Bhatia highlights the transformation of mass media consumption in the age of Covid-19
With consumers re-evaluating and experimenting with how they live, work, and play because of the COVID-19 crisis, the Indian media and entertainment industry is on the cusp of a strong phase of growth, backed by rising consumer demand and improving advertising revenue. The role of traditional media has changed dramatically in the age of smart handheld devices, internet-driven, the 24-hour news cycle and the proliferation of social media. Today, the term 'media' is developed in various formats, and it can mean different things to different people.
What Changes Can We Expect On The Horizon?
The Indian entertainment and media industry today have everything going for it - be it regulations that allow foreign investment, the impetus from the economy, the digital lifestyle and spending habits of the consumers and the opportunities thrown open by the advancements in technology. According to the FICCI-EY report 2021, the media and entertainment business is estimated to grow 25% to reach Rs. 1.73 trillion (US$ 23.29 billion) in 2021.
The New Wave Of Storytelling
Short-form videos and content consumption have become game-changers for marketers. The rise of social has given us more opportunities to talk to consumers through engaging thumb-stopping video content in an accessible and affordable environment. Social media has moved from just being a platform to connect with friends and family – it’s unlocked an avenue for brands to interact with their customers in an engaging manner and can help shift perception. Hindware has adopted this approach too, having created short-form videos under 15 seconds, for our recent campaign – ‘Build A Toilet, Build Her Future’. The aim of the videos was to raise awareness and initiate a ‘call to action’ for the lack of toilets in schools. Hindware pledged to build toilets in these schools, as the absence of adequate sanitation infrastructure poses a challenge for the education of girls.
Personalised Media Consumption With Content Bundles
Today’s consumers are incredibly savvy and are always looking for value for money. They are opting for tailored content packages that resonate and truly reflects their interests and preferences. Receiving personalised information and experience leads to a much higher engagement rate and increased subscriber retention, building trust and longevity between the media provider and the user.
Regional Language Content Powering Growth
With the blurring of lines between the aspirations of rural and small-town consumers and people living in larger cities, brands have now started taking a closer look at the Bharat consumer. According to an EY report, the Indian Media and Entertainment (M&E) industry is projected to grow to Rs. 2.23 trillion (~US$ 30.6 billion) by 2023 due to the acceleration of digital adoption among users across geographies. The exponential rise in smartphones and internet penetration is enabling people across generations to create and consume new and engaging content. Hindware considers a favourable mix of vernacular content, integrated with the overall marketing content, whether it’s through print, TV, Radio, and social media platforms.
As a company, we are centred around innovation and strive to create unique product offerings that can add value to our consumers’ lives. During the pandemic, there has been a shift in consumer preferences and hygiene and safety have become the leading points of consideration. Consumers are now more interested in buying smart solutions when it comes to bathware and faucets as there is a greater focus on health and hygiene. Besides this, as consumers become more environmentally conscious, there is also an inclination to opt for products that are more sustainable and conserve water.
Addressing this demand, Hindware recently launched touch-free products including sensor-based faucets and water closets that have been designed to enable better safety and hygiene in households across India amidst the ongoing pandemic. To connect with consumers, we launched our campaign - ‘Thoughtful is Beautiful’ featuring in series of multilingual films across languages such as Hindi, Kannada, Tamil, Telugu, Malayalam, Bengali to reach consumers in the country. Moreover, there is a shift in the purchasing behavior as well, they prefer to do their primary search online on brands/products & more or less decide on the product before walking into a store. Hence to cater to this new phygital way of purchase, brands have to be adequately present in the digital arena.
The New Media Landscape
The Indian M&E industry is on an impressive growth path. The industry is expected to grow at a much faster rate than the global average rate. Also, the media landscape is getting more complex for brands, marketers, and publishers as they all try to make strategic decisions to gain consumer mindshare with new forms of mediums and consumption patterns. Adoption of digital technologies, personalised bundling options, investments in original and locally relevant content, among others, will aid in furthering growth in the Indian media and entertainment space.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.
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