I believe Media and Entertainment (M&E) industry is in the cusp of change. OTT is the buzz word; gone are the days when content enterprises used to look at Netflix, Amazon and Hulu as their distribution channels; who would have thought they would be their competitors! To top it all, content enterprises are battling with low margins. Cycle times reducing from 30 days to 30 mins; they have to deal with speed, volume, consumer engagement, devices, platforms, monetization and everything digital which is the new normal. We at Prime Focus Technologies (PFT), call these Digital Next realities.
These seem to be the conversation drivers at IBC. As an IABM gold member, I also got to participate in some of the key sessions organized by them, which were very informative. I particularly found “State of the Industry Conference” insightful.
We also spoke at IBC 2015. Ryan Waldron-Leigh from our UK team spoke on “Marrying real-time metadata with live events to automate production for multi-screen” – another key topic at the show. In the world of digital & videos, it is ironic that we still search for videos with text! Now that’s a topic for another day!
What is also interesting is that I see more acceptance for Cloud now than ever before. The technology players are spending enough & more dollars on security to ensure their customer’s content is well protected.
I strongly think, very soon, just like automotive, manufacturing, healthcare, you will see M&E industry also undergo a major transformation. If they have to function efficiently, focus more on creating better content and increase their revenue, they need think different. You will increasingly see M&E industry go beyond vanilla MAM and look an enterprise-wide software. An ERP system that is specifically tailored for M&E industry.
And CLEARTM, our flagship product, does just that where it brings content to the centre of our customers business, helps drive operational efficiencies and increase monetization opportunities.
I was reading a recent report from Fortune where they named Netflix, AMC and Lionsgate as fastest growing companies in the entertainment space – all owing to their big bets on original programming. This shows how important it is to let the content enterprises focus on what they do the best – create better content and let technology players take the lead on managing their technology for them. It is an exciting time for companies like us! And we are glad to be a pioneer in the ERP space for the entertainment world.
The author is Vice President & Global Head, Marketing & Communications at Prime Focus Technologies.