Industries

Media and Entertainment

Media and Entertainment: Entering New Frontiers of Content & Advertising

Apps for wearable devices can drive new subscription and advertising revenue for the media and entertainment sector, comprising publishers, broadcasters, and entertainment companies. Therefore, crafting a suitable wearable media strategy is important for media companies.

IoT Spend

In 2015, approximately $47.2 million will be spent by the media industry on IoT. The estimated spend for 2018 is projected to be around $72.6 million. The media and entertainment industry will spend its IoT budget on product monitoring (34.8%), customer and supply chain monitoring (25.8%), and premises monitoring (13.8%).

Exhibit-III-55

Exhibit III-55: Monitoring Products Commands the Largest IoT Share

What Are They Spending On

As most of the activity related to IoT in the media world centers around mobile apps, it is only inevitable that about 62.5% companies monitor customer data through mobile apps. 33% of media companies monitor production and distribution operations to track product flow.

Exhibit-III-56

Exhibit III-56: Most Popular Media IoT Device for Media is Mobile Apps (by Far)

Business Improvement

Cost reduction measures are at the top of the list of business process improvements related to IoT for the media and entertainment sector. The most important benefit reported is reduction in the field service costs via remote diagnosis, which is followed by updating of products via software.

Exhibit-III-57

Exhibit III-57: Reduced Field Service Costs are Top Benefits to Date

Key Success Factors

The ability to gather, process, and analyze huge amounts of data has been cited as the number one success factor by the media and entertainment sector. The second success factor is knowing what IoT data to capture, followed by having skilled business analysts to understand the data.

Exhibit-III-58

Exhibit III-58: Top Success Factor is Dealing with the Flood of IoT Data