Consumers love that video services are now everywhere. Of course, right now with much of the world “locked in”, video is one of our primary sources of entertainment. But, even before today’s events, the TV industry was undergoing a massive shift.
Since inception, the media & entertainment industry has developed video content for consumers. Providing them with an escape from their everyday lives was at the heart of creative storytelling. The industry has evolved: from movie theater to TV to video rental to video recording to video-on-demand streaming across the internet, with each step increasing consumer choice and convenience. The changes of the last decade have been so great, that for the first time the balance of power has transitioned from those creating and distributing content to those consuming it.
Families are hyper-busy and hyper-connected. The expectation is for everything on-demand. We buy groceries, shoes, TVs, car parts – and video online. We expect access to the Internet from every device – and this device universe continues to expand.
Today screens represent both choice and convenience. We choose to be connected. We choose what we want to be connected to. We choose how connected we want to be and how we connect. Rather than accepting the legacy model, under which movie theaters and broadcasters defined when and where we could consume video, we now have the flexibility to choose when and how to watch our favorite programs. Screen behavior is a representation of the power of the consumer.
With everyone busier than ever, the consumer chooses the business models that provide the most convenience. This means the ability to start watching content on a TV and continuing to watch on a mobile device while sitting on a train or in the back of a car. Device developments have been a key driver to greater convenience. The evolution from large bulky televisions to smartphones with more power than the computers that put a man on the moon. TVs have become smart, but mobile devices are even smarter. They provide flexibility and yes, convenience.
Behind the scenes, network technology continues to allow greater capacity and speed. Broadband and 5G networks have and will continue to disrupt the traditional video delivery networks, while cloud computing enables the packaging, processing, protection and monetization of content. All of this sophisticated technology supports the power shift to the consumer. It’s our job to ensure that our media distribution customers can profit while maximizing customer control and convenience.
Technology has given consumers choice and convenience and technology will continue to enrich the consumer experience and change their expectations. We call this evolution TV X.0 – through which video delivery and consumption are driven by consumer expectations. This blog is part of our continuing series discussing the journey to TV X.0 where the ability to adapt to changing demands is the norm.
Group Chief Executive Officer