Neil Maycock, chief commerical officer, Pebble, takes a look at some of the major trends in the media industry in 2023, including a shift in economic focus, and the arrival of generative AI.
What industry trends have particularly stood out for you in 2023, and why?
Obviously AI, particularly Generative AI were headlining at most industry events, but the reality is that most companies are really in an evaluation mode assessing the possible impacts and benefits.
Other trends were the shift in economic focus driven by many streaming platforms passing the peak subscriber acquisition, some even seeing declines. This is driving more focus on costs, not only of production, but also distribution including linear.
What impact are you seeing those trends having on the media and entertainment industry?
The economic focus is arguably a reality check that was needed, clearly spending on more and more high end content to acquire subscribers was sustainable. The pivot to more advertising-based models is a trend we will see across the industry. This is both to supplement subscription models, but also in the rise of FAST services that provide advertising-funded linear experiences as streaming services.
How do you see those trends developing further in 2024?
In 2024 we can expect to see the focus on AI translating from hype to practical implementation with tangible business benefit. It’s unlikely that generative AI will be used for original content in this timeframe, but automation of tasks like repurposing/language translation will make wider distribution of content more cost-effective.
Do you expect to see any new trends within the industry in 2024, and what will they be?
Technology innovation will be aligned with driving efficiencies, but as this increasingly moves us to cloud (private and public), vendors will have to become far more sophisticated in their understanding and strategies around cyber security.
