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M&E firms to capitalise on increased opportunities from Internet of Things: EY
MUMBAI: With billions of devices expected to be connected in the coming years, media and entertainment (M&E) companies are well positioned to seize an early advantage as an enabler and receiver of Internet of Things (IoT) applications, according to the EY report, ‘Internet of Things: Human-machine Interactions that Unlock Possibilities’.
The total potential for IoT in the M&E space is expansive—to create, deliver and tailor content for new platforms and to measure the context of media consumption using analytics.
The increasing sophistication of IoT sensors makes it possible for devices to read, gauge and understand consumers at unprecedented levels.
According to the report, the M&E industry is already using categories of sensors such as inertial, motion and image sensors in animation, gaming, video images, camera stabilisation, sports and 3D. This is opening up new, intimate entertainment experiences for consumers.
One of the most anticipated benefits of IoT for marketers is its potential—through the use of sensors—to unlock data on a person’s habits, preferences and most significantly, the context in which media is being consumed.
Better data analytics will also address deficiencies in the current measurement system for media consumption, such as avoiding the duplication of unique users across platforms, and enhance what marketers know about their audiences.
EY partner, head of advisory, media and entertainment Ashish Pherwani said, “IoT is bringing a rapid disruption in the way content is distributed and consumed. The in-depth insights provided by smart devices is allowing M&E companies to respond to evolving customer needs and deliver personalised, contextually relevant entertainment experiences to consumers. Moreover, it is enabling them towards better targeting, thus boosting ad spends and subscription income via increased human-machine interactions.”
If smart devices provide useful data to content providers that is perceived as non-intrusive and the resulting content experience correctly interprets consumers’ current readings (mood, need, intention) in real time and then quickly respond to those needs with relevant and targeted advertising, the implications for improved brand loyalty could be vast.
For M&E, to realise the full potential of IoT, companies need to also consider the associated risks, including regulatory hurdles, legal precedents, intellectual property rights, lack of connectivity standards and lack of IoT scale to reach critical mass. The biggest challenges are around privacy and cyber security. Protecting personal information is an issue that will become exponentially more difficult as IoT collects enormous amounts of data and connects more devices, software, machines and humans.