Media and communications industry post COVID-19

We are witnessing a sea change in the way content is being consumed during the pandemic.

Overall we observed a vast increase in digital communications. The data shows that 43 percent of respondents used text messaging more often. This was followed by an increase in voice calls (36%), social media (35%), and video calls (30%). Almost a quarter of people more frequently used email (24%), and just over one fifth played online games more often (22%). Taking all modes together, 46 percent of respondents had only increased their digital communication, without decreasing any of the methods.

All the business have little choice but to adapt to these changes in human behavior.

Clearly, the big winner in the media space has been the digital media. With lockdown and the subsequent work from home, school from home, everything from home that followed, people have turned in increasing numbers to the internet as a delivery medium for all of their entertainment and news needs

The media and communication industry has been quick to realize this and adapt, is working out new ad campaigns and PR pushes, and all kinds of content in a way that can be targeted quickly and inexpensively to millions of people.

OTT platforms as the go-to entertainment option
A number of major film studios have bypassed the theatrical space and released films directly on OTT platforms. This was a given at the time as something that was enforced due to the pandemic and the closure of theaters, but my guess is that the success of some of these films will see more and more producers choose this route if the deal offered is interesting enough.

Business models will change, of course, as more and more films that perhaps were better suited for an OTT release will head there, but the economics of films being released in the theaters will still see most films release as per normal.

Social media as the source of news
News has also changed. We have seen how social media now dominates the breaking news scenario making it the key narrative driver of the mainstream news today

Building engagement methods on social media can bring a news story into focus as well as help create huge viral waves of content around a story which makes digital the key driver for text, video and audio stories through podcast.

Challenges faces by the media and overcome during pandemic    
Understating the options and medium available during WFH the main cause faced during the pandemic was the speed of internet along with learning the proper use of software like Google Hangout and Zoom Meeting.

Some key challenges are:

• Explore alternative ways to connect with team via Google Hangout for daily content plannings by keeping relevance and entertaining content for the audiences;
• We need to keep a control and proper check on the quality of audios & videos as per the broadcast quality; and
• During lockdown we are keeping audiences well informed regarding COVID guidelines issued by the Ministry of Health. This will help us generate more trust with authentic information by government official bytes.

New source of revenue
It is very hard to maintain the revenue growth as well as balance the expenses. During pandemic, cost cutting and salary cut is the only first option left to survive.

Some other answers are in deploying virtual and augmented reality options to help bring events into fans’ homes and in FM and radio industry to explore alternative ways to connect with audiences such as virtual concerts, broadcast awards live events and connect players and sports fans via social media.

Way forward
The demand is relevancy on your content approach ultimately, consumers want to stay informed. They want to be entertained. And the media industry encompassing the ecosystem of B2B and B2C companies continues to find novel, engaging ways to help deliver on the promise of keeping customers informed and entertained. Ultimately digital footprints seems the only option left, which will help the medium to sustain and move forward.