Las Vegas Reflections: Insights from NAB and Devoncroft 2024

Introduction:?Fresh from the bustling energy of Las Vegas, Phil Hodgetts returns with?key?insights from the 2024 NAB Show and Devoncroft event, enriched by deep dives into the latest trends in AI, streaming, and the dynamic shifts in the media landscape.?

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Challenges in the Broadcast Industry:?

The broadcast industry has faced a tough year, with the market shrinking by 4% due to several contributing factors; global pandemic and its ongoing effects, interest rates reaching their highest point in 15 years, making money and things more expensive. Compound that with the impact on subscription services and the subscriber rate dropping from, what could be, its highest ever... the landscape on the face of it could look baron, dark and cold.??

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One of the most popular streaming services over the last 4 years has been Disney+, launched in 2019. They had a vision of streaming at scale, which they needed because, within the first 24 hours, 10 million people subscribed. Disney quickly realised the need to develop technology to reduce costs and increase user engagement and profit margins.??

Streaming services are currently facing a decline in subscribers, which means they need to focus on finding ways to become profitable. One solution is to invest in technology more effectively, which would help them to create more margins and reduce costs significantly. Streaming businesses can improve their efficiency and ultimately increase their revenue by utilising technology.?

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Making the Most of AI in Business:?

AI and machine learning have advanced beyond the experimental phase and are now being adopted by businesses. Companies are exploring AI's capabilities and how they can use it to streamline processes and support their teams.??

While the industry has moved towards adopting AI, there are still concerns about its risks and impact on the world. It is feared that machines could replace human workers. However, the primary purpose of AI is to enhance human work, not replace it. The focus is on optimising how AI can improve and optimise technology workflows.?

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Supplier market:?

The technology supplier market is expanding; however, the absence of cloud providers has resulted in elevated costs. Introducing more competition in this area could potentially reduce costs and enhance services for all.??

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Moreover, the decision-making roles in broadcasting are undergoing a shift. While engineering teams used to be the dominant force, finance and operations teams now play a more prominent role. This change necessitates modifying technology sales strategies to align with the new dynamics.?

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Staying in Control Over Content:?

In today's fast-paced media environment, having control over your content is essential, as it can help you make informed decisions for future growth. For instance, when a major network broadcasts a big story, it becomes crucial for the network to recognise it as its content. Trademarking content is one of the strategies that can be done to ensure that the source is acknowledged, which is vital for maintaining the integrity and value of the content.??

Staying in control of the published content can lead to future decisions, as the major networking company can identify the possibilities of growth in a different region if the source is engaged multiple times in that location.?

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Emphasising Diversity and Inclusion:??

With around 60% of the workforce set to retire within the next ten years, there is a unique opportunity for businesses to embrace diversity and inclusivity in their hiring practices. This will help to make the industry more welcoming to a broader range of talents. To achieve this, businesses must be adaptable and open to change. They must accept factors such as flexible working and provide support to promote diversity. Hiring based on potential and creating work environments catering to diverse backgrounds is crucial. Are businesses doing enough to recognise the changes they need to make to open up their teams to more diversity??

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Conclusion:?

?Although this?year's?NAB Show saw lighter foot traffic, the quality of interactions remained high. Networking with top industry professionals provided Phil with invaluable perspectives, underscoring the importance of these gatherings for sharing knowledge and shaping the future of broadcasting.?