Satellite and cable TV providers the world over are being impacted by the disruptive forces of an Internet-delivered video. This week in New Zealand, we saw Sky TV shares slump to rock bottom. What can we learn from the way that traditional TV providers are being disrupted in our field of work and employment?
So first up, let’s have a little bit of a look at the film industry. Now, this has been around for what, hundred years or so?
When you look back, we didn’t have TVs, we didn’t have the many ways of accessing content as we have today.
And over the years, it’s always been this concern about the cinema being disrupted whether it was when VCR, video cassette recorders became available in the home whether it was broadcast TV, whether it was DVD, the internet but cinemas are surviving.
So, there are situations where the new technology doesn’t just completely wipe-out existing businesses and existing companies.
When we look now, there are Pay TV providers, though they have been taking a pretty big hit, and as we look forward over the next five to ten years, many of them will shut down or cease operation unless they really work out how to compete against the big global players.
The likes of Amazon, who are getting into not only making their own content in terms of film and TVs but also getting into the world of sport. Of course, Netflix, YouTube, Facebook and now LinkedIn, distributing video, all of these have some sort of an impact. So, the question I’m often asked as well, “how can our Pay TV providers, in New Zealand for instance, how can a company like Sky TV make sure that they’re still around for the years to come?”.
I think the key is to focus on delivering something for a customer, delivering that really great result. That means you do have to be up with the play with where technology is going, where the future of it is, and not just relying on business models of the past that may not be relevant in the future.
So, is there hope for Pay TV firms, for taxi companies, for providers of accommodation and all the other fields of business that are being impacted or really or will be impacted in the future by disruptive technology, disruptive forces? Well, the answer is, yes. The companies can survive and they can do well in this future.
It’s important to be really looking ahead and having that long-term strategy that considers the changes that consider the technologies that are going to deliver the best results. And that means, putting yourself in the shoes of your clients, your customers, and understanding what they want, what’s going to deliver the results from them and where technology is going, what does it enable?
And also, looking at the partnering opportunities. When you’re competing against global entities, they have a massive reach, huge amounts of capital. You can’t always compete with those as just a small, independent firm or even a big firm in your own country often it means partnering up the new ways that wouldn’t have been relevant in years gone by. So, there really are some important changes that businesses need to make to be on the front foot and not the back foot to be disrupting and being a part of that rather than being the company whose market share is dropping, never to rise again.
Now, I know individuals too, are concerned of around making sure that they have a livelihood in the future, whether it’s those students that are studying and trying to plan for their careers ahead or those that are well into their career as well. You know, I think here it’s important that we focus on making sure we do think ahead around where our fields are going. Make sure we position to succeed regardless of what happens in our organizations.
So, always be somebody that’s adding value, considering both the organization you work for and your organization’s clients. Don’t be someone that is as just focused on today and delivering a good result today, delivering outstanding result in the work that you do today but always be looking forward to the future.
And, another thing that I always recommend is, we should, today, be taking advantage of the phenomenon of continuous education. Once we studied, as young people, and then that sets us up for the most parts of our careers.
Today, we have this opportunity of continuous learning via online and other sources and that’s how we should be. You can’t just stop learning if you want to succeed.
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