Question

Q3 : Perform a 5 forces analysis on what you believe is an up-in-coming industry in Palestine . Based on your 5 forces analysis, do you think that there is a good opportunity to enter than industry? Why? What resources will you need to enter that industry? writ answer in 2-1 pages with cite please ?

Answer 1

Chosen Industry: Entertainment Industry

Chosen technology: Artificial Intelligence

Porter’s 5 Forces Analysis of the entertainment industry

• Threat of new entrants: Moderate
  • As the online streaming segment is quite new, there is much scope of potential exploration. Various companies consider the industry quite profitable and hence try to enter the industry. The market entry barriers are moderate.
• Threat of substitutes: Moderate
  • There are various substitutes available in the entertainment industry. Some of them are satellite and cable TV, movie theatres and digital space. However, the baby boomers have been quite reluctant to adapt to and embrace new technology, so the overall threat of substitution can be considered relatively high
• Industry Competition: Moderate
  • Huge competition exists in this sector as the media industry is a relatively new sector. Technological advancement has enhanced the overall potential of this sector and various companies are ever-ready to capitalize on this potential.
• Bargaining Power of Buyers: High
  • As the consumers can easily migrate from one entertainment medium to another, the switching cost of consumers can be considered quite high.
• Bargaining power of suppliers: High
  • Content proprietors are the primary suppliers in this industry. As the demand for intellectual and unique content is quite high, the suppliers can be considered to have very high bargaining power.

Entertainment and media industry can be quite successful in Palestine. The integration of AI in this industry is increasing its overall appeal to the consumers. Let’s explore the scope of AI in media and entertainment industry. The incorporation of AI in media and entertainment industry would facilitate to create literal magic on the screens. Any kind of video will become more realistic. The channels will imbibe the emotions and mood of the consumer and telecast content to facilitate the same. AI algorithms would facilitate automation of various work in the entertainment sector. Even the creative aspects like editing can be take care by the integration of AI. AI algorithms has also facilitated script reading and based on the algorithm, could predict how the content will be accepted by the audiences. Accordingly the script can be accepted or rejected.

Content generation and its visualization as well as content delivery is facilitated by AI. Consumer feedback gets stored in Big Data, which can be comprehensively analyzed using Data Analytics. The incorporation of AI helps in generating content which is preferred by the consumers and has been analyzed with the help of data analytics. Gauging consumer feedback has also become very easy with the help of AI. Hence we can infer that integration of AI in media and entertainment industry has proved to be quite beneficial and has the capability to create “magic”.

Resources required to enter the entertainment industry:

• Content generation competency
• Customer analysis management
• Good networking skills
• Excellent marketing skills

References:

• Entertainment Industry analysis by Csus.edu
• Entertainment by Sheila Joseph