Digital Transformation and Its Benefits for the Media Industry
Technology has changed many aspects of the world and continues to evolve at a rapid pace. In recent years, media has become more and more digitized. Media outlets have been forced to adapt in order to keep up with the new digital revolution. From developing an online audience, to constantly evolving and updating content, digital transformation has become the norm for many industries. This is a big change for a traditionally analog-based industry. As a result, there are now more opportunities for media companies than ever before.
The digital transformation of traditional media is changing the way we consume and experience content. Read on in this blog to learn how the media industry is adapting to this digital era.
What is digital transformation?
The integration of digital technology into all aspects of an organization, resulting in significant changes in how companies function and offer value to consumers, is referred to as digital transformation. The adjustments made need to improve the operation of the company. Digital transformation is a cultural change within an organization and can often pose different challenges in the beginning. For a digital transformation project to succeed, each stakeholder within the company needs to be on board. It is estimated that by 2024 global spending on digital transformation will reach 2.4 trillion dollars.
Why is digital transformation important?
Before the pandemic, digital transformation was important, but it is even more so today. Those media groups who were already digitally integrated did significantly better than those who were not during the pandemic, highlighting the necessity of digital transformation.
During the previous 18 months, customer expectations have evolved, and the need for digital services has increased dramatically. Manual procedures that will not operate in the new environment of social distancing are being replaced by digital transformation. Companies may benefit from digital transformation by adopting more efficient technology and decreasing the need for conventional, manual procedures. Customers now think digitally, so your organization needs to as well. It is even easier now to find competitors online satisfying customer requirements in an efficient manner.
The Benefits of Digital Transformation for Media Companies
The days of needing to send many emails and make multiple phone calls to book advertising space for a campaign are long gone. With live booking calendars available to see and purchase advertising spots, digital transformation has made it easier for advertisers to book advertising space in real-time. This has decreased the likelihood of media agencies double booking ad spots, as well as the likelihood of advertisers missing out on excellent advertising opportunities.
To get the best results from their campaigns, brands want to be able to collaborate with media companies. Brands are interested in working with companies that use self-serve platforms and digital technologies. Media companies that have removed manual processes and are easy to communicate with to get a campaign set up without delay are the companies brands are interested in working with.
Brands may deliver tailored content to their specific target audience depending on their audience profile via programmatic advertising. Because of programmatic advertising and the digital transformation of media companies, they can offer the right content to the right people at the right time. This improves the audience’s experience and targets people who are most likely to be interested in and convert on the offer.
Automation replacing manual tasks
Workflows can be automated. Manual tasks have been replaced by automated workflows as a result of digital transformation. Instead of manually gathering data for advertisers at their request or pushing through orders and invoices, media companies may utilize the time they save to assist their advertisers to optimize campaigns and build relationships with them. This results in a more efficient process for media companies, allowing them to spend more time nurturing their customers.
Access to real-time data and analytics
Real-time data and analytics have become more available to companies as a result of digital transformation. As media companies migrated online, they were able to collect data on advertisers’ campaigns and compile it all in one place, allowing advertisers to make better decisions about their ads. This means advertisers can spend their advertising dollars wisely and continue to optimize their campaigns instead of wasting their budget on ineffective campaigns.
Advertisers may now target the same audience across numerous media platforms thanks to digital transformation. Advertisers must be aware that in today’s digitally oriented world, customers are engaged on several platforms throughout the day, not just one. People consume media in a variety of ways, and advertisers must be present across these platforms in order to be successful.
New York Times Embracing Digital Transformation
The New York Times has recently hit a huge milestone of reaching 8 million subscribers across its digital and print material. This has demonstrated both the success of their strategy and the interest in paid digital news from consumers. The group is leading the way for other media companies to follow suit and make the switch over to digital.
For media companies that haven’t already joined the digital transformation bandwagon, it’s time to do so. There is no getting away from digital developments in the media industry and why would you want to. The new technologies to target people online are making it easier to reach your target audience and collect data to optimize campaigns in order to increase traffic and engagement. It will be interesting to watch where digital change leads the media industry, but one thing is certain: there will be no turning back to conventional old media practices.