2020 was an unpredictable year but also presented a definitive opportunity to rethink and reimagine our businesses and lives. It is imperative for the broadcast players to understand these changing patterns and adopt new strategies and agile approaches for content development, aggregation, and delivery.
Key trends for the broadcast industry in 2021 as envisioned by MK Anand, MD & CEO, Times Network.
- Digital Transformation: One of consequential implications of the Covid-19 pandemic has been the rapid use of digital technology and solutions across businesses and services. Technology will continue to play a vital role in redefining business ecosystem and fundamentally improve the economics of the industry. The focus will be on exploring new business models and technologies that foster a deeper understanding and enhanced deliveries.
- The power of interactive, data-driven and dynamic content: Brands will be more focused on creating consumer-centric and personalized content to drive engagement and sales. With authentic and quality content being the center point for both consumers and advertisers alike, we will see a rise in innovative and diverse content formats. Differentiated and curated virtual events, IPs and branded content will be one of the most important revenue streams for broadcasters.
- Subscription-based model to bridge the viewer appetite: Credible media platforms will increasingly become the defined and preferred choice by viewers seeking well-researched and factual information, distilling unverified and fake news. The next transition will be consumers shifting to subscription-driven model vis-à-vis ad driven.
- TV to sustain its viewership: The revamped TV viewing patterns during lockdown led to an exponential rise in viewership and English language content gained the maximum traction during this period, with news and movies being the two most-watched genres. Overall viewership surge is expected to increase and news viewership in specific will see 10-15% growth in 2021.