June 19, 2017//- Content proliferation, globalization, and the rise of operational data are among the five titanic forces that will be shaping entertainment in the next five years, according to IHS Markit analysts in a state-of-the-industry presentation during the Media and Technology Conference held 6 June in London.
The entertainment universe will also have to contend with 5G, as well as with how functional benefits will supersede quality among the consumers of media goods and services, the two other big forces in play during this period.
The state-of-the-industry presentation was delivered by Dan Cryan, senior director for media and content at IHS Markit. The subject of the five forces was among the many topics covered during the conference, which focused attention on prospective issues and future developments expected to affect media advertisers and broadcasters across various platforms.
IHS Markit analysts and senior media industry executives also examined key trends impacting the space, and how the industry will evolve throughout 2017 and beyond.
For each of the five forces identified, IHS Markit tackled a successive array of important points designed to illuminate specific aspects of the rapidly changing media landscape.
- Content proliferation: More content is being made across film production, TV programming, and non-traditional online—all of which is competing for the attention of consumers and advertising spending. This applies throughout the entire spectrum of entertainment content.
- Globalization: Competition is becoming more globalized, as the traditionally localized media business now has to compete in an increasingly globalized market and competitors of global scale.
- Functional benefits trump quality: Consumer-format adoption in music, games, movies, and TV has traditionally been driven more by functional benefits than improvements in quality, and signs indicate that this will continue.
- Rise of operational data: Data and machine learning are permeating all aspects of the media business, from content commissioning, to recommendation, to churn reduction, fundamentally changing the way advertising is being sold.
- 5G: High expectations abound, but the “when” and “how” of implementation or performance of the new, much-faster mobile standard will vary a great deal by country—as will the definition of “5G.”
The conference included two keynote speeches: “Innovation Scores a Winner,” from Jamie Hindhaugh, chief operating officer at BT Sport; and “UX x Technology: The implications of Entertainment Platform Trends for User Experiences,” from David Harold, vice president of marketing communications at Imagination Technologies.
The conference also hosted four sessions, each addressing an area of current interest. Those sessions, in chronological order, included streaming and the future of TV; new avenues for TV advertising; the case for ultra-high-definition (UHD) and more compelling viewing; and how opportunities are shaping up in the consumer virtual reality (VR) space.
IHS Markit speakers at the event, in the order of the sessions, included Jonathan Broughton, senior analyst for home entertainment; Daniel Knapp, PhD, senior director in media and advertising; Paul Gray, principal analyst for consumer devices; and Piers Harding-Rolls, director in games. Various industry executives were also on hand to serve as panelists at each session.
All told, the London event drew attendance from nearly 300 people, including C-suite officers, executive directors, and senior-level personnel from 57 companies in a wide range of industries—among them Amazon, Apple, BBC, Deutsche Telekom, Google, Goldman Sachs, Huawei, Microsoft, NTTDOCOMO, Shell, The Walt Disney Company, Twitter, and Vodafone.
Instructively, IHS Markit is a world leader in critical information, analytics and expertise to forge solutions for the major industries and markets that drive economies worldwide.
The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions.
IHS Markit has more than 50,000 key business and government customers, including 85 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, UK, IHS Markit is committed to sustainable, profitable growth.
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