As we’ve mentioned before, the inspiration for our blog entries comes from a varied set of sources. This latest posting is rooted in an article entitled “Entertainment Unbundled,” written by Columbia University Business School’s Amanda Chalifoux, which examines in detail how digital technology has impacted the television industry.
For us, there are countless parallels that can be drawn between what’s going on with TV and with what’s happening in the radio industry. Consequently, in some cases, we’ve taken the artistic license to swap out the word “viewer” for “listener," which, we think, serves to emphasize this point. As an example, “[listeners] now have more choices to make — and can select from among higher-quality content — than ever before. But with these drastic changes come new challenges for content creators and traditional media companies alike, all of whom are grappling with how to set themselves apart in an ever-expanding sea of competition.”
Both the television and radio industries are targeting the same consumer, one that wants entertainment (visual or audio) on their own terms. As Epix Network’s Nora Ryan points out, “you’ve just got to be smart, adaptable, and able to give consumers what they want: great programming that is available to them whenever, however they want it.”
Existing media conglomerates are also facing the same challenges that we are in terms of advertising revenue. And, as this article details, the current thinking revolves around “creating advertisements that are anything but the traditional 30-second commercial, like product placements and other alternatives.”
The piece ends on an upbeat note, and, again, we think that there are many parallels to be drawn with the radio industry - so much so that we’ve taken the liberty of modifying the wording as such: “What consumers want most is as old as [radio] itself. At the end of the day, people want to be entertained…They want to [listen to] something that engages them and captures their imagination. Now more than ever, we’re in a position to give them that.”
I know that the following article has given us plenty to think about. Hopefully, it will do this for you as well!
https://www8.gsb.columbia.edu/articles/columbia-business/entertainment-unbundled
