The year 2018 has witnessed many profound developments that are forcing the media and entertainment industry to rethink their business models. Indeed, some are keenly exploring how best to leverage new technologies and standards such as IP, AI, AR, VR and SMPTE ST 2110 to transform their work practices, monetise their media assets and engage their fragmenting audiences.
The rise of FAANG, namely Facebook, Apple, Amazon, Netflix and Google, in 2018 is also causing consternation among many TV stations. These high-tech giants have deep pockets and global audiences; and they are slowly but surely producing their own compelling original content. Netfix has allocated US$8 billion to fund new films and TV series; Amazon and Facebook have acquired live streaming rights for popular sports events, including the English Premier League!
Indeed, navigating the state of flux that is upon the industry may also impel media companies to meld or transcend their original vision and mission. How? Consolidate resources and co-create values — just like what Comcast is doing, taking over the UK’s Sky. And there are more mergers to come …
The new year is just round the corner and as we enter the festive season, let’s cast away our concerns for a while and enjoy the respite that Christmas brings.
Merry Christmas and may 2019 be a Bright & Prosperous New Year for one and all!