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The following is the Outlook for U.S. Telecom, media and entertainment industry in 2021 From Deloitte Consulting recommended by recordtrend.com. And this article belongs to the classification: Deloitte Consulting , telecommunication industry , research report.
In 2021, the popularity of covid-19 will continue to affect the business strategy of the whole telecom, media and entertainment industry.
In media and entertainment, the pandemic has accelerated many of the trends that are already happening. For example, when theaters are closed or only limited audiences are allowed to participate, large film studios are increasingly providing premiere films directly to consumers through streaming media services. In addition, with the increase of streaming media content consumption, we see not only the growth of subscription services, but also the growth of advertising supported services. More importantly, customer retention has become a top priority, so providers have to offer a wide range of content, including videos, music, games and even podcasts. This new reality enables us to better understand consumer behavior patterns and develop a more subtle way to interact with customers. As consumers try more entertainment choices, providers need to adopt new strategies and flexible approaches in content development, aggregation and delivery.
Telecom companies will continue to provide the basis for the recovery and vigorous development of other industries in 2021. Telecom providers will have the opportunity to shape a new future for enterprises and consumers with the help of advanced wireless technologies such as 5g. The next generation network transfer may change the operation mode of the industry, create competitive advantage and release new opportunities for innovation. Telecom providers should help their customers gain new results and benefits by enabling 5g new use cases.
Three key issues to be considered in the telecom, media and entertainment industry in 2021:
1. Re focus on customer needs
Streaming media providers should offer more nuances in terms of customer engagement rather than just focusing on cost and content. To improve retention, they should respond to customers’ challenges and preferences through content windows, tiered pricing, customized services, and social experiences.
2. Integrate and remix the entertainment experience
The popularity of covid-19 accelerates consumers’ willingness to experiment with entertainment choices. The hard line between content and distribution channels has become increasingly blurred. The joint development of entertainment and technology is providing new services and entertainment packages for consumers, thus providing new strategies and flexible methods for companies and creators.
3. Relocate to profit from advanced wireless networks
Although consumers and enterprises are still adopting advanced wireless technologies (such as 5g), it is undeniable that they are transiting to the next generation network. The key for telecom providers is to determine how to use these new technologies to create new products, services and business models to drive revenue growth.
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