID. Everyone is focused on where we are going to generate revenue, specifically to make up for the gap that’s been the effect of COVID. The amount of content that’s available for the audience out there today has grown by leaps and bounds.
Content Production Structure Change in Media & Entertainment
Content production needs to become a lot more efficient, so you can react to the market quicker, you can create content quicker, you can finish it quicker, and get it out there faster. A lot of media and entertainment companies who were previously just thinking about moving to the cloud, now see that that is a necessity.
Globally distributed teams can all work together on the same project, regardless of where their production entity is located, where the different visual effects studios or other vendors are physically located. The massive impact I’ve seen is direct-to-consumer distribution. That’s what’s driving most media and entertainment enterprises around the globe. Doubling down on direct-to-consumer channels and really driving through the subscription channels and making sure that every advertising campaign actually delivers on outcomes has a profound effect on capturing the right audience engagement data, the right advertising campaign data.
The Requirement of Live Media and Live sports
You need to figure out how to really know your audience and put the right piece of content in front of them, at the right time. And so things like artificial intelligence, machine learning, and big data processing must be major components in the arsenal of content creators and content distributors going forward. One of the big outcomes of the changes in this space is the requirement of live media and live sports.
What we do with Media and Entertainment industry is so uniquely different
The fan experience can be enhanced in a dramatic way with the advent of things like 5G, which has reduced latency in the network, to be able to do things differently, both in the arena as well as experiencing it on television, or a PC, or your phone. We also see a massive opportunity emerging in the gaming space and this integration of media content, gaming content, music, and that’s going to require a well-thought-through digitally transformed experience. – At the end of the day, technology is a means to an end. That the main thing in this industry is storytelling, and being able to create great experiences for your audience, and that the technology is there to lead you to that ultimate result. Microsoft runs on trust. What we do with media and entertainment companies is so uniquely different.
Microsoft has a fundamental belief that we are a platform company. We are not a content creation company. We are not trying to monetize other people’s data. – We are taking away all the concern around, “Oh, what technology do I need to use here? How does that work?” We can abstract all of that for our customers so that they can really focus on the stuff that they want to focus on, which is to create great content and great experiences for their audience.
