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Technology Never Stops Evolving

We’re listening to Spotify, playing Fortnite and watching Netflix when not 10 years ago most of us were still on CDs and going to the movies. The 21st century is thrusting the world further online and into media, and the demands on your brand to be digital, social, and a platform for enhanced commerce is expected.

“MediaTech” as a distinction, has been used for decades to describe startups with a specialization in media and technology, thanks largely to the web; the caveat, it's not just startups but also organizations. Your company is a MediaTech venture.

There are now more than twice as many private companies worth more than $1 billion US in MediaTech today than in the more well-known financial technology (fintech) sector. It’s increasingly noted that every company is a technology company; every company is a finance company; and every company is a media company.

Today’s tech giants such as Apple, Adobe, and Microsoft have their roots in MediaTech. Thanks to the work done at the famous Xerox PARC, this powered the evolutionary media research space that made the modern office and personal computer possible.

As that evolved to other personal computers and online experiences, the music industry was being forced to retool through the technology and entrepreneurs that were making it happen. Personally, I helped usher in the digitization of the music industry by negotiating agreements with Napster, iTunes, Amazon, Rhapsody, and many more. This was over 20 years ago. As you can imagine in today’s economy, these expectations of your company, in media, are well past due.

The challenge - many MediaTech companies are still seen as their own vertical: music industry, video games, photography, video tech, or AdTech companies, are obvious examples. The fact is, all are merely forms of media technology and the likes of Facebook, Skype, and even Yahoo showed us, and showed you, that in partnerships and innovation, you should be the platform that triggers value for creators, global demand, and drives greater investment in solutions for customers.

For example, a current MediaTech Ventures’ client, Dakia Global, recently announced a partnership with Universal Music Group; to develop and launch a number of Universal branded hotels which will feature unique guest experiences. We’re also seeing media verticals collide, with Fortnite hosting A-list musicians and millions of users in attendance globally, and showing early teasers of Tenet. Roblox hosting music festivals and increasing investments in their immersive experiences.

Bottom line, those that embrace technology will evolve, and those that do not, will be a thing of the past.

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