[Journalism] A vision for the future of the media Industry_Avideverywhere_transcription_summary
the media industry is facing a period of unprecedented change
from the way media is produced and managed to the methods used to protect, optimize, distribute, and analyze content,, every part of the value chain is being affected. these changes have created enormous pressures and opportunities for media organizations and creative professionals. the market forces behind these challenges can be categorized around three key industry pain points.
the accelerated digitalization of the media value chain.
technology has enabled almost every aspect of how we live to become increasingly digitized. it is not surprising that the social desire to connect more directly, efficiently, and powerfully is also impacting the media industry. but the acceleration of this seemingly obvious digitization trend is having a massive impact on the media industry and fundmentally alter the value chain that has been in place for decades. at tis simplest the creative side of the value chain is fusing with the business or monetization side, causing the previously separate components to be inexorably linked, and providing the opportunity for a more interactive ,powerful and efficient connection at every step from creation to consumption.
this opportunity to connect the idea to create a piece of content for the enjoyment of another human digitally and more directly, is providing new challenges never before faced by the industry. Organizations are under intense pressure to connect and automate a their entire creation-to-consumption workflow-yet current technology solutions have stubbornly remained highly siloed. and road maps are increasingly disconnected from the most urgent industry needs. at the same time. digitization has lowered the barrier to creating content. and therefore increased competition for advertising and audience share. as a result, the need for seameless, integrated. workflows is greater than ever. this is not just a matter of business efficiency there is significant risk that those who do not adapt may not have a long term role in the media chain.
The "Consumerization" of content creation and distribution
Gone are the days when content creators had the ability to dictate when, where and how consumers enjoyed media. Not only are today's consumers more sophisticated than ever. they're empowered to create and consume content anywhere anytime, through nay device and any format, this consumerization ahs increased the cost and complexity of monetizing assets.as multiple format is ,distribution channels, and devices have proliferated. technology has also enabled content customization, tailored delivery model’s and created more sophisticated consumer analytics, as a result of all these factors. there is now intense competition for share of consumer's wallet and viewership. at the same time. it is now possible to understand consumption patterns, profiles and preferences, allowing an increased opportunity to monetize digital assets in ways that previously could only have been imagined.
Relentless pressure for operational efficiency.
Across the media industry. unrelenting cost pressures combined with drive for topline revenue growth are making a significant impact on spending priorities. While some IT budgets are growing slightly, strategic investment priorities are reorganizating away from creative solutions and towards solving the challenge of metizing protecting repurposing and optimizing content. Organizations are facing increasing technical and monetization complexity in the creation protection and distribution of high quality branded media assets and looking for innovative ways to solve these issues, technology, integration, vendor management, and interoperability challenges have mad already limited flexibility agility, and innovation even more difficult, the need for innovative thinking in the industry is obvious.
Market Forces at work
these combined pressures have dramatically altered the media industry value chain. in years past, organizations utilized a linear value chain in which content moved through pre production production, post production distribution and delivery with predetermined handoffs occurring between each process. In today's world. the previously linear value chain has fused to create a fluid. interactive, and multi dimensional process in which digital assets can be controlled all the way from concept to consumption.
in addition to changes in the traditional value chain digital technology is creating fascinating opportunities for measuring and analyzing content. Organizations now have the opportunity to use metadata analystics to examine why. when. and how consumers enjoy media. By incorporating immediate feedback into the content creation process. producers can tailor their output to consumer needs .like and trends.
With all of the challenges and opportunities in today's enviroment. what can media organizations do to win?
How to Win in Today's Environment.
An organization's ability to succeed depends upon how aggressively it can adapt to the new realities of its business. Many organizations are struggling not only with the tools to execute their strategic initiatives. but also with the organizational structure itself. which is steeped in a traditional siloed view of content creation and distribution.
The challenges created by the accelerated digitization of media assets. " the consumerization" of content creation and distribution and relentless pressure for operational efficiency have resulted in five specific needs for media organizations.
Integration content creation and monetization processes
in the new digital landscape. the content creation and monetization processes are linked. the cost pressures and opportunity to optimize and tailor delivery with increased integration puts a premium on a single integrated solution that is more efficient. powerful and flexible across the entire workflow. the core challenge for media organizations is to align their creative and business teams to act as one and to have the technology tools to enable execution across the enterprise.
Deliver Higher Quality. Inspiring Content.
While the value chain is chainging one thing remains clear. content is still king. in a market that is evolving rapidly and experimenting with new ways to engage audiences. high quality content. with a great image and audio experience. is the strongest driver of audience engagement. to motivate increasingly sophisticated consumers to act. studios. channels programmers and broadcaster need to produce high quality content that is created finished and distributed through professional production asset and workflow management systems.
Embrace Seamless ?Collaborative Workflows.
Just as consumers are no longer constrained by how and when they consume content. media organizations are no longer limited to working within the walls of their facility. Media professionals should have the tools that enable them to create share protect optimize. and distribute content collaboratively from everywhere. and while cloud enabled technology is an excellent tool. organizations should have the choice to tailor the environment in ways that work best for . not dictated by a particular vendor. Constant and real time connectivity now allow for distributed and complex workflow environments to be available everywhere.
To take full advantage. media organizations need solutions that will allow them to efficiently and easily respond to a broad range of content creation and distribution demands with a single integrated platform.
Protect and Optimize Media Asset Value
The intense changes to the business model require media organizations and professionals to get more out of each asset quickly and less expensively. This underscores the need for organizations with complicated business enviorments to rapidly create. access. distribute. and monetize content at lower cost. to do this effectively they need to ensure that assets are protected. are immediately available when needed. and can be repurposed easily and efficiently. Multiple siloed vendors following the traditional value chain are not only putting media organizations out of touch with consumers. this proactive is also siphoring ciritical capital in area such as integration and interoperability. is ways that still don't match the needs of today's environment.
Partners with industry Experts.
in order to credibly solve current and future challenges and stay on the forefront of industry innovation. media organizations need technology partners who offer deep industry expertise. who have a proven and trusted history of solving the industry's most complex problems and who have a lon term history of investing in the industry.
it starts with the Avid Media central platform .a common services platform providing the underlying media services. connectivity. orchestration. and administrative capabilities to support the entire media value chain. the platform facilitates an open and extensible environment that integrates with technology from ~as well as other providers. Content creators and distributors gain the ability to produce manage, deliver and monetize media that adheres to a common set of standards. Regardless of the vendor and tools they choose to use at each step of the way. in addition avid will provide complete flexivility over how when. and where our customers deploy and use our tools. we will never force customers into a model that doesen't work for them.