The strategy for success
Content needs to deliver results, fast.
The media and entertainment (M&E) industry has witnessed a massive transformation in how content is created and consumed.
Traditional broadcast and cable companies need to invest more in data analytics and next-gen digital technologies such as artificial intelligence, machine learning, and sentiment analysis to curate more personalized content. On-ground observations on how the media players are engaging with their customers lead us to believe that companies that focus on personalization can easily increase their revenue by around 15%.
As media businesses spend more on content and acquiring consumers, the problem of stretched budgets and measuring the ROI on content generation comes into play.
However, a study published by the CMO Council reveals that many marketing executives worry that their content strategies lack focus. Around 43% rated their content as hit or miss without absolute consistency, and 49% cited budget as the top factor that shapes and impacts their content strategy.
In the M&E industry, rising costs due to diverse distribution mediums such as print, TV, internet, and social media, and serving them to a fragmented consumer base can further complicate their content-targeting initiatives.
Content production and acquisition take up the lion’s share of expenses. As businesses seek to reach consumers across various channels and devices to increase the ARPU, a few critical questions must be answered:
- How do we acquire the right content for our target audience?
- Are we optimizing the value of the obtained content effectively?
- How can we generate maximum ROI for the content developed?
- How can we reduce the cost of operations?