In an ever-evolving digital landscape, it appears many media organisations are caught between the past and future.
Summary of the Econsultancy latest report, Trends and Priorities in the Media and Entertainment Sector, in association with Adobe: exploring how marketers are attempting to respond to change.
Nikki Gilliland @ Econsultancy
Move to mobile is a key challenge
The shift to mobile is having the biggest impact on businesses, with this being the underlying factor for a number of key trends.
First, the sheer amount of content available has led consumers to access it in fragmented ways. In turn, this makes it more difficult for brands to build a strong and consistent identity across multiple channels.
To counteract this, marketers are increasingly looking to data, however this also poses its own challenges with consumer concerns over privacy on the rise.
Organisational barriers are preventing digital transformation
The need for digital change within the industry is clear, and yet, many marketers cite organisational factors as the biggest barrier.
60% of marketers say they lack a cooperative culture.
However, it seems the most resistance stems from the top down. Half of respondents said management is against investing in data and tech, and 46% said that boards fail to understand digital strategy.
A focus on expanding data assets
Adding value to audience segments is the top priority for many marketers, by expanding data assets.
The rise of new content formats (such as VR) is clearly impacting strategy in media and entertainment, too, with expansion here coming second in terms of product-related priorities.
Reducing content creation costs a top priority
As I previously mentioned, consumers are becoming increasingly overwhelmed with content. And yet, there is still a desire for more.
Marketers are now looking to cut costs in the production of content to meet the growing demand.
With more platforms to publish on, producing valuable content in volume is a big challenge.