Read the Case here: Impact of Illegal P2P
What is the best strategy for the media industry to follow? You can base your response on one particular part of this industry (e.g. music or movies).
In addition to keep on fighting the threat from Internet piracy through new legislation, better enforcement, and public education, the media industry also needs to consider new business models to benefit from emerging technology and cater to changing customer tastes.
The media industry has to change to meet the change of user tastes. User tastes get picky, they prefer good UI and purchasing experiences, they want to buy a single song instead of the whole album, they want to try it before making the order, and they want the sample song to last longer to make the right decision about loving it or not.
iTunes music store has raised sample song length from 30 seconds to 90 seconds, so I can really hear the exciting part of the song and make a better decision. All online music stores allow single song purchases.
To me, I am spending more and spending more reasonably on music than before, because the iTunes store provides great purchasing experience, fast streaming and downloading speed, comments from other consumers, quick and convenient payment method (just one click and we are good to go), and we can purchase the music any time anywhere on any device.
I usually go to the movie theatre because I know I will really like it after watching the trailers or samples on YouTube. I’ve paid to Netflix for fast streaming experience of movies and TV shows online with either my MacBook or iPhone. I am spending more on movies than before.
In conclusion, the media industry should take good advantage of new technologies to offer better user experience and efficient manners to spread their products.