LTI recognized as INNOVATOR in Avasant’s Media & Entertainment Digital Services 2021-2022 RadarView report!

The media & entertainment industry has experienced transformational changes for over a year. The closing of theatres, live event cancellations, and a drop in print media consumption has led to exponential growth of digital content. As consumers are increasingly opting for OTT platforms, e-publishing, new media, online gaming, digital advertisements, and music – adoption of digital technologies has become the most essential criteria for survival.

Avasant’s (a leading management consulting firm) ongoing interactions with industry leaders indicate that there is growing awareness about digital transformation being the key lever ahead. However, the top challenge for organizations is prioritizing investments in digital projects across value chain segments to ensure business sustainability and drive growth. Thus, there is an increasing need to partner with the right service provider. As digital and business transformation is a top priority for media & entertainment companies, the role of the service provider has evolved beyond cost optimization enabler, to strategic advisor.

A recently published report by Avasant, Media & Entertainment Digital Services 2021 – 2022 RadarView^TM recommends how digital services could transform the customer experience for Media & Entertainment industry:

• Address proactively the content requirements to revitalize business growth
• Analyse user profile and offer the right business model to improve conversion ratio
• Personalize customer experience across critical touchpoints for improved engagement
• Harness the potential of 5G, immersive reality, and AI to drive business growth
• Evaluate inorganic routes to provide differentiated experiences and build new growth avenues.

In this report, Avasant identified the key trends shaping the media & entertainment industry across the four most significant areas – Content, Customers, Business Models, and Trust & Safety, and detailed out the transformation road ahead:

1. Actively evaluate inorganic routes to increase the subscriber-base and offer new business models – enhance customer experience by expanding content library.
2. Digital-led experiences, streaming of famous events, and mixing subsegments is gaining considerable traction – to differentiate themselves from competitors and attract a younger audience, entertainment companies must explore emerging, tech-enabled experience entertainment and innovative business models.
3. Invest in 5G for optimizing workflow and enhancing the overall customer engagement: As customers are increasingly leaning towards experience entertainment, it is crucial that enterprises evaluate potential 5G uses-cases.
4. Leverage predictive analytics and AI for improving content quality, increasing revenue, and enhancing experience.
5. To stay ahead of the competition and ensure business continuity, all media & entertainment companies will have to invest in emerging technologies for enhanced customer experience and revenue growth.