Telecom Industry Outlook for 2021
Covid-19 Pandemic, Telecom Industry and the New Reality
Heading into 2021, the COVID-19 pandemic will continue to shape business strategies throughout the telecommunications, media, and entertainment sector. In media and entertainment, the pandemic has accelerated many trends that were already underway. For example, with theaters closed or allowing only limited attendance, major studios increasingly are making first-run movies available direct-to-consumer via streaming services. In addition, as consumption of streaming content rises, there is growth not just in the number of subscription services, but also in ad-supported models designed to satisfy increasingly cost-conscious consumers.
This new reality places a premium on understanding consumer behavior patterns and developing a more nuanced approach to engaging with customers. As consumers experiment with their entertainment options, we at IdeaHelix strongly encourage providers to adopt new strategies and agile approaches for content development, aggregation, and delivery.
Key opportunities for growth
To achieve success in 2021 and beyond, streaming providers should meet their customers where they are, both financially and with highly desirable content. This may mean that having great original content alone will not be enough in the long term and they should offer a broader array of other entertainment services as well.
What will the telecom industry look like in 2021?
Telecommunications companies will continue to provide the bedrock for other industries to recover and thrive in 2021. Telecom providers have an opportunity to shape a new future for businesses and consumers on the strength of advanced wireless technologies such as 5G. At IdeaHelix, we believe that the move to next-generation networking has the potential to transform how industries operate creating competitive advantage and unlocking new opportunities for innovation.
Telecommunications providers should help their customers envision what is possible through new 5G-enabled use cases that can truly disrupt their industries. They should shift their conversations from focusing on technical capabilities to what types of specific outcomes and benefits they can help enable for others with 5G. As enterprise 5G adoption grows and edge computing advances, this is likely going to require telecommunication companies to bring lots of different capabilities and partners together to address the opportunity. We at IdeaHelix look forward to seeing how this unfolds in the coming year.
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