The Asia Video Summit 2020 (AVS2020), an annual industry event held by Asia Video Industry Association (AVIA), wrapped up the year with optimism over better prospects for the industry in 2021 and call for more collaboration among the media players.
This year, AVS2020 attracted over 1,000 delegates from the Asia-Pacific region. It broadcasted a series of successful virtual events and webinars live from a studio.
Day One of the summit started with a macro-economic update from S&P Global Ratings’ Managing Director and Chief Economist, Shaun Roache, who remained upbeat about the economy and the potential of an early vaccine for Covid-19 could bring recovery forward.
The way people consume goods and services would also change fundamentally and would be the key thing to watch over the next one to two years, said Roache, who also drew the analogy of “a dimmer switch rather than a flick of the switch” for the gradual resurrection of economic activity.
Annette Kunst, Regional MD, Southeast Asia and New Zealand, Nielsen Media, during her session on The Fortunes of Free TV, shared that as the myriad ways to access content evolves in tandem with technological advancement, a fundamental shift is observed in consumer viewing habits.
She said that while more broadcasters embrace new business model in streaming, the old adage of ‘Content is King’ continues to ring true. With local content being the key connectors to audiences and driving viewership in South-east Asia, collaboration becomes a key enabler between content providers and producers.
However, the title for “queen” remains contested by the panellists throughout the three-day summit. According to Ivy Wong, CEO of VS Media, “the community is the Queen”. This sentiment was also shared by Agnes Rozario, Director of Content, ASTRO, in her panel on Content Cravings. Rozario highlighted the need to produce content that is relevant and close to the hearts of their viewers through data mining and analytics, to inform decision-making on the content piece and to put consumers first in order to engage them.
All in all, in spite of all the innovation, technology and data at hand, Tom Keaveny, Chief Innovation & Information Officer, beIN Media Group, summed it up well in his panel: “It’s not old media or new media … it needs to be all media. Great content … will always find its value, and the ones who can curate it, treat it, market it and price it the best, will be the ultimate winners.”