Evolution Of Media And Entertainment Consumption Habits Media Essay

Evolution Of Media And frolic Consumption Habits Media EssayThe Media Entertainment (ME) sector comprises the creation, aggregation and scattering of marrow, more than specifically parvenus, schooling, advertising and amusement through with(predicate) and through a trope of bring and platforms. The combination of modern digital distribution modalities and evolving audience inspiration habits and demands has go along to challenge traditional ME yield line models during 2009. It likewise could mark the initiation of a drastic transformation that reshapes the entire ME ecosystem.There seems to be a secure competition as farthermost as the media diligence is concerned, with industry players battling for the eye-balls of the viewers and readers. In this rat race, only those ME companies go a path survive that be able-bodied to rapidly station and react to the evolving demands and function patterns of end users.As the m has evolved, ME role has underg one a parad igm shift. During old days the entertainment through media typically meant a few grainy channels on the idiot box or tuning into edgeed stations on the radio receiver or else gorging on stale raws from newspaper or reading a hard copy of a book. In those days, outdoors were more welcoming. at present, one is spliceed to the world through survey of hi-tech net causeed means. As the consumers befool changed, so has the media (Kenneth A., 2009 3).Advancing technology has been the single biggest factor behind this resurgence. The corresponding technology has also created cultural shifts. Now consumers lay down understood their world power and have drive more demanding. Earlier they would adjust their daily system according to the availability of the substance. Today, the providers have to wrap up their dissipateing and publish as per the consumer choices and conveniences. With the growing popularity of tools uniform cell phones that change pulling of media softw be, med ia has cause location agnostic. The use of favorable sites has to be seen as a halt changer. At any given point people atomic number 18 exchanging nones with for each one other about media gist and the death or survival of promulgated or broadcast suffice are decided in piece of seconds.Consumers have liberalized themselves from limitations and are enjoying greater choices and enlarged personal freedoms as far as media and entertainment are concerned. Along with independence, enjoyment has also materially gone up. This has led to a double edged challenge for the suppliers-great returns and signifi loafert risks. In the era of technology shifts it is imperative that only those media and entertainment entities that change themselves to rapidly identify and act to the growing demands and consumption patterns of end users give survive (Bill, 2005 26).There is a single measure that can enable these companies decipher complex customer requirements-information. The key is to filter through this information using analytical tools and gather intelligence that can be efficaciously used. In nutshell, ability to apply intelligence and creation and sustenance of faithfulness among its consumer will be the major deciding criteria that will enable media companies to succeed success in an increasely competitive marketplace.There appears to be plenty of shipway in which the users can recover and enjoy diverse media and entertainment content due to its mass availability. The cost of switching is also lowly for end users who deprivation to switch to new content providers or media and entertainment companies. The greatest challenge in the media industry seems to be the changing loyalties of consumers forcing them to identify ways of tailoring content in compelling, highly targeted ways (Kenneth A., 2009 6).2. Factors formative Consumer Behavior2.1 Quality of ContentTodays well informed consumers expect a spectrum of content granularities. Their demands whit ethorn change depending on the time, their device/network characteristics, and scour their moods. This forces the providers to customize content so that fits within the media consumption patterns of the consumer.2.2 Structure of obligation ModelEven though certain content will always be paid for, tariff remains a debatable loss. The users want low fee for themselves and expect the companies to generate most of the content through advertisements. In reality lot of content particularly on the online media are co-created between the company and the consumer. This challenges the companies to design superior quality, customized content and charge the consumer less(prenominal) for the same.2.3 Timing of AttentionIn spite of variety new digital content that has replaced earlier scarcities along with easy access the only issue that has emerged seems to have been that of user attention. For the content providers, getting user attention has been nada short of a battle.2.4 Real Time Exper iencesThe evolution of real-time business intelligence is enabling mass-customization of content and entertainment that delivers highly personalized and pleasing experiences, consumers are demanding more.2.5 CompetitionME companies have been force into transitioning into non-traditional roles. communicates are providing content online to consumers, bypassing traditional railway line or satellite distribution telecom companies are competing with note via net profit Protocol telecasting platforms and cable companies are competing with telecom companies with section over IP. As competition and churn rate increases, customer information analysis can provide competitive advantage for customer retention.(Barlow, 2009)3. pretend of Changing Media Consumption Habits on Media IndustryRapidly changing consumer tastes and increasing digitization has created a summate of industry- extensive challenges. Some of these are protecting intelligent property, continuing historical revenue streams and finding ways to utilize and legitimize emerging new platforms for traditional content including print, filmed entertainment, and recorded euphony as well as user-generated content and other new services, applications and formats that repugn for consumer mindshare and time.3.1 GamingThe interactive gaming sub-sector has enjoyed tremendous growth because of changing demographics. increasingly gamers are older and there is significant growth in number of female population engaging in idle time. Introduction of new growth segments like mobile and online gaming, successful titles and the phenomenon of in-game advertising, resulted in gaining mass popularity for this new medium (Kenneth, 2009 3).3.2 Entrainment CompaniesGrowth of multiplex culture in upcoming metros and excerpt of entertaining oneself at home through DVDs, home theatre systems, has forced filmed entertainment companies to embrace the digital distribution business. The traditional ME players are strugglin g to understand and exploit new distribution windows, metrics and economics. However, as long as the demand for professionally-produced content remains high, the filmed entertainment industry will observe to evolve and find new ways to monetize their content.3.3 BroadcastersSince traditional networks and broad-based cable networks own very little of their content and their advertising-based business being centred on attracting eyeballs and reselling attention, they are greatly impacted by shift in audience preferences. On the other hand, most themed cable networks have targeted subject matter and audiences and, hence, have an opportunity to extend their brands into products, events, and so on3.4 Print MediaReduced cash flows caused by the migration of readers and advertising dollars to the profit, compounded by 2008s economic downturn, are threatening newspapers very existence. Major consolidations may be their only avenue to existence.(Kenneth, 2009 5)3.5 MusicWith introduction o f high tech electronics gadgets like mobiles, ipods, MP3 players containing dedicated software for superior quality of music and growing number of radio stations the music sub-sector is being forced to transform. There has been a wave of publicity surrounding new audio sources such as satellite and iPods, which may evanesce rough to believe that traditional over-the-air radio services are losing a significant portion of its audience to these new choices. Currently, 20% of Americans subscribe to satellite radio, own an iPod/MP3 device or listened to Internet radio in the past week, compared with the 95% of Americans who listened to radio during the week. The sub-sector will continue to see decreased revenues for years to come and there is substantial likelihood of tomorrows music industry to be very different from what it is today. (Bill, 2005 20)4. The imperatives for the Media Entertainment industryMedia market is a heterogeneous mixture of human beings with multi-variant econom ic, cultural, social and establishmental characteristics. This is the market whose consumption pattern should be responded to by appropriate payoff levels if the media industry is to remain in business since superiorist production can only make sense when converted to monetary terms at the end of the process. Even public service media companies like state television and radio broadcasting need to produce according to viewers and listeners tastes if the insurance objectives of their formation are to be realized (Bill, 2005 24).5. Recommendations for ME companies5.1 Content DigitizationToday digital is in while analog is out. ME companies should transform all content in digital format so that it can be readily edited, stored, combined with other digitized content and rapidly repurposed as needed. Content demand to be tagged through a metadata framework which enables its easy location, denomination and helps in determining digital rights permissions. It is critical to have smoo th collaboration from pre-production through post-production all along the value chain.5.2 Flexible Business ModelsWith media and entertainment consumption pattern undergoing rapid shifts, traditional business models are become obsolete and thus unable to fully capitalize on the for sale opportunities or counter threats in contemporary market. In such case, borrowing of flexible and evolving business models will help ME companies to sustain competition (Newman, 1991 215).5.3 Targeted consultationRevenue, e modifiedly through advertising can be maximized if consumption patterns could be effectively analyzed and identified. This will aid the ME players to break down larger segments into interest-specific fragments and deliver truly targeted and less intrusive advertising.5.4 Active Participation through User-Generated ContentThe knack to actively engage its consumers and create a connect would give any media entities the ultimate competitive advantage. It has also been observed t hat booked customers have the probability to be loyal. They consume more content, evangelize for content and services they use, and can act as a barometer for cultural and expert change (Bill, 2005 23)5.5 Content Protection and Consumer PrivacyDevelopment of grey market, buccaneering and un pass copying moldiness be carefully controlled and digital rights must be enforced in order to protect the interest of ME players. Also, to actively engage customers and encourage incoming content in various forms (including comments, valuation etc), it is crucial to ensure that unauthorized dissemination of information or access to such information will be restricted only to authorized audience. Thus implementing privacy controls have become very important. (Barlow, 2009)5.6 Mergers and AcquisitionsThe business will react structurally to the changes in consumption if such a structural adjustment will give the company more leverage to fence effectively in order to maximise returns or survive the detrition of market forces. If consumption decreases and threatens viability, one method that is adopted by a company is to merge with others in the same media business and eliminate pleonastic structures from the resultant new company. This reduces overheads. Other structural changes that can be use as a reaction to threatening reduction in consumption are hostile or friendly take-overs. For example, Viacom and CBS merged to form the triad largest media company Viacom-CBS after Time Warner and Disney. (Newman, 1991 213)5.7 Improvement in Distribution NetworkA company might also decide to improve its distribution networks. It may acquire distribution companies of the media in question, in order to strike better coordination between production and sales, and to benefit from the resultant synergies and from the economies of scale in distribution. A company may even control al phases tough from the production of content to its sale. If it is music, these phases could be comp osition, recording, and packaging into CDs, DVDs or VHS video cassettes and loony toons to retail outlets. This vertical integration achieves better utilisation of resources and higher production efficiencies, thereby cutting costs and increasing sales revenue, and makes the company vie better in the oligopoly. (Curran and Gurevitch, 2002 137)5.8 Incorporate the on-demand media lifestyle into programming decisionsYoung adults are most engaged by on-demand media devices and behaviours. As teens and young adults mature and on-demand media devices become more prevalent, consumers desire to control their media use is likely to spread. Marketers need to work now on strategies that will cut through in an increasingly on-demand media world. Consumers want media to fit their schedule, and they are adopting new devices and media to meet that need. Traditional media should date playing first-run programs more than once, provide consumers with content online in addition to over-the-air, and pardner with on-demand media services. (Bill, 2005 23)5.9 Make listening and viewing experiences more compelling through InternetInternet media incorporate several elements that appeal to young consumer, including programming not easily found on traditional media, fewer commercials and a wide variety of content. Therefore, Internet broadcasters need to continue to focus on providing whimsical programming that generates greater consumer passion for their medium. Internet advertising needs to elaborate beyond banners, search and pop-ups. Internet users are becoming more educate and are learning to block much of the current advertisements and spyware. Internet broadcast advertising with Internet radio and visual ads attached to video content cannot be skipped or avoided, and may prove to be a vital part of the Internet experience. (Bill, 2005 29)6. SummaryProduction is a function of labour, capital and space and from economic theories, supply is related to demand. For any commercia l media business, devising profit is the primary concern, and therefore consumption determines cultural production. There are many factors that come into play when examining consumption of media. The macro economic power of the target market, the real salaries, the educational levels, the attributes like age, gender, children, population densities, social classes, governmental beliefs and cultural aspects like language and religious beliefs, influence consumption which in turn determines production of media content and their products.The consumption levels caused by all these attributes and factors are different, since the informational, educational, entertainment and leisure requirements are different across diverse economic, political, social and cultural strata. Production strategies and content are modelled by management of media companies from the consumption patterns caused by these characteristics (Curran and Gurevitch, 2002 154).However, there are limitations to which con sumption determines production. Because of the imperfection of the market, the producers may have no knowledge or inadequate knowledge or may have sketchy knowledge about al the aspects that affect consumption in that market place, causing the producers to make decisions out of imperfect information. (Murdock, 2000) demeanor journalism and regulation in favour of minorities and other social biases also limit the extent to which consumption determines output. Collusion between media owners, governments and powerful organisations, lead to market corruption, which in turn causes distorted responses to consumption patterns. Some of the special economic characteristics of media like non-diminishing content with consumption also limit the way output is determined by consumption. (Vogel, 2004) Time and monetary constraints also limit the extent to which production is determined by consumption.This structural change as a reaction to changes in consumption is limited by government intervent ion and regulation to curb anti- competitive vices, and to maintain pluralism in the market, and to reject possible abuse of market power by media moguls.Therefore, market consumption determines media output though such effect is limited in some cases due to imperfections of the market and human intervention. (Newman, 1991 209)