All About Content, Connect
Media tech today is a cobweb of myriad players, each going all out to eat the other’s pie. It is hence, one of the toughest sectors for new entrants to make their way and enjoy favourable advantages, at least in their nascent years. This competition, however, is believed to contribute to the growth of the media and entertainment industry at large. Multiple players entering various segments in this sector testify to the immense potential this industry has. It is also one of the few sectors that have witnessed considerable growth during the pandemic, primarily driven by the surge in consumption of content and proliferation of mobile devices.
One player in this space that has had an impregnable stance ever since its launch is ZEE5, owing to the legacy ZEE has created in the past 27 years. Backed by an exhaustive array of content, ZEE5 has cemented itself as one of the largest regional language players in the Indian ecosystem, along with purposing its platform across various devices, ecosystems and operating systems. Also, its ability to proffer exclusive content for different genres has only made it nestle comfortably.
Pandemic Propelling Growth
It is evident that the pandemic has changed the consumption patterns, perhaps irreversibly at some places, with people confined to their homes discovering compelling content on television and digital entertainment platforms. Amit Goenka, President – Digital Businesses and Platforms, ZEE Entertainment says that the surge in the viewership and watch-time has enhanced the growth prospects of the digital video segment in the country.
“Furthermore, higher investments into the sector by various players to enhance content creation capabilities and technology-led innovations will not only attract more consumers but also newer advertisers and boost employment opportunities. Also, the rising propensity of consumers to pay along with the rise of digital payment options, will further boost the sector,” Goenka adds.
For him, media and entertainment certainly is a sunrise sector for the economy and is making significant strides. Delving further, Goenka agrees that platforms and start-ups in the education, healthcare and finance sectors have taken precedence in order to support the citizens of the nation and their critical needs during the crisis. That said, investments in media tech have gained high traction from investors, given the acceleration of digital adoption and technological advancements. It is providing a new world of opportunities for investors to tap into and boost entrepreneurship.
“The increase in media tech platforms is due to the significant rise in digital consumption of content over the past few years, and the pandemic fuelled this growth to the next level. For instance, consumption of content through connected devices has surged, and I see this trend continuing with faster internet penetration and affordable devices,” asserts Goenka.
He marks that the future for media tech start-ups will be defined by the developments in technology and consumer trends, but these start-ups will continue to provide new opportunities, both from a business and investment perspective.
“Consumers’ shift to a digital way of life is further fuelling the growth of not just media tech start-ups but start-ups across other sectors as well. With the plethora of options available at the moment and the rising adoption of these services by consumers, players will need to up their game and offer content that is well-packaged, hyper-personalized, relevant, and engaging, because the digital-focused consumer of today is evolved with sharp tastes and preferences and isn’t going to settle for less,” he suggests.
Rich and Compelling Content
As a consumer-centric content company, ZEE5’s growth plan is aimed at connecting with a larger set of audiences through rich and compelling content and a robust user experience across all their digital platforms. Their approach will continue in identifying consumer needs and creating experiences accordingly.
“This approach has allowed us to cater to evolving trends and increase our reach. The digital business is an important one for the company and we have a sharp focus and strategy for growth in this segment. Our aim is to offer a holistic entertainment experience to our consumers across platforms and integration will play a key role in delivering this experience across the market,” mentions Goenka.
In the coming years, we will see the company’s prime focus towards increasing its value proposition that will be achieved through a combination of compelling content and competitive pricing
“We are in the process of creating a very strong line-up of movies and digital originals for the platform,” he informs.
Alongside, ZEE5 aims to work on enhancing the user experience. “We have drawn up a technology and product roadmap, in order to upgrade the platform to the next level. As part of this plan, we have been consciously working towards our digital transformation, and we have also set up an innovation hub in Bengaluru to introduce state-of-the-art technological solutions to support the growth of the digital business. It’s not just content, but distribution, technology and key partnerships that will drive the growth for the business,” he points out.
Goenka anticipates the next few years for the industry to be even more exciting. “In this ever-changing business environment, the next leg of innovation will come from organisations having the unique ability to marry content and technology and serve the entertainment needs of the new age consumer,” he believes.
