A Wider Perspective on How Broadcasting and Production Can Positively Help the Music/Sports/Entertainment Industry
With web and OTT content gaining traction over conventional audience platforms in the COVID-19 age, the industry should welcome digital transformation and strive to develop it for the public.
Every sector has seen the effect of the Covid-19 pandemic, but the companies most affected are those who focus entirely on people’s social disposition, i.e., those in the entertainment and sports market. The television sector can be claimed to be the least influenced by the latest pandemic. However, only the streaming front has achieved everything, including OTT channels such as Netflix and online gaming. Nevertheless, in the Indian market, the monetization of these channels has always been complicated. The growth of the post-COVID-19 subscription base remains a significant concern.
There is a negative effect on their activities and finances on conventional channels such as films, TV, live sports. They are especially sporting events, which rely heavily on advertisement revenue. The cancellation of all live activities, including athletics, indicated a substantial sales shortfall for broadcast organizations, which directly affected their viability.
Many Indian manufacturing houses are striking agreements with OTT outlets such as Amazon Prime Video and Netflix to offset the losses. Streaming services have benefited from the lockdown. In the first three months in 2020, Netflix gained a whopping 16 million additional subscribers, including hitting an all-time high of $454 share price in May 2020. Its global rival Amazon Prime Video and local rivals Zee5, AltBalaji, and Disney+ Hotstar have seen a 60-80 percent rise in their user base.
Producers are saving costs, for both global sales and promotion costs, by going directly to digital.
Not only did producers preferring subscription platforms over a theatrical release spark a digital distribution controversy in the industry, but it also intensified the clash between cinemas and producers.
The Digital advantage
To access the same content anytime and wherever OTT channels are considered a TV channel for films.
To develop quality material, distribution, virtual production techniques, and the production-cost economy. It is time for the industry to deploy suitable technical technologies, adopt and use digital transformation to its benefit. Being mass entertainment, the cinema will never have the same independence as OTT in content production.
The advent of intelligent technologies has made it possible to shoot a film on a simulated set with photo-realistic computer-animated scenery and actors acting live in the digital world, from the initial planning and writing stages to the post-production stage. Creative and development departments will continue to interact digitally and need not be in the same physical area. Disney’s live-action remake of “The Lion King” is one recent famous example of this.
The emergence of OTT platforms also calls for a new business model for ecosystem-wide redistribution of value. Thus, major Indian film award shows, including Filmfare, IIFA, and National Film Awards, should include films in their nominations directly released by OTT platforms.
An immersive experience for viewing
The sports corporation still wants to explore the digital front. It’s an easy feat to play professional sports professionally, so it’s tougher to make people pay if they can’t see it live. Immersive technology will encourage fans to play live sports. This concept appeared crazy in the current scenario a few months ago but entirely feasible. Via VR headsets such as Facebook’s Oculus or Microsoft HoloLens show a potential collaboration between the Indian sports leagues and tech giants to experiment and bring sports coverage to life. It is the best time for a transition from passive to aggressive watching of sports, transforming the ecosystem of broadcasting.
Meanwhile, sports authorities such as the BCCI need to find new ways to keep audiences interested in the absence of live games by widening the pool of content open to fans, either from their streaming channels or by exploiting OTT platforms.
Regardless of what sort of entertainment material is (or is not) being watched, everybody relies more than ever on their smartphones—providing a massive incentive for entertainment businesses to reconsider their tactics dynamically to retain an already involved demographic. Improve customer retention, and form the market for a long-term benefit. This is the dawn of the rock, sports, and film industries in a new age.