Sunday, 17 October 2021 20:30

Future Proof Your Business with SAP Media Industry Cloud

Written by Laura Del Rio
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Source https://blogs.sap.com/2021/10/18/future-proof-your-business-with-sap-media-industry-cloud/
“© 2020. SAP SE or an SAP affiliate company. All rights reserved.” “Used with permission of SAP SE”

Streaming is here to stay.  Consumers have embraced it.

According to eMarketer.com, by year-end 2021 3.26 billion people will be “digital video viewers” – over 40% of the global population now watches streaming or downloaded video at least once per month in some capacity. Subscription OTT video service user growth exceeded 1.5 billion users in 2020 and it is expected to pass 2 billion in 2024.  It’s safe to say that the media industry has changed – and the evolution is continuing at an unprecedented pace.

Digital Transformation in overdrive or else…

That said, for the past few years the Media industry has been trying to shift business models to be at the forefront of innovation. This rapid transformation has, at the same time, been challenged by the sheer scale of how things were done in the past; with platforms and technologies designed to support much simpler business models (and even then, they weren’t “that simple”!).

With “digital viewing” in overdrive, the pandemic solidified the shift towards streaming and a new business paradigm.  According to PWC this came with a drop in revenue of $81bn in 2020 (more than the value of 2020s’ entire music, radio and podcasts segment), a -3.8% decrease year on year. While some segments of the industry are expected to keep contracting, the direct-to-consumer trend is here to stay – and we are seeing it with the proliferation of streaming services and digital marketplaces. Monetizing content in a context of fragmentation across distribution channels and devices will require constant investment and innovation, not only in content development and audience engagement but also to enable new business models and to automate and modernize processes. Media companies must become intelligent, efficient, and automated – digital transformation in overdrive…or else.

Future proof your business

Typical pain points we hear from Media companies include a lack of a central integrated system that able to scale and support new business development ideas, an inability to enable complex hybrid revenue sourcing models, manual and labor-intensive processes, and an inability to make data driven decisions due to a lack of comprehensive visibility into the business with granularity. Put yourself in the shoes of these companies.  It must be daunting. You wouldn’t want to have to weather the 80-foot typhoon in a makeshift dinghy. It is scary… and then, think again, and it is exciting! It’s exciting because SAP is in the forefront

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