With the rise of multiple channels of media and entertainment and with ever-dwindling attention spans, the convergence of previously segregated services like streaming, broadcast, social interaction, and eCommerce is paving the way for the next logical evolution. For media and entertainment companies, the time is ripe to understand and account for the potential that convergence has in terms of meeting the viewers’ need for an integrated experience. The following are the ways in which tech convergence will impact media and entertainment organizations.
Bringing content and community together
Established media corporations such as Verizon have already made their foray into convergence by bringing content and community together. Its Yahoo sports app now enables NFL fans to interact with friends, create communities, and also see graphical replays in near real-time as a group. Elsewhere, standalone offerings such as Kast offers a virtual space for a group of up to 20 people to share their cameras or screens with a community of 100 viewers. This is adding substantial value to the existing streaming experiences by incorporating sharing and a sense of community.
Throwing eCommerce into the mix
And it’s not just about building a community experience. Media and entertainment corporations are also leveraging convergence to seamlessly integrate commerce with entertainment and community. One of the most prominent names in the domain, Netflix, is already offering retail opportunities for fans by integrating an online store with its streaming platform. Even traditional educational initiatives, such as Discovery are blending in advertising capabilities like shoppable ads for its home and food programming library. This presents a unique opportunity for media and entertainment companies looking to diversify their marketing.
A parallel digital reality
So far, consumers have experienced the convergence in sporadic bits and pieces. This is poised to get a lot bigger with the Metaverse. The Metaverse is conceptualized as a parallel digital reality, or a 3d version of the existing internet that takes digital interaction to the next level through virtualization that leverages innovations centered around immersive reality. The Metaverse promises a world of innovative options for integrated and dynamic entertainment marketing that is built around consumers.
Being wary of the challenges
For Media and Entertainment, the options are truly limitless. However, the industry needs to account for the existing limitations and challenges, while carving a path towards a convergent future. Lack of agility and siloed ecosystems are the most prominent ones, especially when integrating creators that are not accustomed to sharing data or collaborating. Moreover, the inability of media corporations to quickly adapt to changing customer expectations remains a pain-point as well. This was highlighted in recent research that found only 16% of entertainment organizations are capable of leveraging data analytics to build exemplary customer experiences.