The entertainment and media industry is increasingly turning to the power of personalisation to drive audiences as firms tailor their output to individual preference, shirking the mass market in favour of you.
According to a new report compiled by PwC this approach has seen the sector embrace technological advances which have enabled the precise recording, reading and actioning of vast quantities of customer data for the first time.
The findings, outlined within PwC’s Global Entertainment & Media Outlook 2019-2023, points to a new generation of empowered consumers able to personally curate their own content via smart and mobile devices, bringing content to them anywhere at any time.
Enne`l van Eeden, global entertainment and media leader and partner, PwC Netherlands, said: “The personalisation wave — fuelled by evolving customer behaviour — is set to be amplified by the forces of technology, scale, and aggressive investing and competition. The implications for organisations are profound.
“As the borders separating former media silos erode, companies need to think more broadly about the areas and segments in which they operate. At the same time, all E&M players must take the need to ‘know your customer’ more seriously, and marketers need to allocate their time and attention to new types of content and platforms — influencers, live events, ads inside apps and more.
“Finally, companies must focus intently on their core capabilities and geographical markets, while continually scanning the horizon for new developments and regulations, and being agile in responding to technological developments such as 5G. Put simply: it’s time to get personal with consumers — or be left out of the conversation.”
Personalisation has also powered revenue growth with global spending expected to rise 4.3% over the next five years, with revenues hitting $2.6tn in 2023 – up from just $2.1tn in 2018, with new sectors such as VR offsetting declines in DVD sales and print.