BackChanges in consumer behaviour to benefit digital businesses: EY
Advertising on digital platforms is expected to grow 5-15% over the next year, says the report by EY
PremiumDigital businesses in media and entertainment, such as audio and video streaming, online gaming and subscriptions, eSports, and visual effects, will benefit from the rapid changes in user behaviour and consumption, post-covid-19, said a report by professional services firm EY.
Advertising on digital is expected to grow 5-15% over the next year, it added, in the report, titled Building a resilient enterprise—Now, Next and Beyond.
Segments, such as online education, broadband and internet, hygiene, over-the-top streaming and home entertainment, e-commerce, health and wellness, and online banking will see 68%, 66%, 62%, 61%, 50%, 47% and 46% rise in consumption, respectively, showed an online survey of over 1,300 people conducted in May by EY.
Online gaming tops the list with little impact expected on its advertising and subscription revenue, supply chain continuity, job security, long-term demand, cash flow, and brand loyalty.
A lot of production companies are at present unable to produce content in actual physical spaces and are bogged down by high dependence on advertising for revenues. However, the strengths and opportunities for the media and entertainment sector lie in working from home, manpower optimization, digital community creation, and people turning to entertainment out of a sense of escapism while the demand for news and knowledge increases in times of trouble.
Content producers must build a secure back-to-shoot program to enable resumption of content production, refresh global content library with international releases, continue to invest in OTT platforms to take advantage of changing media consumption patterns, and implement artificial intelligence targeted subscriber acquisition plans across media, the report says.
“The pay economy for online content will be successful if we work with quality content and price it in the right manner," Vishnu Mohta, co-founder of Bengali video streaming platform Hoichoi said in an earlier interview.
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