If you win, you will be happy; if you lose, you will be wise, Quotes Hirav Shah, Thought Leader, Business Consultant, Guide, Mentor and Business Strategist.
And post the nightmare called “2020, when Media Industry had a mammoth loss “, it was imperative for the Indian Media trade to get wiser. The wisest thing that has happened is Diversification, certainly, Asserts Shah.
Simply put, diversification refers to the expansion of business by entering into a completely new segment or investing in a business which is external to the scope of the company’s existing product line. Businesses use this strategy for managing risk by potential threats during the economic slowdown. It aims to maximize returns by investing in different areas that would each react differently to the same event.
The Indian Media is diversifying into being All-Digital, Says Hirav Shah.
Together, the smartphone and cheap mobile internet access have proven to be profound forces that have reshaped all aspects of human endeavour, redefined society, culture, politics, commerce, as well as the media landscape across the world and moreover in India.
India has emerged as a mobile-first, platform dominated media market in less than a decade. In other words, social media is the fourth generation (4G) of media after print, television, and websites, Opines Shah.
Armed with smartphones and mobile internet access, Indians are driving unprecedented change across the media landscape. Content consumption is booming in ‘Bharat’ and regional language content has seen staggering growth, with Hindi, Tamil, Telugu, Kannada, and Bengali topping the charts. In fact, three out of four users in India use social media in regional languages.
“A key factor in this regard is that mobile internet tariffs in India are among the cheapest in the world”, Says HIrav Shah.
Power Of Social Media
There are many reasons but the most important is that social media platforms have provided users an opportunity to express their views, raise their voice and share their feelings with the wider world. The sense of participation and instant feedback from a ‘community’ of friends is the reward that a social media user gets. Following leading personalities, being followed back and accepted into an ‘online circle of friends’ gives the user a sense of a direct connect and is the glue that keeps them engaged.
Social media is also incredibly powerful as it goes beyond bland text and simple images. Video narratives are the most engaging and are witnessing the fastest growth among all formats of news. Once again, the credit for this to the growth of the mobile web and affordable data. For years, technical issues including poor bandwidth had restricted online news to text and low-resolution pictures. That changed as handsets and networks evolved rapidly to support high-quality video consumption.
Time spent using mobile apps rose to new heights in 2020, and apps are even getting more popular in 2021. After all, Indians have been spending more time looking at their mobile device screens than they’ve spent watching TV since 2019, according to a research. For media and entertainment companies (and really all advertisers), it’s critical to reach their target audience where they are: using mobile apps. Savvy marketers will increasingly leverage mobile in-app advertising in the coming months, taking advantage of its viewability, addressability and scale, among other benefits, Opines Hirav Shah.
In order for brands to succeed in a platform world, they must be digitally-resilient, have identity systems to provide personalization at scale and have the infrastructure set up to deliver relevant and meaningful experiences. When brands progress in all of these areas, they can create long-term consumer value and maintain a competitive advantage that will last far beyond any crisis lifecycle.
For any business, it is always great to have a little heads-up and get an idea of what the coming months might offer.
Not just an idea would work here, especially post 2020, correct !!
Meanwhile, Hirav Shah is known to provide an accurate Astro-Analysis for numerous businesses and hence he has been able to carve a niche for himself in the business world.
It is important here to also say that Hirav Shah’s Astro-Strategic consultation & guidance is combined with the scenarios and techniques of trend research and futuristic study, that provides an excellent basis for decision making and strategic planning.
“Of All Existing Doors Now, The Only Door To Success & Prosperity Is Open.
You Just Need To Approach” !!