The Post-Covid Scenario of Broadcasting

The COVID-19 epidemic is altering our entertainment and media consumption habits. Our social identities have shifted online as individuals have been more restricted to homes, and media consumption has increased, particularly in the at-home categories of television, OTT, and online gaming.

Media technology is a global industry that has traditionally concentrated on elevated and C-level marketing, which is more effective when done face-to-face. Media technology trade fairs are not just a great way to close sales, but they’re also a great location to openly discuss future tech blueprints with customers, which is especially important in situations when technology is moving so quickly and unexpectedly. Loss of access to information is definitely detrimental, and it will impede some agreements from closing and critical talks from taking place.

How the media industry is dealing?

Here’s our take on some of the difficulties that the broadcasting and media industry is encountering.

Crisis management

The media sector is dealing with a number of issues. The limitations of live events in stadiums, theatres, arenas, theme parks, resorts, and other events around the country driven by social distancing norms have resulted in lost revenue from ticket sales, merchandise, advertising, and promotions.

The cancellations have an economic impact on not just the primary talent or organizations, but on workers, nearby businesses, and the community as a whole.

Steps to follow:

• Use scenario planning to allocate resources
• After defining each set of stakeholders’ goals, communicate openly and transparently
• Use multiple ways to interact with consumers, such as digital or live online events. Introduce subscription-based billing in product and services
• Keep a close eye on public opinion in important demographics and markets
• Understand the factors that influence insurance coverage and the possibility of recouping costs from cancelled events
• Identify ways to reduce your financial risk and increase your recovery. Magnaquest Sure can help you manage your subscribers, subscriptions and finances altogether.

Supply chain and operations

Release dates are pushed back due to the suspension of film and television production. The upfront is going digital, an unproven format that might hurt ad sales.

Digital media, such as music and video broadcasting, and downloading, along with online articles, benefit from the social separation.

Steps to follow:

•      Activate a crisis response strategy to reduce the financial effect of the disruption
•      Think of OTT (over-the-top) releases instead of windowing
•      Plan in advance to help fulfill future post-crisis rising demand
•      Make digital material discoverable in a variety of formats

Financial reporting

Financial reporting issues might arise as a result of operational, labour and supply chain interruptions in the present and future financial periods.

Companies that are publicly traded may face increased pressure to release new COVID-19 guidelines.

Steps to follow:

• Examine the financial reporting standards as well as the audit implications. Integrate online payment with popular payment gateways to get paid quickly with Sure.
• Re-evaluate critical financial projection assumptions. Enhance customer relationships by anticipating payment failures and card expirations

•      Inform shareholders about the present and potential future consequences

Brand and strategy

Companies will most likely contemplate considerable budget cutbacks to minimise discretionary expenditure in the event of a sudden or sustained economic slump.

Demand for this industry’s products and services will be fuelled by remote employment, online education, and social distance.

The crisis emphasises the importance of adaptable, robust business strategies, which include greater attention to cash-flow forecasts and the effects on supply chain and marketing distribution partners.

 Steps to follow:

• Look for mergers and acquisitions (M&A) possibilities to assist strengthen resilience
• Determine which organisational lever to pull in the event of a recession, which would likely enhance demand for this industry’s goods and services
• Strengthen business risk management initiatives

The journey ahead

While the broadcast business has been particularly hard hit by the COVID-19 problem, it is also the source of vital, up-to-date information, as well as a means of overcoming the isolation generated by social distance.

The media sector has demonstrated its capacity to rebound from previous crises, backed by renewed demand throughout the recovery.

Consumers, in the end, want to be kept informed. They’re looking for a good time. And the media sector, which includes both B2B and B2C businesses, continues to come up with new and interesting methods to help keep customers informed and engaged.