Media and Entertainment Essay Example for Free

Media and Entertainment Essay The importance and popularity of media is ever growing. Media has become indispensible in everyday life, be it personal life or business, trade or work. Conventional media like cinema, television, radio and print are modifying themselves to play their roles effectively in the current market. Technological innovations and discovery of new media like cable television, Direct To Home (DTH), Mobile Technology, Internet Podcasting and FM Radio Channels have created immense competition in the entertainment and media field. Video games and portable audio – video devices have intensified the competition. Entry of foreign TV broadcasts, 24*7 broadcasting and the exponential growth of new media call for impressive content creation for catering to every segment of the population. The escalating economic growth in India with a remarkable percentage of youth in the population who have high earning capacity and more disposable incomes and the upwardly mobile middleclass make the entertainment and media sector more promising and demanding. Profile of the current youth with lesser attention span and the easy availability of affordable entertainment have created the challenges of attracting and retaining audience and clients. Multiplex cultures, variety of entertainment choices available, profitability and potential of space-selling in media houses, embedded advertising, marriage of animation and visual technologies are all signs of the advanced state of development in media and entertainment. New Technologies and the high costs involved in production and distribution of media content have justified corporate entry into cinema production and ntertainment production. This has given â€Å"Industry Status† to this field. This paper recognises the status of entertainment and media as a powerful service sector and highlights the need for adopting unique content creation and marketing strategies for enriching and enhancing the experience of the audience and clients. Moreover, the paper identifies the potential of these services that could be exploited for the benefit of the customers as well as to promise high returns for the Investors and Media and Entertainment houses. Content Creation and Entertainment Quotient in the current Media Scenario Introduction: â€Å"And in my opinion, entertainment in its broadest sense has become a necessity rather than a luxury in the life†¦ † -Walt Disney The very purpose of human life boils down to fulfilling the humane needs which include both physical and psychological needs. Media and Entertainment is the field that caters to the psychological or cognitive needs of the media customers. The importance and popularity of media is ever growing. Media has become indispensible in everyday life, be it personal life or business, trade or work. The Media and Entertainment industry consists of the creation, aggregation and distribution of content, products and services, news and information, advertising and entertainment through various channels and platforms. Conventional media like cinema, television, radio and print are modifying themselves to play their roles effectively in the current market. Technological innovations and discovery of new media like cable television, Direct To Home (DTH), Mobile Technology, Internet Podcasting and FM Radio Channels have created immense competition in the entertainment and media field. Video games and portable audio – video devices have intensified the competition. Entry of foreign TV broadcasts, 24*7 broadcasting and the exponential growth of new media calls for impressive content creation for catering to every segment of the population. The Indian Entertainment and Media (EM) industry has outperformed the Indian economy and is one of the fastest growing sectors in India. However, the future of this industry depends largely on the growth of Indian Economy. The Indian Economy is growing at a fast rate, with increased personal income of people who are spending more on their entertainment and leisure activities. Media and Entertainment Customers: Media and entertainment customers have no inhibitions to switch over their sources of entertainment and information, if they feel that their current entertainment provider does not stand up to the mark. Winning customer confidence and support becomes all the more crucial for this industry which could create deeper impressions and have greater impact on the inerasable minds of the customers. Radio, Television, Internet, Print, Movie, Music, Novels and News Media should live up to the fantasy, expectations and requirements of the viewing, listening and reading masses, who seek these media to fulfil their individualistic needs, based on their specific lifestyles, backgrounds and mood swings. The escalating economic growth in India along with a remarkable percentage of youth in the population who have high earning capacity and more disposable incomes and the upwardly mobile middleclass make the entertainment and media industry more promising and the demand for entertainment is going to steadily see an upward trend. Profile of the current youth with lesser attention span and the easy availability of affordable entertainment have created the challenges of attracting and retaining audiences and clients. Success totally depends on how original, quick and entertaining the content offered by these media is comparatively less. In media and entertainment, only the content that provides the highest degree of gratification can win over the media customers. Media Content and Entertainment Quotient: In media production and publishing, content refers to information and experiences that may provide value for an end-user or audience. Content may be delivered via any medium such as the internet, television, audio CDs, cinema, newspapers and magazines as well as live events such as conferences, stage performances and interactive audio video platforms. â€Å"Content† is the word used to identify and quantify various formats and genres of information as manageable value-adding components of media. Entertainment Quotient is the degree of gratification the customers receive or experience through the content provided by Media. Better the quality of content provided, higher will be the degree of gratification experienced. Hence, media content and entertainment quotient are directly related to each other. Media Production and delivery technology potentially enhances the value of content by formatting, filtering and combining original sources of content for new audience with new contexts. Media must understand its responsibility to spread optimism and hope in all aspects of life, especially during times of natural disasters like floods, tsunami, earth-quakes or man-made disasters like terrorist attacks, economic meltdowns, political crisis or any such critical situation apart from its vital role in offering information, education and entertainment. It is very essential for media to realize that its content on such events are just not a focus on the problems, but on the possible ways for prohibition, prevention and rescue. The fact that media can and should make such shift is reflective of its evolution globally. Content provided by media should be of value, relevance and provide entertainment to the ultimate customers. Contemporary Role of Media and Entertainment: Media is changing from being an informer to being a companion. Right from children to elders, people of all ages and classes have something to look for in all the media. All have started looking at media, be it the television, radio, newspaper or the internet as a source of not only entertainment, but also as a source of knowledge and exposure. Media have got themselves into the roles of friend, philosopher and guide and recently as an activist. This being the status, there is a vital need for the highest quality of the content that are provided by these media to be at par with the expectations of all segments of audience and provide high entertainment quotient to them. In many areas, media content is already playing a very active role in providing prescriptions to consumers. From being just a provider of news, the media today is a source of knowledge and offers forums of interaction where consumers can seek advice on health, beauty, home care, decor, travel etc. All these play a major role for their life style changes, and hence we have a majority of the people following a commonly seen style and changed culture. The viewer becomes the consumer who modifies his or her life to go with the characters portrayed by them. Audio-visual medium do have a salutary impact on the knowledge, attitude and acceptance of the viewers. Media do influence people as much as home, neighbourhood, peers in school / college / office etc. The Media and Entertainment industry is moving from the well known status of Mass Media to Mass-personal Media. Future of Indian Media and Entertainment Industry: The FM radio sector was opened up for foreign investment with 20 percent FDI being allowed. As a result the radio sector is expanding rapidly with forecasted growth rates of 32 percent per annum. In the print media segment, 100 percent FDI is now allowed for non-news publications and 26 percent FDI is allowed for news publications. Internet advertising is expected to go up from one percent to three percent of the total Media and Entertainment revenues by 2014. Music and Gaming are expected to grow at 32 percent in the next five years. With multiplex culture, watching film has become a status symbol. Television is witnessing a steady in growth and is likely to go further in future. Indian Television market is likely to grow at an average annual rate of 16% to reach 46,922 crore rupees by 2012. The historical data and the current trend in media industry imply a definite surge of demand and healthier competition in the days to come. Exciting new developments in the technologies used in this industry are taking place. Animation, Multiplexes, new distribution channels and the use of Internet are redefining the entertainment industry. All these factors will favour further growth of this industry in India. India is poised to enter the period of immense growth in this industry. Strategies for Success in Media and Entertainment Industry: The Mantra for attracting and retaining audience for all media is â€Å"provide quality content and increase the entertainment quotient†. Updated, contemporary, relevant, creative and informative content can take the media a long way. This is the basis for establishing, surviving, growing and conquering in the dynamic media industry. Competition is high and tough. The sources available for entertainment and information are many and easily accessible. This being the status, â€Å"survival of the fittest, fastest and the most creative† is the lifeline of media content at present. The challenge for communicators and marketers is to create and identify opportunities that can make the content all the more impressive. Today more and more battles are not as much for market share as for a share of the consumers’ wallet. Media consumers are very vulnerable and prone to be poached by more innovative and consistent content providers. Media products, being intangible can have only cognitive and psychological impact on their consumer. Hence, it becomes more important to provide high quality content which is much better than the competitors’ and thus ensure high entertainment quotient, which is the ultimate aim of any entertainment content. This in turn will aid in attracting, maintaining and enhancing the audience for the particular media. Further, this will ensure the growth potential of the media. Media are not averse to content tie-ups to create media multiplier effect by increasing the touch points. Media observers agree that cross-media tie-ups have become a compulsion, rather than a choice. Thus, convergence of media has become indispensible and is the most plausible route for reaching out to more audience or end-users. Mobile telephones, 3G wireless services, DTH (Direct To Home television), HDTV (High-Definition Television) and the Web, all require content to be converted to multiple formats in order to be offered to a multitude of consumers from various national, cultural, economic and social backgrounds. Media companies agree that tie-ups are not a cost-saving mechanism, rather, it is more about expanding the visibility and pooling the strengths of the two mediums. The content synergy assures prospective audience. There has also been a change in the mindset of publications, be it in print or internet or television. They have realized the importance of providing news and information to the audience, without worrying about the source. Earlier, media houses would stress exclusive reportage. Now, they are willing to give due credit to the source publication as well as the journalist. This is a welcome transition, since it is an optimistic way to reach out to the dedicated and loyal audience who seek out entertainment and information only from certain specific media which they prefer. Stereotyped, mundane and pessimistic content are likely to reduce the entertainment quotient apart from having negative impact on the audience. Ultimately, customers carry along only experiences and memories and satisfaction along with them when they make use of any media for entertainment or information. Only carefully crafted content can enhance these experiences, satisfaction levels and entertainment quotient of media consumers. Conventional cinema and television media had been providing slow paced, socially relevant content to target audience comprising of all economic strata. The amounts of money and marketing involved were small and the industry had been more of monopolistic. The scenario now is entirely different with resurgence of widescreen, stereo, surround sound and digital cinema becoming better and affordable by all. Currently, big production budgets and expensive equipments are being used as the recipe for creating quality entertainment, capable of reaching millions of audience. Especially in India, the entry of Hollywood films has created intense competitions and also has enhanced and diversified the expectations of the local viewers. Dubbing and releasing of Hollywood and other foreign movies in vernacular languages has intensified the entertainment quotient sought by the consumers. The degree of challenges in newer technology adoption, costs and risks involved are higher as far as cinema and television are concerned. Television content production venture is top venture in the media world.