ENCINO, CA / ACCESSWIRE / August 22, 2019 / For almost two decades now, the primary challenges before the media and entertainment (M&E) industries have been to take in stride the onslaught of digital disruption and adapt their operations to the changing realities. As internet speeds increased and connected devices began to be preferred over traditional PCs and TV sets, executives in the film, television, music, and gaming sectors were forced to reconsider their existing business models and incorporate digital media into their strategies. The efforts to adapt also had to take into account the social media explosion and the wide availability of mobile internet, harnessing the former to engage consumers and relying on the latter to attract the younger demographics. In the M&E world of today, digital is the guiding force as well as the creator of new opportunities, comments industry expert Daniel Aharonoff.
The fundamental shifts occurring in recent years have not made traditional forms of entertainment obsolete and are unlikely to do so, most analysts say, noting that people still go to the cinema, buy tickets for concerts and sporting events, and watch TV. Overall, the industry remains in good health: in its Global Entertainment & Media Outlook 2019-2023 report, PwC projects that total M&E revenues will rise from $2.1 trillion in 2018 to $2.6 trillion in 2023. This translates into growth at a compound annual rate of 4.3%, which remains in line with historical trends despite the impact of shifting consumer behaviors. However, the report notes that a steadily increasing portion of revenues comes from digital, especially mobile, and technology has empowered end-users to the point where the ability to personalize has become the decisive factor in their choice of entertainment and media providers. “Consumers are using an expanding array of connected devices to organize, curate, and discover their own unique worlds of media. In response, companies are designing their offerings to revolve around personal preferences, using data and usage patterns to pitch their products not at audiences of billions, but separately at billions of individuals,” PwC points out.
With consumption and engagement increasingly moving online, content providers have been adapting to the new norm through the launch of streaming platforms and subscription services. The initial shock of the digital disruption was most keenly felt in the music and print sectors, which suffered long years of sharply declining revenues. However, they have started reversing the trend due to the launch of online platforms supported by advertising or paid subscriptions, as Daniel Aharonoff notes. Many film and TV studios now provide a video streaming service, allowing viewers to consume the content they desire at a time that suits them. In addition, digital offerings enable producers to reach beyond their home markets in a cost-efficient way, greatly expanding their user bases and revenues. “Globalization is critical to M&E companies looking to build scale, open new markets and remain competitive…[They] must be more open than ever to the opportunities of growing their international operations,” according to John Harrison, head of EY’s Global Media & Entertainment division.
Daniel Aharonoff has been involved in the digital media space for more than 20 years, laying the foundations of his remarkable professional success with his appointment as a strategic consultant to NBC Television. He advised the company on the launch of its VideoSeeker online service and showcased its digital properties on numerous pioneering portals, among them World News, The Tonight Show, and Saturday Night Live. This assignment was followed by the position of acting CTO at FoxKids and Fox Family Channel, where Aharonoff consulted on all technology and digital media initiatives. In 1997, he founded movie content aggregator VideoDome Networks, serving as its CEO until 2004. After a number of senior roles at digital media companies, he joined BroadScaler Consulting in 2009, assuming the CEO responsibilities.
Daniel Aharonoff - CEO of BroadScaler Consulting & Digital Media Expert: http://danielaharonoff.com
Daniel Aharonoff on How Digital Media Is Re-Shaping Entertainment Industries in the USA - YouTube: https://www.youtube.com/watch?v=I631AvBqtAM
Daniel Aharonoff Continues Pioneering Work with Latest Streaming Media Investment: https://finance.yahoo.com/news/daniel-aharonoff-continues-pioneering-latest-212000855.html
SOURCE: Daniel Aharonoff