You might have noticed that the broadcasting industry is facing some significant changes. Companies are pressured to rethink their business models, innovate, and monitor budgets to stay competitive. According to PwC’s 27th Annual CEO Survey, 57% of E&M CEOs stated that their current business model may not be viable in ten years.
But here’s the good news: the global entertainment and media industry is projected to grow to $3.4 trillion by 2028! Moreover, the global video streaming market is expected to reach around USD 865.85 billion by 2034. That means there are plenty of opportunities out there.
Emerging markets are booming, and advertising revenue continues to rise – both of which call for broadcasting platforms that are reliable and scalable for users and advertisers alike. Consumers today are cost-conscious and expect smooth experiences across all channels, especially regarding video broadcasting and live video content.
Meanwhile, thanks to significant investments from governments and tech providers, technology is moving forward rapidly. Trends like multicast networks, live podcasting, or NextGen TV are making waves. The latter is the new IP-based broadcast standard that offers exciting possibilities like targeted advertising, additional channels, and even spectrum leasing for IoT devices.
At the same time, technologies like AI are starting to play a more significant role in content creation and delivery. Despite economic pressures, the demand for connected devices remains solid. So, what’s the best way to embrace new tech developments and rising consumer expectations simultaneously?
This article explores the challenges and opportunities you must consider to prepare your broadcasting or live-streaming platform for the future.
What Challenges Do Platform Broadcasters Face
While opportunities abound, broadcasters also grapple with significant challenges that could impact their future success.
Reaching the Right Audience with the Right Content
One of the biggest issues is ensuring your content gets in front of the right eye. With so much media available to stream, viewers can feel overwhelmed. They want intuitive platforms that make it easy to discover, stream, and even purchase content seamlessly. By learning from social media platforms and video content creators who excel at personalized recommendations, you can improve user engagement and keep your audience coming back for more.
Appealing to Budget-Conscious Viewers
Consumers today are more mindful of their spending. With numerous on-demand video player subscription services out there, many are rethinking how much they’re willing to pay for media consumption. Offering professional live streaming and flexible pricing models, ad-supported tiers, or bundling options can provide value without straining their wallets. Finding effective ways to monetize your content while keeping costs reasonable is one of the bases of modern professional broadcasting.
Providing Seamless, Cross-Platform Experiences
Advancements in technology have raised the bar for user expectations. Viewers need to be able to stream content flawlessly across all devices – smartphones, tablets, or smart TVs. They want the freedom to switch platforms without hiccups, especially during live broadcasts. Investing in technology that ensures a smooth, integrated experience can boost video monetization efforts and satisfy today’s tech-savvy consumers.
Delivering High-Quality Live Streams
These days, technologies like 4K and 8K video, virtual reality, and interactive live streaming are becoming the norm. Viewers expect live broadcasts to be flawless – any buffering, lag, or poor video quality can make them switch off in a heartbeat. For broadcasters, this means they need to keep their video platform updated with the latest technology and invest in reliable streaming solutions.
How to Use Technology to Modernize Your Broadcasting Platform
So, how can you get your broadcasting platform ready for the digital era? The key is to use technology to stay ahead and meet your audience’s expectations.
Upgrade Your Infrastructure for Scalability
With fiber networks expanding, now is the perfect time to modernize your infrastructure. Prepare your platform to handle increased bandwidth so it can deliver high-quality live video streaming without any issues. Upgrading your platform for fiber networks’ readiness can significantly improve your ability to broadcast live. As you scale up your capabilities, your platform will smoothly manage a growing number of viewers tuning into your live content, whether it’s hundreds or thousands.
Personalize Content with Updated Data Architecture
Today’s viewers expect content tailored to their interests. Modernize your data architecture to use personalization algorithms that recommend shows or live streams based on each user’s preferences. This keeps your audience engaged and encourages them to spend more time on your live-streaming service. In the future, integrating generative AI could take personalization to the next level.
Integrate E-commerce for a Seamless Shopping Experience
Imagine your viewers being able to purchase products featured in your live event broadcasts with just a click. Add e-commerce links directly into your platform to make shopping effortless for your audience. This improves their experience and opens up new ways to monetize your content.
Simplify Content Uploads for Creators
Don’t forget about the content creators! Make it easy for them to upload live content to your platform, ensuring a steady stream of fresh material for your audience. A user-friendly video hosting service attracts more creators, bringing in more viewers.
Summary
The shift towards online video and the demand for seamless streaming experiences mean that sticking to traditional methods might leave you behind.
Upgrade your infrastructure for scalability, personalize content through data architecture, and integrate e-commerce. These steps will help you open up new growth opportunities.
Ready to transform your broadcasting platform and stay ahead in the digital era? Let’s explore how embracing technology can help you deliver (and monetize) the streaming experience your audience expects.
