By Saket Dandotia
The Covid-19 pandemic has brought in innumerable changes and evolution within mankind and the most vital transformation it brought is in the content consumption pattern. Content consumption patterns have seen a dynamic change, especially in the media and entertainment industry. The world is witnessing a whole new ground of content capacity that the industry holds. With folks confined to their homes, our social lives have touched on-line, and amusement consumption has risen notably among the at-home segments of TV, on-line diversion, OTT, etc.
As this habit grows, it comes besieged with scope, opportunity and market growth for significant ad-models and monetization streams. Digital business models are routing towards newer ways of monetizing and integrating newer technologies, Ad-spends, money management, and profit protection with bigger technology integration, which without a doubt is one of the most important strategies for content firms.
What is the future of digital content?
As per industry reports of last year, it is projected that Bharat would have a billion digital users by 2030. We currently expect this ‘digital billion’ mechanical phenomenon to accelerate the addition of the latest users by increasing the comfort and confidence of the present digital group. Online diversion consumption will without a doubt become drastically popular in the times to come amongst the younger populations, whereas older folks would turn heads towards ancient TV content delivered through a digital system.
Ad-Revenue in crisis?
While digital media consumption is increasing, maintaining Ad-revenue will remain a challenge. With the economy already underneath stress, key ad-spend sectors have seen important traction. Most media shops derive a big share of their revenue from advertising, and the current pandemic has brought advertising to a standstill in several sectors.
With viewers/ consumers in a financial dilemma, the ad- spends might hit a rough patch for now but with the quick in action strategies, quick executions post-pandemic could also lead to a possibility for advertisers, brands, etc to cope up with the unfortunate losses the industry suffered.
The Post- COVID consumption trend and why consumers are all set to pay:
Researchers suggest that the content consumption over digital platforms has doubled over the pandemic and only seems to increase post it. Where normally people consumed content for over three hours have now been getting used to six hours’ worth content in a day. The best example for the consumption data could be the crazy uprise that fitness and health sites witnessed due to the panic buying that viewers have been doing. Experts say that the number of taps for organic products and supplements has topped profits like never before.
With influencers promoting everything skincare, one can only guess how much of a percentile rise the Beauty Industry might have elevated by. An estimated 317% worldwide is the growth expected. With users consuming more and more content every day the content creators, advertisers etc have got to stay alert enough to promote and sell quality products because this is the right time to leverage the demand for your brand with Consumers being all set to pay for digital content post- pandemic era.
From content creation through distribution and validation, Media & Entertainment firms are often expected to increase their dependence on technology to form value efficiencies and levy opportunities. With bigger harnessing of cloud and remote operating solutions, firms could verify efficiencies within the approach they conduct business, even across revenue-generating functions like sales.
The uncertainty of this pandemic along with it bought a major pitfall in the financial stability of the lives of the people. Not only were the advertising and entertainment industries affected terribly but what stooped down to losses in the majority is the economic status of people worldwide. So this is a given that the strongest survived and the weak drowned into poverty but what is most obvious to predict is the human tendency to bounce back into survival and that is to definitely happen in the near future post-pandemic. With job opportunities back in offers, we will witness the new normal of content monetization and loyal consumers all set to pay for more digitally available content, products, etc.
The author is COO and co-founder, Toch