The industry is facing rapid change driven by technological advancements, fundamentally altering the media supply chain as consumers demand higher quality content delivered instantly.
That was the conclusion of more than 20 senior executives during a wrap up event at NAB 2017.
Hosted by the Digital Production Partnership (DPP) and Ooyala, who together jointly published The Need for Speed report, the discussion focused on how the industry will be transformed and potentially disrupted in the next five years.
Fit for the future
The report highlighted broadcasting can still be a profitable business with established media and entertainment players needing to refocus on the bottom line.
21st Century Fox Chief Technology Officer Paul Cheesbrough said: “We’re increasingly seeing the same level of disruption in the media and entertainment industry – and with this comes a need to think differently and move more quickly in the way we think, execute and operate”.
Organisations are now required to be agile throughout their entire enterprise, from technology and operations to the business processes.
“Other sectors, such as consumer products and publishing, have has to transform their business models and change the way they think about technology both internally and externally,” Cheesbrough said.
‘I agree we’re at a stage of transformation in the industry’ - Julie Sterling, Google
Google Head of Partnerships Julie Sterling said: “The speed and agility that we can help bring our content partners is first and foremost in Google’s mind”.
The report highlights dynamic and provocative discussion around data challenges, the need for broadcasters to innovate and challenge alongside the rise of disruptors.
Consumers are key
“Everyone agrees consumer behaviours will drive significant change in how content is supplied,” DPP Managing Director and author of the report Mark Harrison said.
“The real question is just how it will reshape the existing triumvirate of producer, broadcaster and online platform. Some of the leaders were very clear where they are placing their bets – and it makes fascinating reading.”
Ooyala Co-Founder and SVP of Products and Solutions Bel Lepe said: “Integrated Video Platforms, or IVPs, are required to let collaboration thrive, allowing content providers to be agile and adapt quickly to an ever-changing market, streamline processes and apply the data they already have in a smarter way to simplify decisions.”
IP leads the way
The report illustrated that if IP and cloud – both of which were a major focus at NAB – are the new engine to drive content faster from conception to consumer, while ultimately data is the key to successful integration of content for consumers.
“The advantage that comes from being informed by data doesn’t only relate to consumer behaviours. It is just as relevant in the operational processes required for the movement, management and distribution of content,” concluded the report.