Pretty much every industry stand to profit from the Internet of Things (IoT). Whether it’s connecting with customers across multiple devices or gathering customer data, marketers will benefit from the increasing interconnectedness of digital devices and common objects.
The entertainment and media industry is poised to maximize the advantages of the Internet of Things. This includes media publishers and broadcasters, as well as TV, movie and music studios, electronics producers, gaming companies, sports arenas, casinos, and more.
The entertainment industry is ahead of the curve
Emarketer’s new report, “The Internet of Media and Entertainment Things: What Marketers Need to Know Now” explains how marketers in the media and entertainment industry can utilize the Internet of Things.
According to the report, because they are focused on delivering media to users across multiple platforms, the entertainment and media industry already has the organizational and technical foundations laid to increasingly engage with the Internet of Things.
Most media companies run on a digital business model, and already have the network and technical infrastructure to transmit information and collect data across the Internet of Things. Media companies already utilizing the IoT do so to gather customer data, to monitor production and distribution, and to activate tracking devices in their business locations.
IoT spending to jump 54% in coming years
The network is key. As more and more media is consumed on digital and mobile devices, there are an increasing number of connections related to entertainment and media in the IoT. Verizon Communications released a study, “State of the Market: The Internet of Things 2015 report,” showing that the number of media and entertainment related connections within its network had increased 120 percent from 2013 to 2014.
This growth makes entertainment and media connections the third fastest growing industry in the IoT, after manufacturing and finance/insurance.
While entertainment and media companies aren’t blowing the bank over the IoT yet, a survey of international business executives found that IoT spending in media/entertainment was set to increase 54 percent over the next three years.
While not all media companies were utilizing the IoT, 16.7 percent of surveyed execs said they planned to start by 2020. The days of considering the Internet of Things just a cool novelty are over – brands are shelling out big bucks, and real estate isn’t far behind, so it’s time we take the risks and rewards seriously.