Creating an integrated content consumption experience for people, irrespective of the medium.
THE FUTURE AS WE
SEE IT
With increase in consumption of internet on mobile devices and video content in general, the media industry in the middle of a massive transformation. From print media – which was limited to text and image content, to television / radio media – which was limited to audio and video content to digital media – which has removed the limitations on the format of content and has unlocked new opportunities to create and deliver content. Digital media platforms – such as news portals, social media channels, online video platforms and others serve content in text, image, video, audio formats and offer the convenience of consuming content from the mobile phone. With the rise of social platforms, people have great opportunities to participate in the content (in the form of opinion sharing) and media businesses of today, with the power of technology – are opening up a two way street, than one way.
If we were to imagine AI (artificial intelligence) in the media industry, we’d like to see how we could personalize content delivered based on the what the user likes to see, how they’d like to consume it, how they’d prefer responding to it or socializing it with other people. AI needs to be brought in carefully, as an overkill could create a “filter bubble” limiting access to information and opportunities for the user.
40% of Entertainment and Media executives say that, over the next five years, headcount will decrease to a large extent as a result of automation and other technologies
56% of Entertainment and Media executives CEOs believe that technology will completely reshape competition in the industry over next five years.
89% of the top news portals get more traffic from mobile devices than from desktops.
81% Entertainment and Media leaders have grown far more concerned with changing consumers behaviour.
35% of Entertainment and Media CEOs are confident that global economic growth will improve.
The survey of pwc on Media industry
Newsbots
In a digital first world, where businesses have more information and context about the consumer, changing lifestyle preferences and reading / television habits, media businesses (through smart bot apps) can serve content that’s of interest to the user, in the most simple way. For example – users can just speak into the phone, asking for a specific update, to see trending articles, videos and get recommendations on following events / places and people.
Example:Facebook recently opened their Messenger bot platform. TechCrunch has innovated in the news bot space. These news bots have found new ways to automatically push the latest headlines to users based on their interests and search history.
Crowdsourced journalism
With the rise of many online platforms, consumers are empowered to report a news, share a story and stream live videos from a location (facebook live, youtube live etc). Like how wikipedia pages are moderated / corrected by users, quora answers are upvoted or downvoted by the users, all authors / posts would be rated by the people consuming it. Online marketplaces for content creators and freelance journalists, enable more people to participate in the economy by enabling them to easily find opportunities, respond to it by easily uploading their work and be fairly compensated for it.
Example:A tourist at a specific location, at a specific time, watching a live concert by tribal artists – can live stream it, so people across the globe can experience it through VR (just like how they’d experience it in the moment). Trending technologies have made realtime reporting and sharing possible, which puts power in the hands of people and opens new opportunities for the industry.
