IABM Releases Special Report: Charting the Uncharted
As a member of IABM (International Trade Association for the Broadcast & Media Industry), Newsbridge is aware of the current health crisis’ impact on the industry. With the release of the recent IABM Special Report: Charting the Uncharted: Plotting the Course for the Media Technology Industry– we can use insight gathered from IABM research carried out during confinement to better understand long-term industry drivers of change.
The report highlights major media and tech drivers of change accelerated by covid-19, specifically as applied to media technology adoption.
As a high-level recap, the report summarizes the 5 main drivers of change disrupting the Media & Tech Industry as:
- Tech Only as an Enabler
- New Generations
Driver of Change: Tech Only as an Enabler
Although all elements are extremely relevant, it is interesting to look specifically at Tech Only as an Enabler. This driver seems to be the most crucial driver in sustaining business continuity.
Although technology’s impact on the Media Industry has always been entwined with business success, now technology’s function has evolved massively. Pre-covid, technology mainly complimented the Media Industry’s day-to-day operations, whereas now it is enabling these same operations.
According to the report, technology’s role has transformed into an enabler of business objectives since the onset of confinement, especially with the transition into remote working. This has completely redefined business processes- one of which being the prioritization of digital workflows. By the same token, it is safe to say that remote working will be here to stay.
In fact, a recent Gartner survey revealed that 82% of company leaders plan on incorporating remote working into the work week. Simply put, this emphasis on ‘Tech Only as an Enabler’ is making major waves in the Media & Tech Industry.
The report goes on to mention that broadcasters in specific sectors such as sports and news had to adopt remote production models “almost overnight due to the restrictions imposed by the pandemic.”
Finally, the report emphasizes that digital business model development is taking top priority and should “remain media companies’ most important long-term priority.”
Driver of Change: New Generations
At the same time, another driver of change that is worth an explanation is New Generations.
Because the new generation is virtual by default, such digital skills and finesse are becoming more in-demand as organisations are relying more on individuals who can manage remote access projects and digital workflows.
Along with new technology enablement systems and digital business models- this new generation will soon be leading the workforce. They will be responsible for various tech sourcing such as suppliers, partners, etc. In turn, this is, as stated in the report, “making the sector more dependent on macro digital trends”.
Another component important to mention in the report related to New Generations is one that is sometimes overlooked. That is the upcoming prioritization of ethical business. So when it comes to technology adoption various factors may come into play such as values, data privacy and security.
An excerpt from the report:
“The pandemic has stressed the importance of a digital-first mentality, including the love for risk-taking for the sake of experimentation which would once have been so at odds with the traditional media engineering culture.”Source: IABM Report Charting the Uncharted
Although the recent health pandemic has had unexpected effects on the Broadcast & Media Industry, there is now an opportunity to learn, grow and adapt based on recent drivers of change in the industry, as outlined by IABM.
As we only covered 2 of the 5 drivers of change listed, we strongly encourage all broadcast professionals to read the entire report, available to all IABM members.
Newsbridge is the ultimate cloud-based platform to valorize media assets via Multimodal AI powered indexing.
Taking into account facial, object and scene recognition with audio transcription and semantic context, Newsbridge provides unprecedented access to content. Whether it be media logging, archiving or investigative research- the solution allows for smart media asset management.
Today our platform is used by journalists, editors, TV Channels, documentarists, production houses and sports federations to boost their media value chain.