Pioneering Media Trends
IBC 2023 has wrapped up, and as one of the pivotal events in the media landscape, it showcased the evolutionary stride of media technology. Drawing in over 55,000 visitors from 170 countries, this global hub sparked discussions on the media industry’s future trajectories.
Let’s delve into the key takeaways from IBC 2023 and navigate the trends shaping the media landscape.
1. Cost Optimization in Focus
Media companies are actively seeking efficiency-enhancing solutions due to rising capital costs, concerns about economic downturns, and challenges like cord-cutting. The common motto seems to be ‘achieving more with less’. However, excessive cost-cutting can be a double-edged sword, potentially backfiring on those who are too passive.
2. Content Reigns but Discovery Challenges Rise
Despite the array of content sources and platforms, quality remains paramount. However, ensuring content discoverability amidst the multitude of consumption methods available has become vital. Voice search and other intuitive methods are gaining traction in enhancing user experience.
3. FAST Platforms: Potential yet to be Unlocked
FAST platforms, though promising, are still in nascent stages, needing more refined metrics and measures for optimal monetization. The envisioned future for FAST is an integrated media experience blending various streaming methods. FAST platforms overestimated their ability to monetize new inventory. They need guidance from companies well-versed in both the TV and digital advertising worlds for effective inventory monetization.
4. Embracing Flexibility
With tight budgets and rising complexities, flexibility is crucial. Companies are moving away from large, inflexible systems to more adaptable solutions that can efficiently respond to audience behaviour and new platform needs.
5. The Potential of Generative AI
While there was anticipation around Generative AI, its full-scale implementation is still in its infancy. Many companies are in the exploratory phase, testing its capabilities in specific workflows. However, its future adoption seems inevitable, with many broadcasters identifying potential benefits in numerous workflows.
6. New tech will disrupt the media space giants
Organisations harnessing cutting-edge technologies are redefining content delivery and on-demand experiences, positioning themselves to surprise traditional media powerhouses. AI accelerates these shifts.
In conclusion, a heartfelt thanks to all attendees, partners and friends for visiting us and making our presence at IBC 2023 genuinely memorable. For more insights and updates, subscribe to our Newsletter. You can also dive deeper into what Castoola offers here.