Digital Transformation is indeed a prominent aspect of every industry’s makeover today. M&E (Media & Entertainment) industry has undergone a 180° makeover due to the salient role played by digitally disruptive technologies. Digitalization is changing the way we perceive or understand the content available online. To cater to the expectations of today’s digitally-skilled content consumers, the M&E sector is coming up with diverse strategies to provide the ultimate UX (User Experience) and Content Experience.
In this blog segment, KR Elixir Technology will talk about how Digital Transformation has woven a tale of success for the entire media and entertainment domain. Keep reading to learn more.
What made Media & Entertainment Industry embrace the power of DT (Digital Transformation)?
Digital Transformation allows organizations to perform to their greatest capabilities with sustainable growth and development. Here are some figures we’ve put across to convey the same.
91% of businesses have implemented some form of digital initiative whereas 87% of senior business leaders consider digitalization to be a priority. (Gartner)
Investments in Digital Transformation are rising at more than 3X the rate of overall IT spending. (Forrester)
Digital Transformation is expected to add $100 trillion to the world economy by 2025 while platform-driven interactions will enable approximately two-thirds of the $100 trillion value at stake from digitalization by 2025. (World Economic Forum)
Intelligent systems will drive 70% of the customer engagements by the end of 2022. (Gartner)
30% of organizations will increase innovation and reinvent their business models to future-proof their businesses. (IDC)
Before moving ahead, here’s something more we would like to tell you about Digital Transformation (DT) with the help of two greatest examples in the M&E industry – Netflix and Disney.
Netflix, one of the infamous online streaming service providers, saves $1 billion each year because of Digital Transformation. How? With Netflix’s superb AI-powered recommendation engine, users can consume the content they want as the said recommendation system works by showing personalized content instead of popular ones so that users get to watch things that they actually prefer. The AI recommendation engine filters out the movies and series based on each user’s past viewing history, watch behavior, and preferences to keep the customer attrition rate to a bare minimum.
Whether you are a toddler or a super cool teenager or an adult with endless responsibilities, Disney will indeed find a place in your life. Disney’s TA (Target Audience) is not a particular age group but rather the entire world! Although Disney is a brand associated with kids and teens, the celebrated entertainment and media conglomerate does have amusements for every group to enjoy. Disney has made Digital Transformation its best friend. In Disney’s words, “The Disney Platform is a combined set of data, technology, and creative capabilities that empowers advertisers to buy once and deliver everywhere, addressing the market’s needs for an automated and fully addressable future.”
Speaking of Disney’s World, Disney utilizes advanced machine learning algorithms to plan precise resource allocations. With continuous updates, park operators can better allocate 80,000 employees across 240,000 shifts each week. This enables Disney to actively predict and manage costumes and laundry requirements so that guests can have a magical and memorable experience. With Disney World’s digital wrist band aka MagicBand, guests can now have an enjoyable and convenient experience. The MagicBand helps in unlocking goodies at the resort and comes with premium benefits, such as photo access, keyless entry, customized itineraries, digital maps on the phone, and so on. The digital wristbands are the cherry on top because they are customizable, waterproof, and come with short-range Radio Frequency Identification (RFID) technology and a 2.4 GHz transmitter to track the guest’s location for his or her safety.
To conclude, the M&E industry is thriving in the era of digitalization and will continue to do so in the coming years as well. Digital Transformation in the Media and Entertainment industry has not only empowered M&E brands to deliver only the positives but has also redefined the way we perceive content and amusements these days.
Embark on your Digital Transformational Journey with the power of KR Elixir Technology’s robust digital solutions. Connect with us to learn more.