Innovation and the TIME (Telecommunications, Internet, Media and Entertainment) industries are playing a mayor role with the Diplomatic World Institute, DWI. The situation on a macro-level is complex regarding the media and entertainment industries. On one hand there is global big business and on the other hand the rapid change driven by new technologies – resulting in media and entertainment, content driven as they are, being disrupted earlier than other industries. Ultimately books, articles, music pieces or movies are content – and content is nothing but data, and data is what is processed in a digital world. That is why e.g. the music industry has been the first victim to disruption in its distribution channels. We are living in times of convergence making media an integrated part of the tech world that drives telecommunications and the internet as the global platforms for almost any form of communications and transactions. This experience within the media and entertainment industries provides a multitude of best- (but also worst-) case scenarios, which can be applied to every other industry. It is an ongoing process of new waves of disruption driven by fast technical innovations.
Moreover, this succession of interests makes it much more difficult to live up to the high degree of social responsibility both industries undoubtably have. Indeed, the situation is getting even more complex by including media responsibility. Media – and Entertainment have huge impact on the wellbeing of the world. So called Fake News create massive awareness to this fact. But also, blockbuster movies or TV series can shape an atmosphere of peace or war. Remember the US blockbuster released in 1990 “The Hunt for Red October” with Sean Connery ending the cold war with Russia also in the entertainment sector? These are only selected examples of high complexity of impact by media! If we are promoting a sustainable, peaceful and prosperous future we need to take all this into consideration: The impact of technical and social innovations on our societies and the impact of how it is communicated is immense. TIME industries are playing a significant role in it. TIME channels are the major marketing channels. This too generates massive challenge for marketing with ongoing paradigm change. Marketing goals need to shift towards change (a host of all new products and eco systems) and – most important – sustainability.
Photo credit: Eurasian Women Community Press Agency