The media streaming platforms are becoming increasingly popular today. We realized it during the quarantine period when binge-watching just skyrocketed. Interestingly, Netflix alone witnessed a record of 15.77 million paid subscribers globally during the first quarter of 2020. Did you know according to a forecast by Statista, the revenue for the media and entertainment industry rose to over 2 trillion US dollars during 2021?
Cloud computing, a widely celebrated technology, has come to play a vital role in various industries, especially the media and entertainment sector. This is because as content consumption continues to grow rapidly, companies in this sector need not only better means of distribution and storage but also the ability to keep up with the sector’s demands which tend to change absurdly quickly. Cloud computing can do all that and more.
Listed below are some other benefits of cloud computing for this M&E sector.
1. Scalability: In this digital age, the media and entertainment industry relies quite a bit on advanced storage and bandwidth — two factors that are crucial for quickly scaling operations along with the demand. In this context, cloud computing eliminates the arduous process of acquiring hardware, additional storage capacity, etc., instead of allowing companies to expand or downsize services based on their business needs with just a few clicks.
2. Agility: The sector is among the most quickly evolving sectors in the world and this fact requires companies to be highly agile to quickly and successfully adapt to the market’s changing demands and expectations. This task is made easier with cloud computing since companies cannot only rapidly introduce new features but also experiment freely with innovative functionalities without fretting about cost, ROI, etc.
3. Dependable: As the media and entertainment sector embraces the digital revolution, companies find themselves struggling with archaic infrastructure that takes a toll on the business’ performance. But replacing the infrastructure too is a daunting task; cloud computing, then, alleviates some of this pressure by offering modern infrastructure that may initially necessitate investments which eventually balance out the cost factor by ensuring ace levels of reliability and performance.
4. Savings: A key goal for any business is to continually deliver top-notch experiences while also achieving cost savings. This can seem a tad challenging considering the current market demands a wide array of advanced technologies and such. Yet, cloud computing can help companies cut costs in many ways: by curbing storage costs to make up for growing investments in other facets of operations. Furthermore, switching from the CAPEX model to the OPEX model enables a reduction in sunk costs for infrastructure, delivery technologies, etc.
5. Downtime prevention: One of the foundations of high-quality user experiences in this sector is minimal interruptions and downtime, if at all. A media and entertainment company can easily prevent such disruptive downtime with cloud computing which brings forth myriad architectures, opportunities, and solutions that are conducive to high-performance services and tools.
The media and entertainment industry is a complex sector that continually generates more and more data. The world also has plenty of expectations from this sector — an understandable situation considering the role media and entertainment have come to play in the modern world. Faced with such responsibilities and expectations, a growing number of companies have found themselves needing advanced solutions to ensure business continuity, savings, efficiency, and so much more. As you can see, cloud computing can help the industry deal with a lot of these requirements & too quickly and effectively. You too can rest assured, then, that your media and entertainment business will gain significantly from the benefits this technology has to offer. So go on and start looking for expert cloud software development services ASAP.