Digital Opportunities for Local Businesses: Key Takeaways From the TAG Media & Entertainment Report
Most businesses—particularly local businesses—experienced economic disruptions and uncertainties as a result of the pandemic starting in March 2020. But the recovery from this economic hardship has been different for every business and industry, especially since the severity of that hardship—and the challenges in building back after business disruptions—has varied so much from one business to the next.
The media and entertainment industry was particularly hard-hit by these disruptions. While certain types of media production were slowed or stopped entirely, others saw a rapid drop in demand. Businesses were advertising less to scale back their spending, for example, which meant less incoming ad revenue and reduced demand for video production, among other constraints.
By the end of 2021, though, the industry has managed an impressive economic recovery driven largely by its investment into digital strategies that leveraged innovation to seize upon new business opportunities. A new industry report from the Technology Association of Georgia details how the industry as a whole embraced digital transformation to recover and rebuild—and the insights from this turnaround could help local businesses understand the value of embracing innovation and change, as well as the ROI potential of leading into a digital advertising strategy.
How Digital Innovation Spurred Business Recovery
While the media and entertainment industry in Georgia suffered from significant economic disruptions and revenue shortfalls at the outset of the pandemic, the industry as a whole achieved a rapid recovery to the point that the industry now projects steady revenue growth through at least 2024.
No single strategy can be credited as the sole reason for this recovery. Instead, a combination of new digital initiatives, along with a willingness to adapt to changing business conditions, enabled the industry to overcome its challenges and continue employing tens of thousands of Georgia professionals, while contributing billions of dollars to the state economy.
Some of the key drivers behind this recovery include the following:
- Buy-in at the local business level. Per the TAG report, the economic turnaround experienced across the media and entertainment industry was achieved through the collective efforts of more than 700 businesses employing more than 40,000 workers.
- An embrace of streaming content. Although TV ad revenues declined in Georgia, these companies leveraged the rising popularity of streaming video to offset the revenue losses created by this decline in traditional advertising demand.
- Increased film and video production. Thanks in part to the rise of streaming, video production revenue increased by 3.6 percent statewide in 2021.
- Investments into interactive and intelligent technologies. New economic opportunity is being driven by investments into VR experience technology, artificial intelligence, and other next-generation media.
Tracking the Continued Rise of Digital Video and Streaming
Even for businesses operating outside of the media and entertainment industry, the TAG report’s insights regarding digital video and streaming should be kept in mind when planning out your local business ad strategy. Even as traditional TV advertising and radio suffered revenue losses due to declining advertiser interest, streaming and digital video didn’t merely maintain their market share—they gained in popularity.
This trend likely underscores both the increased consumer engagement with digital content channels, as well as the ROI being measured by advertisers forced to prioritize their spending. With ad money tight and businesses in desperate need of revenue generation opportunities, digital channels became sources of stability and innovation—and played an instrumental role in the recovery of the entire media and entertainment industry.
Even if your business is best-served by a diverse advertising strategy that connects with consumers across a wide range of channels, the value and stability of digital content was only reiterated during the economic disruption brought by the pandemic. As you map out an advertising strategy for the future, these channels can continue to offer growth and value when properly executed alongside a digital partner.
Creating Digital Opportunity Through Home-Grown Partnerships
Whether your local business is looking for its own inspiration to embrace transformation, or you’re seeking out a digital partner that can help you leverage these new services and opportunities, the innovation taking place locally in Georgia could create new opportunities for creative and strategic partnerships aligned with both your business needs and the evolving digital ad landscape.
The best way to capitalize on these opportunities is to connect with a trusted digital advertising partner. Cox Media’s team of advertising experts have the depth of experience required to create digital ad campaigns that are connected to your business goals and optimized for innovative digital channels.
As your business continues its economic recovery, advertising can be a reliable source of revenue generation to help you achieve your growth goals. Cox Media is here to help—contact us today to learn more.
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