Media and Telecommunication
Media and telecommunication sector is now in the midst of very important changes. The advancement of technology and industry digitalization have brought uncertainty to this already volatile market.
Media companies, that mostly rely on content production, are experiencing dramatic shifts in consumers’ preferences and desires. Company leaders have to search for new ways to win the attention of a modern digital consumer. Information becomes the most valuable currency that is used to understand the audience and adapt companies’ strategy to remain competitive.
At the same time, the telecommunication industry is also undergoing dramatic transformations. In today’s tech-savvy environment, business models have to be aligned with customers’ high expectations of the product. Unique, custom-made experience and premium services are now the top priority. Moreover, constantly increasing competition requires making fast and radical decisions to keep up with the market.
Challenges of the Media and Telecommunication Industry
The new age of business has brought a number of changes and shifts to the media industry. Modern people consume so much information as never before. Also, new digital technologies and infrastructure provide consumers with numerous opportunities for an easy access to any content.
Media companies have to compete against a huge number of content providers and constantly think of new creative ways to engage with the customer. Today, people not only seek information but also demand a unique innovative experience. Traditional media companies often struggle with producing content that is able to satisfy inconsistent customers’ preferences.
If company leaders want their business to not only survive but also grow and advance, they have to focus on implementing the latest technology. Despite the fact that adopting technical innovations can become a challenge on its own, it can provide a better understanding of the audience and hence a connection with the customer.
Meanwhile, traditional telecom business, as we know it, is slowly losing its power. Growing competition from tech companies and decreasing revenues of the mobile service are putting telecom companies at risk.
An expanding popularity of massaging apps like WhatsApp and VoIP calls make mobile service companies experience a huge loss in their revenues. Many find it more convenient and cheaper to utilize internet messaging. Moreover, the increasing speed of WiFi is adding to the popularity of this trend. As a result, telecom companies must seriously think about diversifying their sources of revenue.
Another major challenge waiting for the telecom companies is the rapid adoption of the Internet of Things (IoT). Smart devices have become a major part of people’s lives. The number of connected devices requires telecom companies creating technological solutions to handle a rapidly growing amount of data.
How We Can Help
Studying the changes of the media and telecommunication industry, we understand what challenges companies are going through. But despite, the market transformation, we see the opportunities that the new business environment is offering.
Today’s media and telecommunication markets require company leaders switching from traditional ways of doing business to applying creative approaches in order to stay competitive.
Our highly professional team assists media and telecom companies in developing a new strategy that fits the industry ecosystem. We help our clients find new sources of revenue, collect and analyze data to have a better understanding of consumers needs, as well as enhancing the overall business effectiveness. Brandlab Studio consultants support companies during this transition period and make sure to make this process easy and seamless.