Understanding the Future of Media: Part 2
Last week, in the 1st article on The Future of Media, I shared my views on 2 topics –
1.????Media consumption landscape and how it would evolve, &
2.????Measurement & Planning
Based on my conversations with a few industry and media leaders, I wanted to further share my point of view on the remaining two topics, which then covers ‘The Future of the Media Landscape`.
3.????Privacy & Security – A delicate balance between the need for personalized content, and the desire for privacy protection.
On one hand, consumers increasingly expect media content that is tailored to their preferences and interests. This can involve the collection and analysis of personal data, including browsing history, search queries, and social media activity, to deliver more targeted advertising and content recommendations.
On the other hand, there is growing concern about the collection and use of personal data by media companies; particularly in light of high-profile data breaches and scandals involving the misuse of personal information. This has led to increased regulatory scrutiny and a push for stronger privacy protections; such as the General Data Protection Regulation (GDPR) in Europe, and the California Consumer Privacy Act (CCPA) in the United States.
Organizations, media companies etc., need to implement more transparent data practices and provide users with clear information about what data is being collected, how it is being used, and who it is being shared with.
They may also need to provide users with greater control over their data, such as the ability to opt out of data collection, or to delete their data from company databases (which would take us farther to our next point on the construction of an ecosystem).
Another growing aspect, is Cross-Border Transfers. Collection and processing of personal data often involve cross-border transfers, which can lead to conflicting privacy laws and regulations. This has led to discussions around creating a global framework for privacy regulation, to ensure consistent protection of personal data across borders. It would be interesting to see how this space would evolve, as both organizations and global players would have to come together.
In my view, this would be perhaps the pillar that has to innovate the fastest, and bring in global standardization, for the following reasons:
1.????A survey by the Pew Research Center found that 81% of adults in the United States said that they have very little or no control over their data that is being collected by companies, and 66% said they had concerns about the way their data is being used by these companies.
2.????GlobalWebIndex found that 44% of internet users worldwide are concerned about the amount of personal information.
3.????According to Identity Theft Resource Center, there were 1,108 data breaches reported in the United States in 2021, exposing over 1.6 billion records. The Center for Strategic and International Studies estimates that the global cost of cybercrime in 2021 was $1 trillion.
Overall, these statistics demonstrate that consumer privacy is a growing concern globally, with individuals becoming increasingly aware of the risks associated with the collection and processing of their personal data. And ultimately, the future of media regarding privacy will depend on a variety of factors, including consumer attitudes, regulatory frameworks, and technological advancements.
All things considered, the future of data privacy would also need to evolve. And this is what the industry leaders mentioned, will be the direction of evolution:
1.????Greater regulations - This includes initiatives such as the GDPR, CCPA, and other privacy-focused regulations, which seek to protect consumer data and privacy.
2.????Growing importance of cybersecurity - Investing in security technologies, such as encryption and multi-factor authentication, to protect against data breaches and cyber-attacks will be a primary concern.
3.????Meeting consumer expectations - Media organizations are likely to continue to focus on transparency, and provide consumers with more control over their data.
4.????Advancement in Blockchain technology – Blockchain has the potential to revolutionize privacy and security in the media ecosystem, by providing a decentralized and secure way to store and transfer data. This could be particularly beneficial for areas such as digital identity verification and content authentication, and for streamlining cross-border transfers.
Hence, the future of privacy and security in the media ecosystem is likely to be shaped by a combination of regulatory developments, technological advancements, and evolving consumer expectations. Org at large would have to be vigilant and adapt to these changes in order to maintain consumer trust, which would have a direct IMPACT on their BRAND.
It is important to understand how all of the above would come into play, especially when everybody is talking about both Standardization & Scalability. And this brings us to the last pillar defining the future of media.
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4.????Media Ecosystem – Powered by AI and ML, and enabled by technology, the only way all the 3 pillars can be brought together, is in a scalable yet controllable environment.
The technology stack for a modern media ecosystem typically includes several layers. Starting with data capture and ending with consumption. Here’s an overview of the key components of each layer:
4.1?Data Capture?
4.2?Data Storage and Management
4.3?Data Processing and Analysis
4.4?Content Management and Integration with external setups of DAM, CDN etc.
4.5?Personalization and Recommendation engine
4.6?Ad Serving and Monetization, feeding Retail Media and eCommerce sites
4.7?User Interface and Experiential Layers
4.8?The Final Consumption Layer
Note: Though not part of this article, I would be happy to further share my learnings on the usage of cloud platforms and across each of the above-mentioned modules within the tech stack.?
With the above tech stack, even though it captures all the modules, one needs to ensure it is truly ready for the future. Hence, the ability to incorporate the known-unknown and unknown-unknown. Here are a few best practices that leading CPG organizations are executing/considering.
1.Use a modular architecture: Modular architecture breaks down a system into smaller, more manageable components, which can be developed and tested independently. This makes it easier to add or remove components as needed, and makes the overall system more flexible and scalable.
2.Adopt a microservices architecture: A microservices architecture breaks down a system into a set of small, independent services, which can be developed and deployed independently. This makes it easier to add or remove services as needed, adding to the systems flexibility and scalability.
3.Use APIs and standard protocols: APIs and standard protocols can help to ensure interoperability and compatibility between different components of the technology stack. This makes it easier to add or remove components as needed, and offers the overall system greater flexibility and scalability.
4.Use a cloud-based infrastructure: Cloud-based infrastructures, like Azure and AWS, offer increased scalability and flexibility by allowing resources to be scaled up or down as needed. This can help to ensure that the technology stack can accommodate new media and data as they come in.
5.Monitor and optimize performance: Regular monitoring and optimization of the technology stack can help to ensure that it remains flexible and scalable as new media and data are introduced. This includes monitoring for bottlenecks or other performance issues and adjusting as needed to optimize performance.
Overall, the future of technology in the media ecosystem is likely to be marked by continuous innovation and disruption. It will surely be fascinating to track as the future unfolds.
Look forward to your thoughts & point of view.. & thanks for your support..