The past few years have distinctly shed light on the importance of digital content and streaming platforms in our lives. Amidst the pandemic, when all seemed bleak, millions of people stayed isolated at home, glued to their screens watching their favourite shows and films to cheer themselves up or to stay distracted. This was made convenient with economically feasible data plans and 4G networks that transformed the smartphone industry and paved the way for extensive content consumption in all corners of the country.
Advent of 5G
As 5G technology becomes more prevalent and accessible countrywide, 2023 promises to be full of exciting potential. Enabling the exponential growth of the streaming ecosystem, the rollout of the 5G network is a promise to bring faster speed and more reliable connection – essentially paving the way for high-quality streaming that is faster and more reliable. At present, the country hosts over 30 Over-The-Top (OTT) platforms including Hungama. This is in addition to several social media platforms that host a wide variety of increasingly abundant, diverse, high-quality content consumed by the masses. Faster speeds, geographical spread and reliable connections will lead to higher consumption thus expanding the market.
As consumers demand more personalised and localised content and experiences, we have created diversified offerings at Hungama to cater to our audience’s convenience. We ensure integrated viewing experiences that consumers find easier to navigate regardless of their device of choice. For example, besides our streaming app is available on the web, Google Play Store, and Apple Store Hungama Music and and Hungama Videos are available on multiple AI-enabled assistants.
AI & ML
As we navigate newer technologies, our efforts are always directed toward maximising the ease of use of our platforms. We are building on these changes that increase the likelihood of engagement and provide solutions that were unimagined before. Trending technology such as Artificial Intelligence and Machine Learning can anticipate the needs and preferences of the audience and empower them with personalised recommendations such as new and trending releases, genres they are more inclined towards, artistes they are fond of, and more. This insight into better search, prediction, and personalisation.
Given the ever-evolving market dynamics, it is important that we stay agile and continue to explore avenues that resonate with existing consumers and further attract new viewership, including gamification.
An amalgam of differentiated brand extensions will only add to the growth of platforms and pave a bright future ahead.
(The author is CEO, Hungama Digital Media.)