Thriving on skyrocketing digital media consumption and affordable data services, India’s media and entertainment (M&E) sector is currently in the midst of a remarkable growth trajectory.
In 2022, the sector surpassed pre-pandemic levels with an impressive growth rate of 20% and became a $26.2 Bn market. India’s M&E opportunity has great momentum and is projected to grow to $35 Bn-plus by 2025, as highlighted in a report by EY and FICCI.
But this opportunity does not account for the undergoing seismic changes that the media & entertainment sector has to contend with in the near future. And by that we mean, the increasing ubiquity of data-driven models driving content creation.
Startups across sectors are leveraging data by gathering, analysing and deriving insights to enhance not only business decision-making but also drive creativity.
What’s becoming increasingly clear is that data-driven models empower content creators, marketers and business leaders to get closer to the digital-savvy Indian consumers and their needs.
Over the past two decades, time and again, internet media and entertainment platforms have proven that embracing data can unlock customer and operational insights, as well as aid businesses thrive amid technological advancements and evolving consumer behaviours. With generative AI taking centre stage, data is more critical than ever.
So how can startups and large companies harness data to be ready for the next generation of customers? Inc42 and Google Cloud organised a roundtable titled Data Revolution: Fuelling Creativity In The Media And Entertainment Sector.
Among the critical topics discussed, including:
- The willingness of customers and gamers to share data and the ongoing challenges associated with data collection
- Utilising data analytics to acquire and retain customers for gaming and streaming platforms
- Future trends such as subscription models that have the potential to sharpen the revenue stream for the gaming and streaming segments
The roundtable was moderated by Ashish Pherwani, partner, media & entertainment at EY. The session brought together notable attendees from the gaming and streaming segment, including startup founders and technology decision-makers.
Among them were Oliver Jones, cofounder & CEO of Bombay Play; Biswatma Nayak, cofounder & CTO of Chingari; Romi Chandra, cofounder & CEO of CloudFeather Games; Evangelos Pappas, CTO at IndiGG; Siddharth Swarnkar, cofounder of Tamasha.Live; Dhruv Parpia, cofounder of CloudCover; and Chirag Sanghani, head of the media, entertainment & gaming business at Google Cloud.
Decoding The Transformative Power Of Data-Driven Approach
While harnessing data analytics can enable companies to better understand consumers, the question on the consumer’s mind is always about the misuse of data.
“I’ve noticed that people’s willingness to share data depends on their demographic and their knowledge regarding data usage. Those with higher awareness of the consequences of their data are more likely to be concerned about their privacy, and therefore less likely to share data,” highlighted Siddharth Swarnkar of Tamasha.Live.
For instance, when it comes to marketing and discovery-focussed operations, data can enable precise targeting, surface personalised recommendations and shape business development objectives too. But often consumers are reticent about sharing data without knowing for what purposes it would be used.
“There is a big perception problem with data collection although the reason why we collect data is first and foremost to give consumers a better experience and on the advertising side we wish to show ads to relevant audiences again keeping the best interest of our customers in mind” said Oliver Jones of Bombay Play.
Speaking about this particular aspect, the roundtable believes that companies need to have a transparent yet multifaceted approach to data collection — this is crucial to protect the consumer experience while enabling business growth.
Of course, this is just the first step. Data can unlock revenue growth, enable sustainable customer acquisition and retention and take media and entertainment startups to the big league. Watch the roundtable discussion on Data Revolution: Fuelling Creativity In The Media And Entertainment Sector to know more.
