When not approached properly, content cost reduction can lead to collateral damage in the form of lower-quality content. Now more than ever, this needs to be avoided.
Most media companies are facing challenges of one form or another in todays environment. One common challenge is how to manage the transition from a legacy business model to a future one without compromising their core proposition. Media companies must optimise and streamline their organisation while maintaining their commitment to quality content.
This is even more true in print media where declines in circulation that are often terminal have led to lower sales revenue, creating additional challenges when looking to make significant changes such as migrating to a digital model.
With platforms such as Google and Facebook taking a significant share of advertising spend the task of optimising for monetization has become even more challenging. This, added to the proliferation of free content and less money reaching the creators of content, has meant that many media organisations need to make strategic changes to not only remain relevant but to simply survive.
Of course, where there are challenges there are also opportunities. People are spending more time and money on media content than ever before and the demand for high quality content has never been greater. But with the rise of digital, mobile and video-on-demand, media companies that rely on print and linear broadcasting are struggling to continue to produce high quality content and take advantage of the shift in consumer behaviour.
Traditional media companies, such as print and linear broadcast companies, need to respond to the changes in the market while continuing to produce the excellent content that is expected of them and this is where our expert media consultants can help.
Experience tells us that the successful organisations will be the ones which are able to become leaner, more agile and tuned in to the future demands of consumers. Rate and volume of data consumption and the ability to monetise this will be the key battle ground for all media companies.