IoT is both disruptive and inevitable and for media and entertainment companies to be successful, they need to address risk and quickly innovate to respond to evolving customer needs and deliver rich content experiences.
According to a report by Ernst & Young, the use of sensors within IoT devices such as wearables, or phones will offer the biggest data unlocking potential and extra data will allow advertisers to target their ads to the right people. The report notes extra data will allow advertisers to figure out when and where someone saw an ad, in what context was it successful, and how many times that ad was seen.
Here are few key areas where IoT can be a game changer for the media and entertainment industry.
Data journalism incorporates analyzing and filtering a large amount of data to create news stories. Gathering, filtering and visualizing this data into relevant news is the core process of data journalism.
It has a wide variety of scope when it comes to story ideas as news worthiness is the only thing that matters.
Last but not the least; this is the only facet of journalism that has the power to move into any sector. Every big company needs journalists who are well versed with the skill of finding the relevant information, so as to generate valuable stories.
Google’s AdWords advertising platform matches with the media as the consumers want to consume content in terms of context, engagement and even performance. Facebook’s marketing and leveraging the newsfeed has made it a top revenue generator for itself and the media companies. Recently, many notable newspaper publishing houses joined Facebook for providing direct content to decrease the loading time.
Challenges with big-data
The biggest hurdle facing any media organizations will be about heavy IoT deployment to track and analyze the massive amount of data. Social media, sensors and embedded devices will expand the ability to gather data from previously unexplored areas, thereby making it imperative to create a sophisticated analytics.
A research from Accenture shows that finding top analytics talent to manage massive amounts of data will be difficult in the years ahead. The results projected to create nearly 39,000 new jobs for analytics experts through 2015, but only 23 percent of those roles are expected to be filled. Companies will need people who know analytics and have a solid understanding of what this new data means for their specific industry.
Use of IoT enabled devices in warzone
It’s a strong possibility. Google and Amazon are already testing their new drone technology meant for product delivery.
In future, it is possible that such devices will be available to the journalists so that they can track their assets and provide real-time news coverage from the warzones safely.
Connected smartphones with IoT enabled sensor will be able to generate news through data and deliver relevant news to the individuals based on previous consumption and habits. In the US the Pew Research Centre’s analysis of the news media found that 39 of the top 50 news sites get more traffic from mobile devices than from desktops.
The real value for the media industry in the age of IoT will be serving content that can function seamlessly across all devices for highly-mobile consumers.
Apps for wearable devices can drive new subscription and advertising revenue for the media and entertainment sector, comprising publishers, broadcasters, and entertainment companies. Therefore, developing a suitable wearable media strategy is important for media companies.