Get to Know the Media Industry
Learning Objectives
After completing this unit, you’ll be able to:
- Describe the media industry.
- Outline a brief history of the media industry through the ages.
Media Industry Overview
What comes to your mind when you think of media? Is it an article with step-by-step instructions on how to make the perfect grilled cheese sandwich? Perhaps a string of documentaries that you keep adding to your Netflix watch list? Or how about that book with a short story about a coffee shop that pulls customers back in time? You could spend all day thinking of examples.
The media industry is a big umbrella. Today, it has well-defined business processes, clearly distributed industry roles, and a demand for anytime, anywhere customer service. The industry is a big machine that’s constantly evolving and in need of planned disruptions, and here’s where Salesforce comes in.
Let’s first learn a bit about the media industry’s modest beginnings: How did it all start? Who were the players?
A Brief History of the Media Industry
You’ll be surprised to learn what many historians consider to be the first example of communication through media—it was a painting. More accurately, the first media was likely to be stencils of hands and other pictographs. Our ancestors left these forms of media on cave walls 40,000 years ago, on the Indonesian island of Sulawesi. Obviously, the audience for these paintings was small, unlike the vast number of media consumers of today. What does it mean? Humanity has come a long way!
The biggest media disruptions were the art of storytelling and the invention of paper. In the past, people wrote and distributed all publications by hand to the masses for consumption. The invention of the printing press, by Johannes Gutenberg, instigated a mass-media revolution that forever changed the course of media history.
What followed was a series of technological developments and innovations, accentuated by the desire for knowledge and connection across social, economic, and political spaces all over the world. This contributed to the rise in the media industry that we know today.
A Trip Down Memory Lane
Picture this: It’s the 1960s. Matthew, an employee at the sawmill, clocks out at 5 PM on Friday. He comes home exhausted, looking forward to a quiet weekend. The next day, he wakes up and reads the newspaper as he brews a cup of coffee and listens to the radio. While his eggs cook, he turns on the TV and watches a program over breakfast. That evening, Matthew decides to catch a movie in the theater. After the movie, he has a simple dinner and listens to the radio as he puts out his clothes for church the next day.
Apart from the nostalgia Matthew’s daily routine invokes, it also tells a different story—fewer choices to enjoy media content back then. At the time, media companies relied on this scarcity for their success and controlled the flow of content and money through fewer media channels. It’s a far cry from the multitude of media providers and channels today.
The Media Industry Today
Today, customers have more choices than ever. They have instant access to bingeable content from any device, anytime, and anywhere. Cable companies adapt by becoming content providers, television channels deliver content through their own streaming services, and print magazines and newspapers now publish their articles online.
Customers love the freedom and choice of content available today, and it has increased the battle for viewer attention. Media companies can no longer rely on the conventional, one-solution-for-all approach. The media industry is growing rapidly, and media companies can only compete with their contemporaries if they adapt and base their strategies on superior user experience.
Media companies must personalize content offers and experiences to monetize effectively. This means using all avenues, such as subscriptions, advertising, commerce, and licensing. Customers want outstanding content experiences and customer service, and they reward companies that deliver these goods.
Media companies are evolving and adapting to the versatility of customer needs and expectations. In doing so, it’s crucial they keep the user at the center of all products and services and deliver unique, customized, and exceptional experiences. This is where Salesforce Media Cloud gets to flex its muscles. It’s a tailored media solution that gives media companies the tools to provide seamless experiences and handle all things media.
Next, let’s find out more about the media industry.