The season of innovation and collaboration is coming in the media industry.
On May 18th to 19th, Fortune Indonesia held their first Fortune Indonesia Summit 2022. As one of the country's most prominent multi-stakeholder and business person summit, the Fortune Indonesia Summit have three big pillars that are deemed insightful for Indonesia's business ecosystem: impact, sustainability and growth. Within these three pillars, various topics were brought up over the two days event, from market, business, finance, tech, to leadership. On the last session of the second day, it was time for a session about The Future of Media, with three expert speakers on stage. Raffi Ahmad (Celebrity, Founder of RANS Entertainment), Sutanto Hartono (Managing Director EMTEK) and Winston Utomo (CEO IDN Media) were on stage to discuss the ever-changing direction of the media industry, and I get to moderate the session.
The pace of digital disruption in media is accelerating. New technologies are shifting customer expectations and behaviours, and changing the industry landscape.
More and more media organisations are moving to digital-first. Big Data has transformed the way organisations approach products, services, and customer experiences. And machine learning has helped companies activate automation, identify trends, and improve customer personalisation.
The pandemic has been a catalyst for significant transformation in the media industry. Organisations have been forced to embrace the shift to digital — and understand the changing needs of consumers. Media companies have traditionally relied on strong partnerships and new offerings to maintain their position. But video streaming has significantly disrupted traditional media consumption trends.
With television as one of EMTEK’s biggest business, questions were asked whether the broadcasting industry is still thriving. "Indonesia's internet users are rapidly growing every year, but the data shows that television broadcast are still having a significantly stable numbers. This indicates that users are using multi-screen and multi-devices to consume content, and it is our job to be present in every screen or devices that they are using," said Sutanto Hatono.
"I built RANS entertainment with the mindset that every aspect of content creators and media industry have to collaborate so we can thrive in the industry. We have to deliver personalised products and services that meet changing consumer trends. But consumers want to engage with our content on their own terms, so we must adapt to new digital technologies to provide customers with the right content, at the right time, and on the right channel," said Raffi Ahmad when asked about building his latest project, Ransverse.
It has never been more important for media businesses to differentiate themselves. A digital-first strategy can help create loyal customers — it enables them to connect with consumers and develop new products to gain a competitive advantage. Since the start of the pandemic, new opportunities for revenue and stronger strategic partnerships have increased. Direct-to-consumer services in particular have experienced explosive growth.
"Increasing customer engagement by using artificial intelligence and real-time data to deliver more personalised content and services have been our priority in creating IDN App. This hyper-personalisation approach helps user to create unique customer experiences that go beyond just reading content, but also letting our users experiencing an immersive types of content, for example using IDN Live," said Winston Utomo when asked about new and innovative content types from the media industry.
In conclusion, technological advancements offer valuable opportunities to learn more about customers. And it’s essential to build a single view of our customer to stay ahead.
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