Table of Contents
- Audience adoption of technology
- Challenges in reaching out to audience
- Content that can gain audiences
The famous and most developed broadcasting group in Singapore, MediaCorp Pte Ltd, plays a fundamental role in the olden days of Singapore's televising development. Its business has specialized in a vast array of entertainment products including the TV, broadcast, the films, the newspaper and the others in the market. MediaCorp’s digital services of the new media are also quite varied. MediaCorp’s online ubiquity; also called the web presence which is the combination of its use and existence both for the solo user or the company. Users could get the continuous exposure to MediaCorp through the digital as the initial impression of online presence could be alluring and easy to access.
As the company has established the diversified sites with the different relevance in the market. This document will analyse the trends and the implications of the company in the assembly of other competitors. The useful suggestions will be rendered in a bid to support the efficient and productive performance of the MediaCorp in the market. Situation / trends analysis Media and information communication technology trends The initial significant move is to make use of the diversified cooperation with the third party, such as the society, the other social and traditional media, and so forth. Over the last decade, the internet has emerged as a new communicative infrastructure and cultural forum on a global scale. Revisiting and reworking Newcomb and Hirsch’s classic contribution, this article: first, advances a model of the internet as a distinctive kind of medium comprising different communicative genres — one-to-one, one-to-many as well as many-to-many communication (Jensen and Helles, 2011). This modern and rather interesting technology and artform of communication has carried forward a huge amount of opportunities for media companies and the technology development and engagement to the masses.
Furthermore, the use of smart technology which is basically termed now as new media, has been an important trend for the media’s progression in its form and essence. Individually, it was the increasing using number of smart phones, tablets and other internet devices that contributed to the mass opportunities mentioned above. This indicates that there is an increasing amount of methods to collect the news and other information rather than from the traditional form of mass media coverage and exposure. This change in the form of communication should be alluring to a media company to innovate their business in order to support the successful performance in this specific market and statistics.
Audience adoption of technology
New media has become the attractive method for a media company to access or pave a way to their target audience. An example of this method being used by MediaCorp was its launch of Customer360 which was the appropriate solution for a media company. Customer360 unified dissimilar spectator currencies across different broadcasting platforms allowing MediaCorp and other paying advertising agencies to tap onto a richer, unified view of spectators. Dependent on the application of Customer360, MediaCorp has catered to more than 100 ministerial audiences which involved the health, transportation, finance, sports and so on and so forth. They are established and targeted on the basis of the upper, middle and lower class in the Singaporean demographic interest and others, integrating this into the offline and online platform in MediaCorp. Customer360 has successfully assimilated collected data from the audience in specific networks. It is credited to their vast array of the businesses and platforms that MediaCorp could make the effective and accurate targeting on the customers within the society and even outside of Singapore.
Media consumption patterns of audiences
The first media consumption pattern of audiences focuses on what the consumer would spend on. For example, some audience wouldn’t even pay for their content so there must be a way to provide free content and earn money at the same time if not from them, then advertising agencies. Audiences wish to get content without loss. Furthermore, content should be associable to the audiences and meet the requirements and standards a common folk in Singapore would want. “To succeed in that tough environment, incumbents need to nurture new revenue models, apply data analytics and continually refine the user experience to engage fans” (Wilkinson, 2018)
The content of high quality, a significantly high level of user friendliness could be the popular characteristics in the market. The next media consumption pattern targets the viewing habits of audiences. It is common, per se that audiences would rather have an on-demand viewing format. Similar to Netflix, event-based content…etc. They are easy to be attractive for their consumption. MediaCorp could take advantage of this situation to provide the content that is on-demand to the customers in order to monetize and gain exposure on this model. It is an invaluable characteristic for a media company to enhance the viewing experience of the audience, based on what the audience wants, and not what the directors think they want. Impact on media companies for MediaCorp MediaCorp is the most comprehensive media platform in Singapore. It could be the leader in the broadcasting media in Singapore which provide four major kinds of languages (Picard, 2011). MediaCorp’s strong sense of moving forward with the times and agendas made an incredibly strong impact as the active, or most active media company in the region. This is also done through the combined production of other entertainment programs, film and magazine distribution and Asian news. As the leader in the field of the media atmosphere, it would be incredibly important that other media companies match up to MediaCorp with their information and frequency of content provided. Thus, bringing in fierce competition for the market shares in Singapore and with now with a considerable attention given to Singapore especially after the Trump and Kim summit.
Proper consultations and mergers could prove to be effective to improve the business. This would be effective if MediaCorp decides to have structured training programs to develop talented individual and send them out as ambassadors or consultation managers as most of the strategies and tactical initiatives offered to the audience could be learned and imitated in the media companies. This innovative effort could provide MediaCorp an improvement within the business and hopefully in the region as well. The major impact on the other media companies with regards to MediaCorp would be their challenge to be MediaCorp and follow similar processes.
Challenges in reaching out to audience
In 21st century, the technologies have been in the high speed to be updated in order to make improvement for the use of the equipment or the software. It brings the challenges for the MediaCorp to become competitive in the market to reach out to the audiences. In addition, the updated technology requires the professional ones to make the sophisticated operation of the system or the programs (Van, Bulck, & Donders, 2014). In regards to the quote above, the needs and demands of audiences to the media companies stays in a state of constant changes in the industry. MediaCorp has the challenge to develop new and updated methods of techniques and the items offered to the audience. For example, Customer360 could be simple for the organization to accomplish an advanced way to deal with the groups of onlookers, as it could give the company a new way of reaching out to people by giving them exactly what the audiences want based on Customer360’s statistical means. MediaCorp however, may have the huge disadvantage as it could be tough to continuously meet all the demands of audiences due to operational spending, customer service care…etc. These challenges then might emerge and cause a problem to MediaCorp.
Challenges and strategic movements in realising revenue
The ad revenue has been the significant challenge for MediaCorp to increase total revenue. In the global market, MediaCorp has to a come to a competition with the likes of media giants such as Google, Facebook and Amazon. It leads the company gain low level income from the ad business (Simons, 2013). In addition to the quote mentioned above and the move for MediaCorp to go online, digital offerings in MediaCorp could realise that the revenue that they can potentially gain might be too little as to compared to the times before technological advances were made with the smart phones and computers. It was very common to see adverts on televisions and newspapers but as their usage declines, the use of new media marketing could be a powerful tool in earning their income from advert revenues Workable business models In order to improve the business in the MediaCorp, the workable business models should be highlighted. For the company, the OTT business model should be enhanced which is the workable one to bring the competitive advantages to MediaCorp (Samantha, 2017).
In particular, it is Toggle, the bilingual OTT that benefits with the services and standard of living with regards to how media is successfully reaching out to audiences with the audience’s personal demands. It has created a vast amount of content to the customers. All of these contents can be access via digital devices such as computers and smart phones which are commonplace especially in Singapore as we move towards a smarter and technologically advance nation. With a sufficient operation of the workable business models, MediaCorp could be stand to gain many business opportunities that could be viable in the market.
Content that can gain audiences
The next efforts should focus on the content gained from audiences. As the demands of audience are changeable, the content from audiences plays the significant role in the business of MediaCorp. The company should make use of the social media to gain the response which could be the basis information to support the business and content improvement in the different forms, such as TV, broadcast and so on (Balji, 2017). By establishing a virtual community for its target audience via campaigns such as the Customer360, MediaCorp could easily gain information and big data on these users and gather feedback on what the vox populi desires. The voice of the people is more important as they are ones who are reaching out to the content. If sufficient data such as online surveys or studies and research on the statistical demands of the mass audience is done, MediaCorp could provide interesting content to attract the audience in the market. Leverage on new and social media MediaCorp has the need to leverage on the new and social media. As the biggest media conglomerate in Singapore, it has already owned the new and social media methods to the content. The company has been committed to the audience experience in order to ensure the full engagement (Szombathelyi, Waldbuesser, & Tench, 2015).
As the traditional media company, MediaCorp could itself stuck within the potential advantages and disadvantages of the digital age. The quote mentioned above encourages the company to leverage on the new and social media so as to make vast improvements and developments within the business for the sake of the validity of the company. These improvements could include a ‘more direct’ on demand survey on what the audience wants and MediaCorp can deliver it straight away. Content must also be user friendly, cheap and easy to access and much of the information and content that audience can get are already accessible with other media companies. With its powerful backing and continuous succession of providing content to the mass audience, it could prove to be significant to move these audiences to be used to the new and social media usage via MediaCorp’s apps and programs.
To make the conclusion, the MediaCorp has a wide range of popular online classified ads and interactive TV services, in addition to online TV on demand and high-definition television. The paper has discussed the trend of the technology and the audience which have encouraged the business in MediaCorp. In addition, it analyzes the implication of the impact of MediaCorp on the media companies and the challenges for the MediaCorp in the market. Then, it provides the strategic recommendations with the workable business model, the content gain audiences and the leverage on the new and social media in the company.