Li, F. (2016). The Future of Video. Cambridge, UK: Imagen Ltd.
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A range of technological innovations (e.g. smart phones and digital cameras), infrastructural advances (e.g. broadband and 3G/4G wireless networks) and platform developments (e.g. YouTube, Facebook, Snapchat, Instagram, Amazon, and Netflix) are collectively transforming the way video is produced, distributed, consumed, archived – and importantly, monetised. Changes have been observed well beyond the mainstream TV and film industries, and these changes are increasingly reflected in the way businesses communicate internally with employees and externally with customers and partners, and the way we communicate with one another both at work and in our daily lives. In September 2015, Facebook CEO and Founder Mark Zuckerberg claimed that he expected our society to enter ‘the golden age of video’ in the next 5 years1. Video has become a cornerstone of Facebook’s business strategy.
The implications are profound. The rapid development of video is leading to a fundamental shift not only in business and the economy, but also in our culture and society. Further advances in affordable virtual reality (VR) and augmented reality (AR) may transform the way we interact and share experiences with one another. Internet guru Clay Shirky argued, ‘[w]hen we change the way we communicate, we change society.’ As video transforms the way we communicate, we are less constrained from established rules about communication, relationships, and the way we do business with each other. Organisations need to extend their focus from using video for marketing and staff training to redesigning their operations and business processes, which will help lower costs, foster collaboration, reduce environmental impact and create competitive advantages.
This report focuses on the business use of video, in the context of wider economic, social and cultural changes in the digital age. The emerging opportunities and risks call for a holistic, strategic approach to the management of video in organisations, rather than being left to technologists or to the users on an ad hoc basis. Those who manage the transition effectively will reap the rewards and avoid potential pitfalls; those that do not will risk being left behind.
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