This was an interesting weekend for movie goers when Greta Gerwig’s pink and playful Barbie released with Christopher Nolan’s dark and destructive Oppenheimer
According to Wired, the number of people who bought tickets to see both movies on the same day has increased dramatically. According to AMC Entertainment, the largest movie theater chain in the world, more than 40,000 people have bought tickets to Barbenheimer!
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DTW
During the Week, Deepika Padukone announced that she will not be part of the launch of her upcoming film Project K at the San Diego Comic-Con (SDCC) in the wake of the ongoing strike by the Screen Actors Guild-American Federation of Radio and Television Artists (SAG-AFTRA) in the US.
As Entertainment and Media (E&M) products undergo a transformation from analog to digital formats, there has been a notable reduction in production and distribution costs. Simultaneously, the prevalence of digital content and services has intensified, leading to heightened competition among providers. This confluence of trends has resulted in a significant inflection point, wherein consumers are allocating more time to digital E&M experiences without incurring additional expenses. Talking about entertainment and media industry in India, PwC released Global Entertainment & Media Outlook 2023-2027, the 24th annual analysis and forecast of E&M spending by consumers and advertisers across 53 territories in 13 sectors which predicts India’s Entertainment & Media industry to reach INR 6,828,944Cr (US$73.6bn) by 2027 at 9.48% CAGR.
I have written about how Music and Platform relationship could be understood through multiple sides of current music businesses- Artists, Producers, Listeners and Businesses. Similarly, the important stakeholders in E & M include content creators, distributors and broadcasters, audiences, advertisers and marketers, technology and platform companies, and regulatory bodies.
We could use the PLAY framework, focusing on the role of platforms in content creation, curation, and distribution in the entertainment and media businesses.
The PLAY framework illustrates how platforms play a vital role in transforming the entertainment and media businesses. They empower content creators, curate diverse content libraries, optimize distribution, engage audiences, and provide data-driven insights, creating a dynamic and thriving ecosystem for content creation, curation, and distribution. Opportunities for content creators from platforms include-
Global Reach: Platforms provide content creators with an opportunity to reach a global audience, breaking down geographical barriers and expanding market reach.
Content Discovery: Algorithms and personalization on platforms enable content discovery, helping audiences find content tailored to their interests and preferences.
Direct-to-Consumer Distribution: Platforms empower content creators to distribute their content directly to audiences without the need for traditional intermediaries, offering greater control and revenue potential.
Data-Driven Insights: Platforms offer valuable data analytics and insights that help content creators understand audience behavior, preferences, and trends, guiding content creation and marketing strategies.
Diversified Revenue Streams: Platforms enable content creators to explore diversified revenue streams, including subscription models, advertising, merchandising, and branded content collaborations.
Enhanced Audience Engagement: Platforms provide interactive features, comments sections, and social sharing options that foster deeper audience engagement and loyalty.
Even when the platforms play an important role in E & M industry, various stakeholders face threats in form of dealing with content, audience, and revenue. Some of them are as following-
Digital Piracy: Platforms can inadvertently contribute to piracy and unauthorized distribution of copyrighted content, leading to revenue losses for content creators and distributors.
Platform Fees and Costs: Platforms may charge fees or impose costs for content distribution and promotion, reducing the overall revenue potential for content creators.
Fragmented Audience: The proliferation of platforms can fragment the audience base, making it challenging for content creators to reach a large audience with a single distribution strategy.
Data Privacy and Security: Platforms that collect user data for personalization and advertising purposes may face concerns about data privacy and potential security breaches.
Platform Dependency: Relying solely on platforms for content distribution can make content creators vulnerable to changes in platform policies, terms of service, or even the possibility of platform shutdowns.
Revenue Share and Monetization: Content creators may face challenges in negotiating fair revenue sharing models with platforms, affecting their ability to monetize their content effectively.
Content Format Constraints: Some platforms may have specific content format requirements or limitations that restrict content creators' creative expression and style.
Navigating these challenges requires content creators to strategically diversify their distribution channels, engage with their audience across multiple platforms, and focus on building their brand and direct relationships with fans beyond the platforms.
Overall, platforms present both challenges and opportunities for stakeholders in the E&M industry. Embracing digital platforms strategically can help content creators, distributors, and other stakeholders tap into a broader audience, optimize content distribution, and enhance engagement while addressing potential threats related to piracy, privacy, and revenue share.
OTW
Over the Weekend, I did touristy stuff in Hyderabad with extended family. My favourite to-do is climb Golkonda Fort and go scrambling on the rocks around my neighbourhood.
See you soon at one of these experiences.
I Love You
Shailendra
OTM
Opportunities through MountainSpeak are available with Digital Green.
Second consultation of Digital Green would be hosted by IBS Pune over 11-12-13 August 2023 and we would love to get your insights on Digital Green.
This initiative aims to facilitate the interface of digital transformation and environmental sustainability, providing MSEs with the tools and knowledge to adopt and implement digital solutions that support their transition to sustainable and green production processes.Digital Green envisions a future where MSEs in India embrace digital transformation to drive their sustainability practices.
We would like to invite you or any other expert in Digital Green to participate in our forthcoming regional consultations across the country. Please use the following form to let us know your availability.
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