IoT in Media Industry: What are the Key Drivers of Change & Transformation
The steady and solid rise of the Internet of Things (IoT) has led to digital disruption entering its next phase. It is estimated that one in four US consumers are interested in at least six IoT services. Even business leaders in all industries have not only taken notice, but they have also started implementing the power of IoT in day-to-day business protocols. Every individual involved with modern technology today is actively looking to take advantage of IoT’s potential to transform everything from customer offers and relationships to internal processes and operations.
For the companies involved in technology and communications, the opportunities that IoT present are much more significant. And this keeps the stakes much higher on the pedestal. Technology and communications providers are the ones that will deliver the power of IoT to everyone else, hence it becomes inevitable for them to become the key players. If the right bets are placed, the payoffs will be enormous. If they stumble, even for once, it is likely that they will lose millions to competitors who made wiser strategic choices and alliances.
Most of the consumers focus on connectivity. They want the IoT enabled gadgets and services to work, without having to think about purchasing or programming them. In such cases, the company that provides the most desirable package of converged services, with the highest convenience, wins the customer. It is as simple as that.
How is IoT changing the way media companies interact with their consumers?
Many Content Providers and Aggregators today can be called as a new breed of business. Their model is based on serving content directly to any IP device, or packaging and serving content from multiple providers directly to consumers on a subscription basis. With the penetration of IoT in our day-to-day lives, content providers and aggregators have adapted their content and packages to any connected smart object and IoT platform, serving their audience across a wide array of digital channels.
IoT today, has enabled Digital Content Providers and Aggregators to entirely shift the traditional content and entertainment space. They are now able to leverage their position in the home offering a plethora of new services – utilities, smart metering, home automation, etc – which have been developed directly or in partnership with cross-industry players, within the same subscription packages and established customer relationship. These same service providers, with the aid from IoT application development services, have been able to offer these packages using their key capabilities to build a delightful and engaging customer experience around content.
Similarly, they have become aggregators of IoT services, who are leveraging on their longstanding and trusted relationship with their customers through the medium of their brands, their presence on multiple digital touchpoints, and their direct billing relationship – together with consolidated sales and customer care channels.
What are the key drivers of change for the media houses?
- Offer immersive content
Along with emerging technologies like VR and artificial intelligence (AI), IoT has created an entirely new ecosystem of user interaction such as voice and gestures, and opportunities for storytelling. All these emerging technologies provide the audiences with a new perspective, and allow characters a new voice, across different platforms – making storytelling an immersive experience, enhanced by augmented reality and personalized content.
- Monetize data analytics
Media houses have the ability to track and analyze customers’ reactions to peculiar content and experiences can be valuable internally to guide content spending and also to enlarge advertising opportunities. The overall ability to collect both conscious and unconscious emotional reactions to content helps these companies to generate valuable insights for marketers, over and above standard advertising metrics.
- Go above and beyond for innovating content
There are media companies who are capitalizing on their consumer relationships for creating new services that are complementary to their core proposition, addressing specific customer needs. They are utilizing their brand to bundle content with additional services, operating as market makers for the adoption of new services around the home, security and health. Pioneers in the media industry have aggregated and integrated a range of services from other providers on a proprietary platform, increasing customer stickiness.
There are immense opportunities for technology and communications companies to create a distinct advantage in the lucrative IoT space in the coming years.
Albert Smith is a Business Development Professional with Hidden Brains Infotech, a leading Enterprise Web & Mobile App Development Company specializing in mobile & web applications, IoT, Cloud and Big Data services. He provides innovative ways to help tech companies, startups and large enterprises build their brand.