Smita Jha, Entertainment and Media Leader, PwC India
The Indian entertainment and media industry grew at a healthy 19% in 2013 over 2012. The growth was driven mostly by the strong growth in the subscription revenue of the television segment, which continues to be boosted by ongoing digitisation.
The relatively newer segments of internet access and internet advertising witnessed rapid growth, and the former surpassed the entire print segment (i.e. the sum of advertising and subscription revenues from magazines and newspapers) as the second-largest segment of the industry. As digitisation drives growth in the industry, the biggest challenge remains monetising the digital consumer.
We at PwC believe that digital success is not just about technology, but about applying a digital mindset to build the right behaviours. We’re in a world where digital technology is constantly redefining the nature of the business. It has provided businesses with the ability to provide a richer customer experience.
But to capitalise on this digital revolution, companies need to develop a stronger digital IQ, with digital as an enterprise capability woven into the business. Instead of just a digital strategy, they need a business strategy in a digital age.
Alongside, customers have now realised that they can be at the centre of their own world of entertainment and media. Through personalisation, online services have shown consumers that they can find content experiences of their choice. The challenge is monetisation of this experience, which companies need to focus on.
Delivering such an experience requires getting to know consumers as individuals—and them knowing you back. This requires not just the right technology, but also the right mindset and talent for relationship innovation. Thus, investment in customer analytics will no longer be a luxury but a necessity for survival in the digital age.
Read the India Entertainment and Media Outlook 2014 for more insights.