Audiences consume media in a variety of ways, including television, movies, radio, animated films, music, video games, visual effects, digital advertising, live events, print media, and filmed entertainment. By 2024, the media and entertainment sector would be anticipated to generate $30.9 billion. Indians spend 80% of their free time on entertainment, games, and smartphone apps. This sector is anticipated to expand at a CAGR of 10–12%. The public has a high need for localized content. This has thereby resulted in an increase in the sale of television all across the nation. Rishi Tandon is the COO of Hisense, a leading technology company. He is responsible for all global operations and business functions for the company. Rishi Tandon has more than 20 years of experience in the technology industry, and he has played a major role in the growth of Hisense. And Rishi Tandon has mentioned how the boom in the TV and entertainment industry would prove to be profitable for all the leading tech companies. People entirely relied on internet media and entertainment during the COVID era to maintain their way of life because there was no alternative to go outdoors and have fun. To amuse and engage individuals at home, there was an abrupt rise in the acquisition of home theatres, music systems, TVs, speakers, PlayStations, etc. The expanding young population, smartphone and internet customers, low-cost mobile data rates, and simple online payment processes are the major elements propelling the expansion of media companies. The plan for the establishment of an AVGC center with IIT, Bombay was announced by the Indian government in September 2020. Animation, Visual Effects, Gaming, and Comics are all under the umbrella of AVGC. By 2025, 71% of Indian households will have televisions, with the number growing at a rate of over 5% annually. Digitizing the cable distribution industry is a promising project the Indian government is undertaking to attract more institutional funding. India possesses the necessary manpower and skills for the M&E sector. 4 things to know about the television and the entertainment industry 1. Consumption patterns influenced by pandemics will persist The pandemic hastened trends that were already present in the media and entertainment sector before to COVID-19, such as the growing market domination of digital sales, streaming services, gaming, and user-generated content. Although the sector anticipates a return to some degree of normalcy, the analysis predicts that purchasing patterns and consumer habits developed during the pandemic will persist. In the competition for market share, declining industries incurred bigger losses. Print books defied the trend in several markets, although these also included conventional television and home video, newspapers, and consumer magazines. 2. Connectivity fuels expansion The statement that internet connectivity is now a fundamental and necessary utility in both wealthy and developing countries has almost become commonplace. But it also promotes growth. Due to the high number of clients who were confined to their homes, internet service providers reported a 60% increase in data usage and a 30% overall increase in data consumption. The number of smartphone connections is expected to increase (from 4.6 billion connections in 2020), although during the year, more customers made investments in fixed broadband internet connections, bringing the total to 1.1 billion homes. 3. Live events will endure It goes without saying that the pandemic had a negative impact on live and in-person entertainment, and the live music industry, which was virtually shut down in the majority of the world's countries, had a loss in income of 74.4% from the previous year. Drive-in concerts and other workarounds provided some of the experience, but it is widely anticipated - and there is already some evidence of this - that live event demand will increase significantly. 4. Movies are still alive. The epidemic forced a reevaluation of the movie business, which led to a historic 70.4% fall in cinema in 2020. Disney+'s OTT channel debuted Mulan as a premium digital product while there were only a few theatres open. Studios like Warner Bros. then followed with simultaneous streaming and theatre debuts for films like the most recent Marvel film Black Widow. Source: Here
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In India, there is a sharp increase in the demand for television. Even though shipments are declining, the growth in television is double digits. There are many reasons why television in India has increased so much. More buyers are currently investing in new televisions so they can access over-the-top (OTT) content on a larger screen. In the past year, more than eight out of every ten televisions were bought by Indians. For the entire year of 2021, sales increased by 55%, but if the holiday shopping season is taken into account, those increases jump to a more significant 65%. According to Rishi Tandan, "the smart TV market is experiencing tremendous growth, which can be attributed to an increase in demand for entertainment during a lockdown, newer launches at affordable prices, the growth of new entrants, discount offers, and premium features at appealing prices." Numerous appliance manufacturers are creating a wide range of television options. Not only is there a high demand for television, but a lot of new companies are also opening up and making sizable profits. One of these companies is Hisense, operated by Rishi Tandon. The headquarters of the Chinese multinational Hisense Group, a leading manufacturer of electronics and appliances, are located in Qingdao, Shandong Province. Televisions are Hisense's main line of business, and since 2004, the company has dominated the Chinese TV manufacturing industry in terms of market share. In this expanding appliance business, Rishi Tandan serves as the COO. According to Rishi Tandon, smart TVs are getting cheaper and can be bought for under $20,000: "Google TV, which is still primarily available in the premium price range, has started to infiltrate the $25,000 price segment." Rishi Tandan predicted that it would start selling in the sub-20,000 price range the following year. The competitive environment in the market is extremely fragmented. Participants in the market are focusing on tactics like partnerships, joint ventures, product innovation, R&D, and geographic expansion to strengthen their market positions. Market players place a high priority on enhancing their product offerings in order to better meet changing user needs and maintain competitiveness. In order to increase television sales, one must also have a thorough understanding of consumer psychology and pay attention to key purchasing factors. Many factors, including perception, motivation, learning, beliefs, and attitudes of the consumer, have an impact on their purchasing behavior. Rishi Tandon asserts that in addition to their product line, brands need to identify crucial buying criteria. These might include elements like prompt delivery, adaptable payment plans, a large product selection, ease of purchase and installation, post-sale service, and even discounts.
Since the number of televisions in India is rapidly increasing. There are strategies that many businesses can use to boost television sales in India. However, how exactly are you going to accomplish this? by assembling a team? Does advertising cost you money? Where to begin? We'll explain how to move forward with it in this article. Let's look at it.
Coupons are a great way to boost sales and determine how interested visitors and customers are. All you need to do is display an appealing image on your television alongside a discount code for people to use. To take things a step further, you could give each TV you own a unique coupon code, which you could then display next to your offer. You'll be able to determine which screens deliver the best results in this manner. Let's say you run a small coffee shop and want to spread the word about your newest blend. By using a coupon code, you could easily give your customers a discount.
There are certain companies that charge other businesses to promote their brand on their TVs. Many appliance and electronics companies make money this way. This will then help your television sales grow. Simply make sure that the advertisements you show your visitors are beneficial to them or enhance their quality of life. Advertising for hamburgers serves no purpose if you run a clinic for weight loss.
Special offers are a great way to increase revenue with little work. People enjoy a good deal, and your TV screens are perfect for displaying your best deals to them. Additionally, you can use your weekly or monthly flyers to simplify things. Engage your audience by being creative and using captivating photos and videos. Since you don't need to keep track of coupon codes, this is a great substitute and requires little work.
This is the era of social media. There is no harm in getting social, promoting your business, and asking people out there to purchase your products. It's always a good idea to use social media to keep customers interested in your company and coming back for more. Engaging on social media, whether it be on Facebook, Instagram, Twitter, Pinterest, or any other platform, will be extremely beneficial to your company. A sizable social media following shows prospective customers that other people are familiar with and confident in your brand, which raises the credibility of your business.
Advertising that is purchased and sold automatically by software is known as "programmatic advertising." How does this affect your business? It implies that you can automatically charge for advertising space on your screens and TVs. In conclusion, Indians are becoming more interested in television. You must develop your brand and boost your television sales because there are a lot of new businesses emerging. The task of increasing telesales can be onerous. However, you can use some of the aforementioned tactics to assist you in creating a successful company with high profits. These tactics have been used by well-known businesspeople to build their brands and businesses into huge successes across India, including Rishi Tandon. These strategies can help you understand the consumer’s behavior and psychology. Some of the effective buying factors can thus be reinforced with the help of these strategies. |