How to Strengthen a Business Model for Media & Entertainment Industry in 2021
While numerous enterprises are trying to make ends meet at the end of 2020, there are a few industries that have fared rather well. The media and entertainment sectors as well as the iGaming niche belong to them. In 2020, total video games and eSports revenue in the United States was about $29.1bn. In 2019, it was about $27.2bn. It is set to grow up to $37.1bn in 2024 at a CAGR of 6.4%. Although the data is looking auspicious, it is not the moment of rêvasser. The competition is becoming more intense and tougher. It’s high time to change traditional business models and to look for innovations.
Why an Effective Business Model Is a Must
Before you start to upgrade and refine your business, you should clearly understand what a business model is and why it’s so important. Three main blocks build an effective business model. They are:
- Making something unique. When it comes to the E&M industry, you should pay attention to the quality of content and the impression it makes on the audience;
- Selling the products. The E&M industry as well as the iGaming business sells not only physical objects such as software, video games, or subscriptions but also emotions and feelings. A gambler who spends hours in the online casino does not buy a slot machine. They don’t even need it. He needs emotions and impressions. It’s one of the reasons why it’s so difficult to build a winning business model. The manufacturers have to deal with immaterial things;
- Providing correct payment methods. The main goal of any business is to make money. The same is true about iGaming and E&M industries. You should know which currencies and payment services your clients-to-be are using for making purchases.
Nowadays there are more than 30 types of business models. Hence, making the right choice is not an easy thing. Moreover, it’s important to understand that the representatives of the media businesses face fluttering business environments and splintered customer needs. To build a flourishing business, it’s necessary to respond to such challenges. E&M companies were used for competing and creating differentiation based on two aspects: content and distribution. These days, they have to focus on the third preeminent component: user experience (UX).
Things You Should Do Right Now
No business model can be successful without a profound SEO audit. Before you start altering your content marketing strategy, it’s a good idea to gather information about the content grade, site speed analytics, URL optimization, and page linking. Only then you can change the model.
The main thing you should always keep in mind is that you need to provide your customers not only with products such as games or new content but with an immersive experience. When it comes to the E&M industry, interaction with the audience is a must. It doesn’t matter whether you are engaged with OTT platforms, e-sports, or video games. You should involve the visitors of your website with the experience.
The next important step is to define a target audience. There is no universal product that is able to meet the needs and expectations of all people no matter how much we want it. That’s why you should define what your target audience is and what they need.
The third element of your success is the ability to keep the audience engaged. It’s not easy and requires a lot of effort and various approaches. Depending on the company you work with, you can try different marketing tricks. Yet, it’s necessary to keep ethical issues in mind.
An Eternal Battle for the Best Content
No business model will survive without efficient SEO techniques. It’s not a secret that nowadays SEO is all about content marketing.
When it comes to enhancing a business model for the E&M industry, it’s a good idea to implement the following elements:
- Stratified content.
It’s an effective means that helps to segment customers vertically and horizontally. It’s necessary for defining a target audience and meeting the needs of every segment of players;
- Inconvenient elements
When it comes to the iGaming niche, it’s about introducing unusual gameplay elements. The main aim of this technique is to enhance frustration that reinforces the desire to make a purchase;
- Alterations to existing content.
This method is rather costly but efficient
It should be highlighted that iGaming is a segment that can become one of the chief beneficiaries in the overall digital ecosystem, especially when it comes to the representatives of a younger generation. E&M companies should look at gaming as an extension to their ecosystem offerings. iGaming niche presents some winning techniques that can help to promote and develop any E&M company. The main of them are the following:
- Correct linking strategies
The importance of backlink growth can’t be overestimated. It’s a must if you want to enhance the company’s awareness and engagement. It’s not only about placing your link on the affiliated platforms. It’s important to communicate the need for the link. You have to pay attention to the domain authorities especially when it comes to building a reliable reputation for the company. And, of course, the relevance of the link should be out of the question;
- Increased engagement is the best way to increase ranking
Social media is the main distribution channel for content. Therefore, you should increase organic traffic. There are various strategies you can experience. However, it should be highlighted that only organic traffic can skyscraper the ratings of your website;
- Pay attention to the thoughtful guest posting
It’s a win-win solution for cooperation with cool bloggers. It allows not only to promote your resource but also to attract new visitors to the websites of the bloggers. There is one important condition for cooperation – bloggers should have a good reputation and a large audience.
So, the reality is changing which leads to changes in the E&M industry. To stay afloat and to be able to compete with fierce opponents, you should alter your business model and be open to innovations.