“To develop a strong video strategy, businesses must first ascertain their market positioning and target customer segments” – By, Mr. Subhashish Gupta, Managing Director, Brightcove

How has the pandemic accelerated the pace of digital transformation?

Physical events are now virtual or hybrid, and services and touchpoints have to go digital to reach the public primarily at home. With the pandemic, online marketplaces have replaced traditional brick-and-mortar stores and contactless digital payments across big and small merchants and businesses. Businesses that do not pivot to offer digital or virtual versions of their products risk falling behind or losing customers. It has undoubtedly forced businesses to take on digital transformation at a pace a lot quicker than they might have liked.

With lockdowns in place, Indians spend more time indoors and seek to fill their time with more media consumption. This has inadvertently led to them streaming more TV shows, movies, news, and online gaming. Cisco reported that by 2022, online video will make up 82% of all consumer internet traffic.

Media companies that want to ride on this wave of growing demands for digital content would need to quickly ensure all their products are optimised for a stay-home audience and that there is enough content in their inventory.

What are some key digitalization trends globally and in India?

With the increasing availability of high-speed connectivity and strong smartphone penetration rate, India looks set to be one of the largest and fastest-growing markets for digital consumers. The India Cellular & Electronics Association (ICEA) smartphone ownership report states that the country is slated to reach 820 million by 2022. India’s strong and rapidly growing base of digital consumers is set to fuel massive growth in media and entertainment areas such as OTT, Esports, Podcasts, and Internet Advertising.

In OTT, as more people go digital, they also start to interact with brands more through their video content. Enterprise video views saw a 93% increase year over year on all devices. This has led businesses worldwide to ensure that smartphones are at the core of their communications strategy and optimizing content for mobile consumption. A shift to a video-first strategy has also been the way forward for retailers and enterprises.

However, despite the booming consumer demand for digital products and services, the adoption of digitalisation remains uneven among businesses in India. According to a report by the McKinsey Global Institute, a widening digital gap exists between firms that innovate and undertake digital strategies and laggards that lack such capabilities. The next big trend would likely see more private companies playing catch-up and embarking on digital transformation amid the growing base of digital consumers.

Which key sectors are undergoing digital transformation in the country?

Right now, we see some turnback to physical events, but the strategy continues to be the adoption of hybrid events due to continued travel restrictions. However, commerce and supply chain services continue to surge into digitalising their operations. Consumers look to fulfill their daily needs online; sectors such as retail, banking, finance, healthcare, and manufacturing are some of the key industries that have quickly taken steps towards digital transformation.

However, the acceleration of digital transformation is probably most evident in the media and entertainment industry. In the digital age, consumers expect their viewing experiences to be seamless, user-friendly, and straightforward. With various OTT platforms constantly jockeying for pole position in India’s global market, especially during these pandemic times, stiff competition has accelerated digital transformation and tech innovations geared towards quality video delivery.

What are Brightcove’s product offerings and tech innovations for businesses in India?

From boosting the engagement of a distributed workforce to driving sales amid brick-and-mortar closures, critical expertise and tech innovations are essential in helping an organisation realise its true potential with video. Businesses and organisations should seek reliable, cost-effective, on-demand, and live streaming video solutions. Instead of in-house alternatives, Brightcove can help enterprises significantly reduce their cost and save time and resources.

For example, for businesses that want to provide a stellar video experience to their audiences, Brightcove Video Cloud helps deliver this video content across multiple screen types. It has tools for monetization, live streaming, analytics, encoding, and more within one platform. Companies that have multiple video offerings can also choose to use Brightcove Cloud Playout to create a playout – or a video playlist – which provides audiences with on-demand and live video at a set time or 24/7.

As virtual events become the new norm, Brightcove empowers businesses to deliver profound and immersive virtual events experienced through Brightcove Virtual Events For Business or Brightcove Virtual Events for Enterprise. Both offer companies the ability to provide secure, reliable, live video events to internal and external audiences. Our video technology can help organisations amplify their content to a broader audience, reliably and securely, allowing businesses to inspire and inform more audiences in the country.

In the future of video technology, where is India headed?

Consumers are engaging with all types of brands, whether retailers or enterprises, through video technology on an unprecedented scale. Video, as we know it, has revolutionised the way we work, live, and play.

Fueled by an overall increase in internet penetration and smartphone ownership, the OTT market in India is headed towards more significant expansion in the post-pandemic era. As OTT platforms one-up their competition in a bid to capture greater market share, consumers can expect better streaming quality and speed.

Moreover, they can look forward to an increasing prevalence of augmented reality (AR) and virtual reality (VR) on devices. We will also see a battle between global OTT platforms and local players moving forward in India. With the OTT market estimated to reach $15 billion by 2030, local content owners will want to capture a larger share of this growing market. Instead of having a global platform carry their content, they can opt for our solutions and innovations that will bring them ahead of the curve.

In the post-pandemic world, how can businesses develop and implement a strong video strategy?

To develop a strong video strategy, businesses must first ascertain their market positioning and target customer segments. They need to devise forward-looking and sustainable content, monetisation, and customer acquisition and retention strategies to differentiate themselves from the pack.

Firms should also decide early on the type of platform on which their content is displayed and delivered. To help simplify their video delivery to every destination and device, they may consider partnering with OTT platforms. Brightcove, for example, has dedicated over 15 years to building a best-in-class global video platform with solutions to support customers across media, entertainment, marketing, and enterprise industries. Intuitive and easy to use, our video platform solution helps companies tell their stories tomorrow and beyond.

No video strategy is complete without the incorporation of cybersecurity policies. Safeguarding the reputation and integrity of brands is critical in a world where cyberattacks are par for the course. To this end, Brightcove adopts a comprehensive approach to security centred on making media content safe and secure. For instance, Brightcove’s solutions come equipped with a set of security features called Brightcove Playback Restrictions to effectively address challenges with restricting assets, handling viewer access/permissions, and preventing content piracy. This way, businesses can rest assured that their confidential video content and big-budget virtual events are secure and looked after.