The media industry is very lucrative and interesting for anyone seeking a long-term career. Some of the largest fortunes in the world are in media and people like Rupert Murdoch stateside or the Barclay brothers here in the UK are huge names in the media world.
However, starting a media company can be difficult depending on which type of media you were thinking of trying to gain a foothold in. The good news is that the barrier of entry is much lower now, and with a proper plan and execution, it is possible to start a successful media company; sometimes on a very limited budget. Here’s what you need to know about establishing a media company in 2021.
Work with Specialists
The first thing you have to do is establish which type of media you want to deal with. If you want to deal with print and online content, then the level of regulation will be much less stringent than if you decide to start a streaming service of a TV channel.
If you do want to start a TV channel, we strongly suggest you speak with broadcast services like Red Bee Media. They will be able to help you with things like playout and channel origination. This will be very important if you want to reach a global audience. They will also be able to help you if you want to set up broadcast facilities.
We also suggest that you speak with a consultant since the legal landscape for broadcasting companies can be very complex. An expert can help you look at ways to monetise your channel and the best route of distribution for your content.
Find the Right Audience
You also need to narrow down your target audience. If you want to set up an online sports magazine, for instance, you can start breaking demos down by age, region, and gender. Then you can connect segments with different sports, like Rugby, Football, Boxing, F1, etc. You will then be able to come up with traffic limits, marketing channels, and the development stages for your business.
For broadcasters, places like YouTube and Facebook are great places to refine and test your audience with stripped-down content. You may also find that YouTube is the best medium for you as the barrier to entry is much lower. You have small broadcasting companies like Unashamed TV that started with no financing and were able to attract financing later thanks to their YouTube channel. This brings us to our next point.
Let’s be realistic here, if you want to become a serious player in the industry or even get a chance at surviving long term, you will need to raise capital. Depending on your niche, you will be going against players that have a much deeper war chest than yours, so you have to be prepared.
When looking for funding, you have to make sure that you have a substantial core audience. You should also see if you can find people who can help voluntarily in the early stages, such as interns. Also, consider giving up equity and partnering up with someone that has strategic experience and expertise.
Make sure that your brand is protected. This means that you have to secure trademark ownership and intellectual property before you get too invested.
As you can see, starting a broadcasting company can be a bit more complicated than other businesses. It doesn’t mean, however, that you can’t make it. The most important is having a well thought out plan and clear expectations.