The CEO of worldwide media, Deepak Lamba recently opined that the brand must begin to dabble with virtual proximity with its customers and stakeholders. The relevance of the digital path is increasing even during the pandemic period. Now the trigger is held by those who could handle the environment with high flexibility. He said that earlier the generation that grew up on with Poppins and Kismi toffees, the movie time Sundays and the unmissable weekly music count down, Geetmala, on Doordarshan, etc. Previously these entertainments were simple and sufficient but today it has changed, media and entertainment have evolved as an intrinsic catalyst for social, economic, and cultural transformation.
The digital wave shifted the world to busy which leads to spoilt for choice consumers preferring content that is interactive, immersive, and available on demand. Due to an increase, the contention for screen increased, even though aggressively, leaned towards adopting a free-flowing revenue model beyond the conventional avenues. At present we see the industry relying on crafting more digital-led, user-engaging experiences. It has accelerated the adaption of already going on trends such as exclusive live events, podcasts, engaging brand advertising, exciting subscription offers, easy and simple digital microtransactions, advanced advertising, and expansion to e-commerce and product licensing.
At present companies changed their strategy, operations, and workforce culture, businesses are on a work from home overdrive. Now they are focusing on expanding their distribution reach through their existing core brands, services, products, and digital intellectual properties, partnering and consolidating with various partners, products, and intellectual properties and deep-diving into the commercial aspect of curating user experience.
In recent times, the usual traditional revenue stream has destabilized and at the same time, given rise to a multitude of consumer-focused revenue streams. As content consumption and user spending habits progress in a rapidly remarkable manner, and it is arriving at a promising and guaranteed revenue model that is flexible, adaptable, and rewarding will be evergreen and an exciting challenge. In nutshell, the traditional modes of business have changed with new faces and adopted techniques establishing a new world that transforms every minute.