The following article A World of Differences by Chris Lederer and Megan Brownlow talks about the economic and financial spending of Entertainment and Media Industry in different countries in their stride to enter the digital medium. The article predicts the future trend of these industries in five different landscapes namely –

Demography – Here the hypothesis in the article says that younger people consume more media and older ones and are more open to adopting digital behaviours. The research shows that EnM companies of countries with younger population have a spending growth rate on digital mediums more than the countries with older population.

Competition – Here it says that content is being redefined by forces of globalisation and localisation simultaneously. Much of the E&M industry is growing more global, but cultures and tastes in content remain steadfastly local. Content-based business models across the world are being transformed to support this coexistence of global and local content offers.

Consumption – Media is being made at an enormous rate. The ability to choose and design what one wants to watch or consume is very important and it is one of the latest trends that is developing. The big battles will no longer be fought mainly over networks, cable channels, and upstarts gaining access to content. The new battles will be among cable incumbents, technology giants, and telecommunications companies, fighting over gaining access to distribution.

Geography – EnM companies have one set of strategies for developed nations and another for developing nations. But these dynamics are changing rapidly. These divergences are driven by different factors such as different growth rates in different sectors, regulations and so on. The challenge for E&M companies is how to navigate around or through the barriers and thus gain access to these markets’ expanding consumer opportunities and growing revenues. One option is creating new, tailored business models and local joint ventures or partnerships, and then localising content and advertising experiences to comply with local regulations on such issues as decency and public health, as well as to suit local tastes.

Business Models – With the growth of technology and digitalisation is forging with new business model and even new industries that are able to integrate the capabilities and approaches that create value for consumers. E&M companies that embrace technology and combine it with industry-centric assets — such as relationships, customers, and knowledge — will thrive and evolve.

Personal Experiences

I traditionally come from India and am here to study in Australia. One of the examples I’v seen is the Netflix and Spotify companies which were available for subscription in Australia but not in India. These trends of online streaming are emerging in India. Last year Netflix paved way in India and how. Had already been popular globally, with the launch in India, local cable companies struggled as one could watch the latest movies and TV series in good quality at a convenience.

Same goes for Youtube Red and Spotify, I have downloaded music illegally less compared to a few years ago. Feeling less guilty yes!

All these factors resonate with the points the article makes as to how an EnM company must comply with the latest technology, local and global trends and market position in order to survive in this changing media landscape. For E&M companies with the right strategies and insights, the opportunities are legion. And the shifts play to the strengths of companies with big market positions, capital they can invest, strong brands, and strength in understanding local tastes and preferences.