- In 2021, the COVID-19 pandemic will continue to shape business strategies throughout telecommunications, media and entertainment.
In the media and entertainment industry, the pandemic has accelerated many of the trends that have already taken place. For example, cinemas are closed, or only limited attendance is allowed, and large studios are increasingly making first screenings available directly to consumers via streaming services.
Besides, as consumption of streaming content grows, we’re seeing not just more subscription services, but also in ad-supported models designed to satisfy increasingly saving consumers. Moreover, customer retention (rather than customer acquisition) has become a top priority, so it is important that providers offer a wide variety of content: videos, music, games, and even podcasts. This new reality focuses on understanding consumer behavior patterns and developing a more sophisticated approach to customer interactions. As consumers are experimenting with their entertainment, suppliers are strongly encouraged to adopt new strategies and flexible approaches to the development, aggregation and delivery of content.
Telecom providers have the opportunity to shape a new future for businesses and consumers by the power of advanced wireless technologies such as 5G. The transition to next generation networks has the potential to transform how industries operate – creating competitive advantage and opening new opportunities for innovation.
Telecom service providers need to help their customers view what is possible with new 5G-enabled use cases that could truly change the industry. They should shift their conversations from focus to technical capabilities to determine what types of specific results and benefits can be delivered to others using 5G.
Three Critical Issues to Consider in 2021 for the Telecommunications, Media and Entertainment Industry
- Streaming providers should adopt a renewed focus on customer needs, moving away from a simple focus on cost and content, with more emphasis on customer interactions. To improve retention, they must address customer concerns and preferences through content windows, tiered pricing, personalized services, and social interactions.
- Combining and mixing entertainment programs. The COVID-19 pandemic has upped consumer willingness to experiment with their entertainment. The rigid boundaries that once existed between content and distribution channels are becoming increasingly blurred. The co-evolution of entertainment and technology is helping to offer new services and entertainment packages to consumers, that require new strategies and agile approaches for companies and creators.
- Repositioning to monetize advanced wireless networks. While the adoption of advanced wireless technologies such as 5G by consumers and businesses is still in the beginning, the transition to next-generation networks is undoubtedly continuing. A key point for telecommunications service providers is to determine how they can use these new technologies to create new products, services and business models that drive revenue growth.