Media Industry Predictions 2023
The media industry, like many other sectors, is constantly changing, and changing fast!
So, the DPP has published media industry predictions 2023. This is the seventh year it has done so.
The predictions are business focused and they explore the themes that are expected to dominate the boardroom agenda this year.
“This will be the year to control what can be controlled, and make yesterday’s spend the basis for today’s income.”
The report’s predictions emanate from the five key topics outlined below.
AI and Automation
ChatGPT hit the ground running in November 2022. Within five days, it already had one million users. Generative AI can be applied to computer code, graphics and image generation as well as text.
Overcast uses AI to transcribe the audio content in a video and to identify people, places, things and events in videos and images.
“People want as many processes automated as possible. And sometimes it requires AI and other pattern recognition to ensure that things are automated successfully — because the number of people who need to touch content and work on it is a huge operational problem.”
While the speed of adoption will be determined by issues such as regulations, privacy and accuracy, the overall prediction is:
Content aggregation and monetisation
FAST (Free Ad-supported Streaming Television) channels are not new, but were predicted in 2022 to grow in significance. This year, some contributors to the report believe that the traditional linear broadcasters will become more engaged in FAST. One commented, “FAST will grow up.”
“FAST does tick the economics bucket, but it also ticks adaptability: what have I got, what can I reuse? It’s going to be something that the linear broadcasters explore more and more as a way to monetise and to begin their transformation into a future of converged platforms.”
At Overcast, we are big fans of re-purposing content. Our video management platform allows your entire team to effortlessly find, access and edit every video asset for reuse.
Two predictions came out of this topic:
One of the new themes for this year was transformation — with the focus on the way technological innovations of the last few years are now becoming business as usual.
“Transformation is continuous. It’s not a thing. It’s the thing that you’re always doing. We’re never going to climb that mountain. You think we’re climbing and we’re going to get to the top. But that’s never going to happen. That mountain will only get longer and further away. That’s just the reality of business today.”
So, the key takeaway is:
Sustainability is very important to us here at Overcast. We have removed the need for hardware in the compute and storage elements; therefore, there are no carbon increases due to manufacture, utilities, shipping, air conditioning and physical security.
The DPP report says that there’s been a shift in emphasis around sustainability: it is now regarded as a desirable benefit of reducing costs — not as a strategic imperative that must be delivered even if it adds to cost.
“This is the year where we’re finally going to have an adult conversation about how we deliver environmental sustainability in an economically sustainable way, because to date, we’ve paid lip service to it. We’ve been ticking the box of sustainability. And the only way to move beyond that into actually delivering real change is by focusing on actions that have an economic impact, and the environmental impact will come along with that.”
In other words:
Cloud-enabled consumer engagement
We’ve been banging the drum about the superiority of cloud-based video systems being easier, faster, cheaper, more efficient and more secure for years…since we launched, in fact — since we provide a cloud-native video management platform.
The contributors to the DPP report discussed how cloud technology is now enabling deeper consumer engagement.
“Cloud-based video production has completely dropped the barrier for direct to consumer [D2C] and fan engagement. It’s enabling sports teams to go D2C. So D2C has become more accessible with cloud based technology.”
The DPP prediction for 2023 is:
Find out more
There are lots more fascinating insights in this report. You can read the DPP’s media industry predictions 2023 in detail here.
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