It used to be that VHS and Betamax were the hot new thing that stood poised to transform entertainment. But now with Netflix, Comcast On Demand, Amazon Prime, and myriad other services, there are more ways than ever to consume media. The elusive question at the heart of this revolution is, of course, how to exploit these new channels for the most profit.
Making Money off Entertainment? Preposterous!
George O’Conor, founder of Chime Media, cites two main challenges. First, the entertainment industry’s supply chain is lagging far behind those seen in the rest of the business world, because until now, entertainment essentially had a “sell it NOW, forget about it later” mentality. Second, media companies are unable to have a “single, trusted view of all their assets and related information.”
What the industry needs according to O’Conor is a global content catalog. But he recognizes that creating this would be pretty Herculean, as he notes that the “same episode of a syndicated TV show, for example, can be called three different things in the production, editing and library systems.” In response, O’Conor comes up with this:
A better alternative is to be nondisruptive to existing systems. An automated, intelligent Master Data Management type of project can glean the needed data with machine-like efficiency. Modern heuristics that map “data behaviors” can then organize, de-duplicate and cleanse the data into a meaningful whole. The goal is to consolidate existing “in-flight” data into a trusted, central source for assets and related information that “floats above” existing systems.
Operating this way allows the industry to answer key questions pertaining to inventory management, revenue opportunities, ownership exposure, distribution, and storage hierarchy. To explore these ideas in further depth, you can read O’Conor’s original article here: https://recode.net/2014/04/08/modernizing-the-entertainment-industry-supply-chain-in-the-age-of-streaming/