LONDON--(BUSINESS WIRE)--Quantzig, a global data analytics and advisory firm, that delivers actionable analytics solutions to resolve complex business problems brings to you comprehensive insights on three media and entertainment industry trends driven by the COVID-19 pandemic.
To recover from the crisis while laying the foundation for a thriving future, media and entertainment companies must focus on four key strategic opportunities:
- How to realign business models and technologies for better consumer engagement
- How to redefine relationships with existing customers during the spending pullback
- How to increase channel time and length of consumptions
- How to enhance customer retention through targeted marketing
A disruption that has confined customers to their homes presents an existential challenge for media and entertainment companies that primarily rely on driving positive customer sentiments and social activity. Talk to our analytics experts to learn how we can help you tackle such issues in the least possible time frame.
The COVID-19 pandemic has drastically changed the way media is consumed globally. With governments imposing restrictions on the movement of people, many are confined to their homes, as a result, social lives have moved online and online media consumption has witnessed a sudden surge from the at-home segments of television, online gaming, and over-the-top (OTT) media platforms. On the contrary, the external or physical consumption models are suffering, as social distancing norms and lockdowns are enforced by governments across the globe. With long-term implications, yet to emerge, the focus now is on the trends induced by the pandemic that has resulted in a major paradigm shift in the media and entertainment sector. The paradigm shift within the media and entertainment industry will further be impacted by the changes in consumer behavior caused due to lockdowns and travel bans. Our interaction with media and entertainment industry clients from across geographies has helped us gain detailed information on the challenges and opportunities in this sector. We have highlighted a few trends, that in our opinion, will play a pivotal role in redefining the media and entertainment industry.
M&E companies have made significant job cuts and process modifications to survive the initial response phase of the COVID-19 crisis, but as they transition from the response to the recovery phase, they must devise new strategies that can position them to be more successful in the post-pandemic era. Request a FREE proposal to learn how we can help you.
According to Quantzig’s advanced analytics experts, “The crisis has permanently changed the way customers consume digital media making it essential for media service providers to focus on an end-to-end transformation focused on catering to the dynamic needs of the customers.”
Media and Entertainment Industry Trends Driven by COVID-19
1: Mobile streaming losses ground to television
2: OTT services witness a sudden surge in demand
3: Media platforms have become conduits for virtual experiences
As media and entertainment companies prepare for the recovery phase, it’s essential to focus on key areas that will be greatly impacted by the transition from the reactive phase to the recovery phase. This can help them ensure a smooth transition and adapt to the new normal. Book a FREE solution demo to gain comprehensive insights into our advanced analytics solutions for the media and entertainment industry.
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal