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The Impact of Digital Transformation on Media and Broadcasting
Whitepaper by
Chait Mudunuri, CEO
Ray Business Technologies Pvt Ltd
www.raybiztech.com
(Source: Moving with The Times: How News UK survived digital transformation10)
Technology now allows access to content anywhere, anytime. The increase in mobile
and Internet penetration has made being connected a way of life. Information collection
and data analytics enable companies to get customer insights across many channels and
devices, allowing them to deliver relevant and meaningful experiences. The power of
mobile and social is transforming how media is consumed and perceived. Technology is
changing how media is created, distributed and monetized. Traditionally, the media
industry focused on creating content and optimizing distribution, but today many
companies are automating this and finding new ways to monetize.
The changing consumer behavior and evolution of technology at an unprecedented
pace has left the media industry in an unenviable state. They are left with no choice but
to rethink and reevaluate their business models and transform themselves in this state
of flux. Established media companies are facing competition for viewership from new
content sites and social media services and the advertisers are offered new ways of
effectively targeting, reaching and measuring their audiences.
To get your organization digital ready, start by identifying the business goals, build the
culture to be digital first, capture the data and analyze the same to feedback into the
whole process. For an organization to be ready to face the challenges of the current
marketplace, it is important to undertake a digital transformation initiative.
The organization will have a centralized, data-driven infrastructure and management
(cloud services, digitized catalog of content). Around this core, there will be
independent units that can move fast to create new products across different platforms
or apps.
Robust, cloud-based technologies are getting cheaper by the year, making content
creation, distribution, and presentation far easier. Brands can be created with far less
capital, as the social sphere rewards work that captures imaginations at marginal cost.
Its social, mobile, infographic-loving, and sponsorship-friendly for starters.
Ecosystems are increasingly important in the digital economy. They are becoming
essential to creating new relationships and capabilities, leveraging new technologies,
and accelerating innovation. By collaborating across the ecosystem of partners and
institutions, companies can create new opportunities to address consumer needs in the
B2B and B2C spaces. Technical platforms that allow devices, applications, data,
products, and services to work together in new ways become a core part of the overall
business strategy.
El Pas, the highest-circulation daily newspaper in Spain, has also completely revamped its newsroom
structure and placed digital distribution at its core, literally. Editors have created a digital distribution
desk focused on audience measurement, social engagement and SEO and placed it in the physical
center of its newsroom, surrounded by the companys other verticals and departments.
The Process
Create
Digital
Strategy
Test at
small scale
Disrupt your
core
business
Track and
Improve
In the traditional model (Newsroom 1.0), there were multiple media newsrooms with
dedicated editorial resources for each platform that is serviced by the publishing
houses. There were separate editorial units for the print edition and for the online site
and the content generation, editing and production is by and large divided between the
print and the online world. With the online revolution, there was need for a new model
for the newsroom (Newsroom 2.0), the content gatherers generate the content for all
channels served by the editorial department.
The pervasiveness of mobile and social made it necessary to change the model for the
newsroom to a more integrated once with integrations across various channels. An
Integrated Newsroom (Newsroom 3.0), provide content on multiple channels by
integrating the complete news flow across print and digital media from the planning to
the production.
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Strategize
Execute
Monetize
Transformations are ultimately about establishing new sources of growth and profit, so
media companies need to demonstrate new digitally aligned business models that are
sustainable. RBT can help with establishing that.
Opportunities Ahead
Legacy media companies often lack the technology and the marketing capabilities, and
in some cases the digital audiences, to develop new businesses themselves. And they
can struggle to create effective new digital channels that will attract new customers.
Whether digital operations are acquired or built, they do best when they are grown and
managed outside the core business. Emerging businesses need dedicated resources and,
more often than not, new kinds of talent.
The potential growth opportunities for media companies can be found with the
following.
a. Branded content has emerged as an important growth engine not only for the
near term but for the longer term as well. Publishers such as The New York
Times and Cond Nast have aggressively entered the branded-content business.
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