INDUSTRIES
Outsourcing traditional media processes for business
Mass media in the digital age is a machine that operates 24/7, on demand, and across limitless platforms. Advances in technology and changes to the ways people consume media have expanded the reach and capabilities of radio, television, film, magazines, books, comics, websites, and even billboards and signs. But one thing has remained the same: the organizations that control these media still rely on profits to engage and expand their audience and to provide exceptional services. Like any profit-driven enterprise, media outlets are looking for ways to boost revenue while reducing costs.
Outsourcing is one way to realize these goals while making the most of existing resources. It remains a hot-button issue, though, particularly in the media industry where many jobs have been lost to offshore workers. Yet media organizations continue to outsource non-core and routine work because it can mean the difference between staying afloat and going out of business.
Media process outsourcing
Media process outsourcing (MPO) refers to media services that companies subcontract to local, near-shore, or offshore providers. Just like business process outsourcing (BPO), the main drivers of MPO are cost savings and availability of skilled workers. Third-party experts and MPO providers can make information and content dissemination more efficient and cost-effective.
According to PricewaterhouseCoopers’ global entertainment and media (E&M) outlook report, the E&M industry was estimated to be worth $2.8 trillion in 2023, with a CAGR of 3.9 percent into 2028, when it is forecasted to post total revenue of $3.4 trillion. The United States accounted for the largest market share (about $649 billion in 2023), but growth was relatively slow in this region compared to emerging countries in Asia like India and China.
Disruptive forces are expected to continue reshaping the E&M industry, adding pressure on industry players to rationalize costs where they can as operational expenses remain high and competition grows fiercer. The different segments – publishing, television, cinema, music, theme parks/gambling, gaming, and radio – have all turned to outsourcing as a response. Most of the services being outsourced by companies are costly and require specialized skills and software, like 3D modeling and visual effects. By offshoring these services, companies are not only reducing costs, but also improving product/service quality and speed to market.
Some commonly outsourced traditional media services include:
Content development for print media, websites, and mobile applications. Content creation, copywriting, and editing are some of the most commonly outsourced media services. Content development includes marketing materials, press releases, and brochures. For websites and apps, there is a great demand for well-written, engaging content that is search engine optimized. Third-party providers can take over content development and other high-volume work at significantly reduced costs.
Video editing, graphics, and animation. Subtitling, video editing, graphics, and animation are creative media services that are increasingly being outsourced in order to reduce costs. Hiring creative professionals offshore or partnering with a creative agency translates to big savings because the company avoids having to recruit, train, and support full-time employees.
Media audit reporting. A media audit is a multimedia survey that generates statistical information about audiences for radio and TV programs, newspapers, magazines, websites, social media, and mobile. This type of audit is used to define customer profiles, quality of audiences, and other characteristics. Reporting can be outsourced to third parties with domain expertise and the latest technology.
Benefits of traditional media outsourcing
Small, medium, and large media companies use outsourcing not only to reduce costs but also to improve process efficiency, increase profitability and productivity, and provide exceptional services.
Streamlined processes. Third parties do the heavy lifting and deliver exactly what the business needs. With access to domain experts and advanced technology and systems, outsourced service providers can streamline workflows and boost efficiency.
Reliable and timely service. Experienced media outsourcing companies know the ins and outs of running a news or publishing business, ensuring that timelines are consistently met.
Improved profitability. Partnering with the right media outsourcing provider can increase margins and even create new revenue opportunities.
Low-cost, high-quality services. Offshore media outsourcing maximizes cost savings while keeping service quality high. Professionals in preferred outsourcing locations like the Philippines have the skills and experience to deliver first-class media services.
Please contact us to find out about Sourcefit’s custom traditional media outsourcing solutions.
