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.
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%).
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.
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.
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.