With the emergence of new media, there seems to be space for everyone. But not all mediums are able to monetise their business models
BestMediaInfo Bureau | Mumbai | March 31, 2016
In the digital era, where media is thriving, thebig question is ways to monetise the digital platform. While exclusive and premium content is the way forward to succeed in the digital world, and India is rapidly moving towards digitisation, monetising digital content is still a challenge for stakeholders. Leading players in the market are now engaging audiences to grab a larger share of the digital market.
This view was shared by Aroon Purie, Chairman and Editor-in-Chief, The India Today Group; Arthur Bastings, President and Managing Director, Discovery Asia-Pacific; Sudhanshu Vats, Group CEO, Viacom18; Siddharth Roy Kapur, Managing Director, Disney India; Vikram Chandra, Executive Director and CEO, NDTV Group; and Neeraj Roy, CEO, Hungama, in a session on ‘Change or Perish: Surviving the Digital Divide’, at the 17th edition of FicciFrames moderated by Pranjal Sharma, Editorial and Knowledge advisor at The Outstanding Speakers’ Bureau.
Purie stressed on the need to improve analytics of consumer behaviour in media to create relevant and quality content. He is of the opinion that while fundamentals have remained changed, content needs to be exclusive.
While today organisations do not have a choice but to adapt to digital given the number of consumers of the medium, Bastings said that the players in the digital sector were still looking for a way to drive the emerging medium. Business plans are still evolving. He said, “The consumption measurement system of television was bad and there was a need for a better and more reliable method.”
Vats on the other hand threw light on the measurement on the digital medium. He said, “On the digital platform it is easier to measure and gauge the number of actual users, track the content consumption and pattern of consumer behaviour in comparison to traditional media like television, where the consumer behaviour was based on a small sample of consumers.”
Speaking on the relevance of the big screen in the era of emerging digital platforms, Kapur who has a vast experience in the space, stressed on the fact while digital is growing, people still come to big screens for the “experience”. However, the type of content will play a critical role in how audiences choose medium to watch a movie.
Chandra said, “Over a period of time, we’ve learnt that it is possible to monetise digital content. It must be realized that online is a separate entity. Content must be created keeping in mind the consumption behaviour which can be measured by analysing the number of site visits and preferences of consumers.”
Chandra further elaborated that we allow things to work according to what is correct on the internet.
Roy concluded that while digital consumption is happening, the digital platform is on the cusp of a transformation which would be driven by innovative content, technology and distribution and monetization. He added that technology will play a constant role at the front as digital consumption is increasing and micro transactions are taking place.