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article imageDigital transformation of the media is all about tailored content

By Tim Sandle     Nov 14, 2019 in Business
The digital transformation of media is happening at a rapid pace, To survive, media companies need to introduce new content, services and tailored offerings, according to a new report from Accenture.
Media companies are focusing on one clear message when it comes to the digital transformation of the sector -'people want content on demand—tailored to their interests—and accessible any time they want it' - as Daniel Newman writes in an article for Forbes. The old models, where content is provided at a fixed time and aimed at the general population, is fading. This ties up with other assessments that the media and entertainment industry are going through a major transformation.
The key themes from the Forbes review - increased spend on digital advertising; expansion of multi-channels; more mobile content; and targeted marketing using artificial intelligence, are also reflected in a new report from Accenture. The report is titled "Fuel the core of your media and entertainment business."
The Accenture report looks at three main strategies that media companies need to adopt as part of their transformation initiatives (and, in some cases, survival strategies):
Simplify operations
This strategy concerns creating simpler operating models and efficient processes to remove unnecessary cost. This is because in many media companies overheads are too high. The report recommends that media companies look at outsourcing services like human resources and finance.
Zero-base spend
Media companies should budget from zero each year to surgically drive potential cost savings. Zero-base spend starts with a blank slate, as the report states: "forcing organizations to rethink all operating expense costs and reimagine their cost structure based on what’s needed in this new, disruptive environment."
Invest in the 'intelligent enterprise'
This means harnessing the power of artificial intelligence and analytics to find and sustain long-term potential savings. This is because data and analytics are seen as essential for media players to stay competitive in the future. This includes advertising, for "Intelligent Advertising brings efficiency and predictability to ad operations, creating opportunities to reduce resources and streamline tasks." AI can also be applied to content production.
The key messages across the Accenture report and the Forbes overview are: to prosper, media companies need to keep technology at the heart of what they do, and to use this technology to create compelling content and reach new audiences.
More about Media, digital transformation, Streaming, Entertainment
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