EY sees media, entertainment firms capitalise on IoT opportunities
With billions of devices expected to be connected in the coming years, media and entertainment companies are well positioned to seize an early advantage as an enabler and receiver of Internet of Things (IoT) applications.
According to the Ernst and Young (EY) report, Internet of Things: Human-machine interactions that unlock possibilities, the total potential for IoT in the M&E space is expansive, to create, deliver and tailor content for new platforms and to measure the context of media consumption using analytics.
EY observed that the increasing sophistication of IoT sensors makes it possible for devices to read, gauge and understand consumers at unprecedented levels.
According to the report, the M&E industry is already using categories of sensors such as inertial, motion and image sensors used in animation, gaming, video images, camera stabilisation, sports and 3D. It stressed that this is opening up new, intimate entertainment experiences for consumers.
Africa Sector Leader for Technology, Media & Telecommunications leader at EY, Myhan Naidoo, said while numerous opportunities exist for IoT in M&E, it is important for companies in this sector to find the right balance between potential and necessity.
“IoT can enable an exceptional consumer experience; however, it can also have the opposite effect. To fully benefit from the potential of IoT, M&E companies need to take a customer-centric view when developing these strategies.”
“One of the most anticipated benefits of IoT for marketers is its potential – through the use of sensors – to unlock data on a person’s habits, preferences and most significantly, the context in which media is being consumed. Better data analytics will also address deficiencies in the current measurement system for media consumption, such as avoiding the duplication of unique users across platforms, and enhance what marketers know about their audiences.”
According to her, in an IoT world, media companies will be able to understand what a person is watching, as well as measure how, where, why and with whom consumers are viewing content.
Naidoo explained that this level of insight provided by smart devices would allow M&E companies to deliver targeted advertising that is relevant to a person’s presence in real-time. “IoT will not only improve the content experience for consumers, but it will also encourage the advertising industry to completely redefine its measure of success.”