The media industry’s digital transformation was the theme of this year’s Media Day in Uppsala. Consumers expect on-demand services, great digital user experiences and fair contract terms ‒ and the media companies try to adapt and stay profitable, says Anders Winter, business director at Screen Interaction. Read his summary of the Media Day in Uppsala here.
The media industry gathered in Uppsala on April 28th to discuss the digital media landscape. The atmosphere was both optimistic and a bit edgy at the same time, as might be expected of an industry that has had a fairly severe identity crisis in recent years. On stage during the day were many of the most interesting Swedish media speakers, a good mix of different channels and perspectives, all with experience in innovation and leadership in the media.
Per Schlingmann, Christer Olsson, Ben Speas and Cecilia Beck-Friis were among the speakers. Not surprisingly, much revolved around the industry’s flexibility and willingness to change. Media companies strive to be forward leaning, to succeed in finding new working methods and to carry out agile projects rather than establish five-year plans. This broader approach is something we often hear requested from our customers in the media industry. A very good example is our work with TV4 Fotbollskanalen ‒ if you want to know more about the project, you can look at this seminar about the project that we hosted in September last year (the seminar was held in Swedish. An English text version is available here).
Because consumer behavior and loyalty rapidly change, media must work in a way that makes it possible to regroup quickly and give the market what it wants. Consumers are now accustomed to vote with their feet and opt out of services with long subscription periods, unclear business models or just poor interfaces. User-driven development and user experiences were also discussed extensively. On demand, user insights and data were some of the phrases that were tossed around frequently. Getting to know your users is not only more important than ever, it’s also easier than ever ‒ if you know how to do it.
Another hot topic was the industry’s new business models. One example mentioned was that used by Lego, which started with toys but today produces everything from games to books, movies, amusement parks and other experiences. Another example mentioned was Amazon, which began as a bookstore but today delivers cloud services and a lot more. A lot is about finding synergies between different channels, technologies and services. New (or semi-new) platforms like VR are also part of the new media. It’s unclear to what extent, but definitely something to take into account.
In summary, this day was devoted to the media companies’ struggle to save their marriage to media consumers. We discussed new business models that match the customers’ view of fair terms, customized user experiences through improved user insights, and a more agile and efficient way of working. All ways they hope to achieve profitability in the new media landscape.