ERP for Media and Entertainment Industry
Indian Statistics and Economy for Media & Entertainment Industry
The India media and entertainment industry (m&E) has been growing tremendously since the last few decades.The increasing availability of fast and cheap internet,rising incomes and increasing purchases of consumer durables have added to the growth of industry.Now they need to adopt ERP for industry to manage their operations. This industry is known for its increasing average revenue per user (ARPU). As per the latest report by the EY, India’s Media and entertainment Industry is expected to reach Rs. 2.34 trillion (US$ 29.2 billion), then grow at a CAGR of 10% to reach Rs. 2.83 trillion (US$ 35.4 billion) by 2025.Â
Indian Over-The-Top (OTT) platforms have demonstrated significant growth in the global market, witnessing a 194% increase in revenue from international viewers over the last two years. OTT video services market (video-on-demand and live) in India is likely to post a CAGR of 29.52% to reach US$ 5.12 billion by FY26, driven by rapid developments in online platforms and increased demand for quality content among viewers.
There is a significant growth after COVID-19 as a large chunk of population was bored in the house and usage of social media has increased then after. This business is profit making business only if the operations and processes are taken care of in a well designed manner.Â
ERP systems are well equipped with all the features that will let you automate,streamline,and integrate business processes like finance, forecast, audit, invoicing,payroll, overtime pays, CRM, and many more. This is very easy to set up and it is backed by the cloud so that the data is not lost, it is stored securely at one place.
Media and Entertainment Industry
Companies in the media and entertainment industry in India face major challenges due to the complexity of their operations. They work with various human resources such as employees, suppliers, producers, actors, directors, etc. They also rely on fixed assets such as cameras, microphones, lighting, offices and have to manage multiple locations, licenses, contracts and legal documentation of resources.
Given the changing market needs, this industry requires a large amount of working capital to manage day-to-day operations. It is impossible to manage all types of operations alone. This requires a team, which is indeed very costly and time consuming. With the solutions available in the market like ERP, one can focus on a variety of things in a single system.
Movies and television are the two highest revenue generating sectors of the M & E industry. With the advent of OTT and the rationalization of web series, they are becoming more and more important. As we know, with money comes a lot of responsibility to manage every little thing from booking tickets online to AIR times and ratings.
M & E industry : Challenges
There are both internal and external challenges faced by this industry. External factors are the one impacted by the viewers i.e audience. And internal factors include the challenges faced in-house like payroll management, maintenance of workflows and schedules, maintaining databases,etc. We will look at some of the important challenges faced by the industry.
Correct target audience
The M & E industry has a very huge number of components in it. It is crucial for this industry to reach the right audience who can increase their business. The OTT platforms have cracked this very well, where they targeted the young and GenZ generations. They met the users where they are i.e mobiles.
Similarly, for every component either it is TV serials, movies, webseries, if it doesn’t reach their target audience there is no benefit. Today there are a lot of technical obstacles where they cannot reach their target audience due to lack of knowledge and internet availability. Companies should focus on the changing user needs and make an effort to reach consumers where they are.Â
Budgeting
Estimating the right budget is one of the most important hurdles of the entire industry.Â
By not setting appropriate budgets for their tasks, the industries might be wasting the money and time both. Budget estimation requires the past data of the company and also the set target should meet the goals. Marketing and advertising use a large loom of budget in industry. Along with that to acquire the right customers, Google Ads, Instagram, LinkedIn, and others also have options to run campaigns to reach the right audience.
Scalability
To make the industry scalable is one of the most challenging parts. To solve this, the industry must reach an audience by means of advertising and campaigns. With the right campaign, they can leverage hitting a larger chunk of the audience.
Example: The Amul Girl Butter campaign is a very famous and successful campaign to engage the audience. The KanyaMaan campaign by the attire brand Manyavar Mohey is another success for young aspiring girls.
The success of any campaign depends on the demographics, likes and dislikes of the audience, which is a complex area to crack.
Improve Employee Time and Payroll Management
The M&E industry has a very large number of human resources working together. To ensure smooth workflow and operation is a task. Staying updated with the attendances, leaves, overtime pays,bonus, shifts working hours, payroll management, is a challenging task.
Schedule management
Proper scheduling of the show and/or movie web series is an important part of any movie / serial company. If the schedule is not properly set, they might miss the ideal niche. The channels will have to AIR it on proper timingÂ
Proper Scheduling and Production Management
The ERP system will help you plan your media and entertainment activities related to production and manage them. To showcase the show at the right time is a task for any production company. THis will impact the target audience and the viewers on your channel. So proper scheduling is mandatory on channels as well as on social media platforms to know your target audience.
Improper Management of Database
The viewers and subscribers are the heartbeat of the industry, without them, there would be no existence of the M & E industry. Keeping track of the data of viewers and subscribers in real time is always a challenge. There is a alot of market competition and the data keeps on changing.
It is on this data that a company can plan their future Ads, plan investment, run campaigns, etc. If this data is incorrect, then the whole campaign can fall-out.
Here’s how ERP will help the M&E industry to overcome their challenges.
Production Management and Planning System
ERP systems can give several benefits, manual control over printing, publishing and related activities can be unfolded. The system automatically facilitates to schedule the printing time, AIR times on channel, setting the dead line of a task. In project and assignment management, ERP can offer project modules, allow employees to assign tasks to employees, and monitor real-time progress.By providing real-time data, completion of projects can be done in a timely manner.
Marketing management and Planning
There is no doubt that advertising and marketing departments are the real revenue drivers for this industry. ERP will provide the CRM tools to integrate with their system so that they can carry out the marketing activities from the system itself.Planning the future activities is possible by looking at the real-time data provided by the system.
This will ensure that the campaigns don’t go over-priced and un-utilized as to which they can give benefits to the company.Based on analyzes, your managers and investors will be able to improve their marketing strategies such that not only the marketing objectives are fulfilled, but also your revenue is increased.
Electronic Document Database
Maintain : Contract and Copyright Management
By adopting ERP, companies can set up copyright conditions and a quality system of checking documentation violations through your ERP platform. Additionally,ERP systems will manage the contracts and agreements between your clients and artists without risk in an electronic document. The ERP system is secured as it is backed by the cloud. This will cut down additional expenses and operating expenses.
Staff and Payroll Management
Implementation Of an ERP to manage employees and the workforce will ensure smooth operations at the workplace. It keeps the company updated with the attendance, leaves, overtime pays, salary payments etc.
Salary payments can be automated and linked with the banking system.
These tasks can be managed by the company in a single individual system. They can decide the performance and appraisals of the deserved employees to retain top employees.
Finance Management
The best and most important task done by the ERP is to manage the finances of the business for the whole industry. Whether it is a production company or music company, manually handling of tasks can be difficult.There will be alot of human errors as it includes taxes as well. ERP will make sure the finances are managed in a well designed manner making sure the top management can access the data easily without any ruckus. Automated accounting, invoices, depreciation of assets,etc can be managed as per the business requirements.
There’s no need to invest endless time and effort in this task. This feature simplifies the calculation of employee reimbursements, leaves, allowances, perks, and more. Additionally, it offers powerful bank reconciliation, EFT, and tax reporting features, along with flexible transaction processing options. User-friendly dashboards will provide the definitive data timely without any delays.
How Jupical will make an Impact
Jupical.io has been in business for over decades, with expertise in all aspects of business. Jupical will provide an end-to-end solution of the ERP to the M & E industry. From online booking automation on mobiles and computers to managing the workforce in a production team, it will manage it all. ERP will be tailored to the specific needs of the business. This will ensure smooth operations and will increase the revenue of the company in a well dedicated manner. If you belong to the Media and Entertainment Industry, we are your perfect partner!