The pandemic has influenced all industries, and the media and entertainment sector is not an exception. The first blow came when media houses had to close down during the lockdowns. Things couldn’t get worse for the industry because an extended closure was imminent. With social distancing being a norm, there was no hope of theaters and entertainment venues reopening as usual. Even as things take a turn for the better, foot traffic is least likely to return as the virus is still here.
Thankfully, things are not as daunting as they sound because the industry survived the worst and is in recovery mode. Even startups have managed to stay in the race with the emergence of technology as a game-changer. Like all other domains, the media and entertainment segment has charted a survival and comeback route in the new normal. If you operate in this segment, you can rely on some strategies to keep your business afloat and revenues churning. Let us explain these survival tactics in detail.
Understand the impact first
Before planning a comeback strategy, you need to understand the pandemic’s impact on the industry first. Television channels witnessed a spike as viewership increased during the lockdowns. Even as content consumption, revenues took a massive hit due to wage cuts and job losses. Apart from the loss from the consumer side, the industry also suffered when corporate clients cut down their advertising spending during the crisis. As the restrictions eased, the revenue streams resumed slowly though they are far from normal yet. The film industry still faces a bigger challenge as viewers are not likely to return to cinema halls as usual. The impact on your business will depend on the area you operate in, and it determines your survival and recovery plan too.
Remote content creation is a norm
Whether you run a TV channel or produce movies, remote content creation is a norm you have to follow. Businesses switched to this model during the lockdowns, but it seems to be here to stay. Fortunately, it is possible to enhance, edit, and approve content remotely, and businesses are handling the job confidently. High-end digital products are here to capture content, and artists can use them to create content from home. Designers and editors have ways and tools to collaborate remotely and deliver high-quality content in the new normal. Right now, media houses and makers need to take a hybrid approach with a mix of physical and remote content creation.
Repurposing is trending
As businesses struggle to cut costs and stay afloat during the crisis, they cannot shut down completely. It makes sense to repurpose old content rather than spend money on creating a fresh one. There are several ways you can do it. These include re-running popular shows to picking media from other geographies, and more. But you cannot simply air old content, rather you will need to repurpose it for running in the new formats and mediums. The best way to handle the task is with automated digital processing. You may have to make a small investment, but it can help your business survive through the tough time.
Distribution goes digital for good
Apart from going hybrid with content creation, businesses need to embrace digital distribution for good. The entire media value chain now relies on digital technologies, with live streaming becoming the only way to keep the revenues flowing. Whether you have a new show, film, or even India Film Festival coming up, streaming is the best way to reach the audience. It is crucial to look for the best streaming platform that facilitates quality, reliability, and high viewership for your content. The idea is to be where the viewers are!
Monetizing online content is the key
Releasing content on digital platforms can keep your business going, but it is not enough. You need to monetize the content as well. But monetization can be challenging, considering the sheer volume of free content out there. Moreover, you cannot be too dependent on traditional models like advertisements. Providers gave to find new revenue models to get the cash flowing for keeping the business afloat. Self-distribution and selling directly to consumers is the best tactic. You only need to find the right platform to get started. The cost of going live will not burn a hole in your wallet, and you can generate revenues without a massive expense.
A mobile shift is imperative
Another tactic that media and entertainment companies cannot overlook in the new normal is mobile outreach. A mobile shift is imperative as this is where the audience is. Not being available on this channel means you miss out on viewership and revenues. Providers must ensure that their content is mobile-ready so that viewers have the best experiences regardless of the device they use. Podcasts and music-streaming platforms are the best places to release content if you want to maximize mobile viewership. The idea is to increase your visibility and reach by marketing directly to the audience.
Social recommendations can take you a step ahead
The audience is spoiled for choices today, so businesses have to go the extra mile to capture attention and hold it for the long haul. Social recommendations can serve as the catalyst to fuel your business. Investing in recommendation engines is a great idea to get them hooked forever. The technology drives personalization as viewers get recommendations based on their age, viewing history, and favorite genres. It is only a start as you can integrate the engine with social networks to understand individual preferences and fine-tune recommendations accordingly. Viewers are more likely to stick with providers that personalize viewing through the most relevant recommendations.
Survival for the media industry in the new normal is less challenging than you imagine. Technology is the cornerstone of a viable survival plan, and you have to be open to adopting it. Finding the right digital platform to stream your content is the most important factor. At the same time, you need to create and repurpose content regularly because the show must go on.