The Internet of Media and Entertainment Things: What Marketers Need to Know Now
Though the internet of things (IoT) is still in its infancy, it is already changing how media and entertainment companies operate. It is also helping industry marketers gather valuable data and use it to deliver more personalized customer experiences.
Internet-connected devices, sensors and systems are being used by media and entertainment companies in new environments, including newsrooms, TV and movie sets and live entertainment venues. They are also helping to drive demand for and adoption of “connected” homes and cars.
According to one estimate, global industry executives expected the average annual per-company spending on IoT initiatives to increase nearly 54% over the next three years, rising from $47.2 million in 2015 to $72.6 million in 2018.
Telecom and cable service providers, broadcasters, publishers, movie and TV studios, consumer electronics manufacturers, advertising and marketing agencies, sports organizations, event promoters, video game developers and casinos are just some examples of companies with a stake in the media and entertainment IoT.
The IoT has important implications for industry marketers. More consumer information—and the sophisticated technology and know-how to parse and analyze it—is helping them better understand their customers. Armed with this new data, they can target more personalized campaigns and create compelling user experiences.
Obstacles to wider IoT implementation include regulation, security and privacy, lack of common standards and data fluency.