As reported by Wasabi, media and entertainment (M&E) organizations are swiftly resorting to cloud storage to improve their security procedures.
While M&E organizations are still fairly new to cloud storage (69% had been using cloud storage for three years or less), public cloud storage use is on the rise, with 89% of respondents looking to increase (74%) or maintain (15%) their cloud services.
On average, M&E respondents reported they spend 13.9% of their IT spending on public cloud storage services. Overdrawn budgets due to hidden fees, as well as cybersecurity and data loss worries, continue to be issued for M&E organizations.
“The media and entertainment industry is a key vertical for cloud storage services, driven by the need for accessibility to large media files among multiple organizations and geographically distributed teams,” said Andrew Smith, senior manager of strategy and market intelligence at Wasabi Technologies, and a former IDC analyst.
“While complex fee structures and cybersecurity concerns remain obstacles for many M&E organizations, planned increases in cloud storage budgeting over the next year, combined with a very high prevalence of storage migration from on-premises to cloud; clearly shows the M&E industry is embracing and growing their cloud storage use year on year,” concluded Smith.
In the previous year, more than half of M&E organizations spent more than their planned amount on cloud storage services. The fees accounted for 49% of M&E firms' public cloud storage expense, with the other half going to actual storage capacity utilized. Understanding the charges and fees connected with cloud usage has been identified as the most difficult cloud migration barrier for M&E organizations.
Since M&E organizations rely substantially on data access, egress, and ingress, M&E respondents reported the highest occurrence of API call fees when compared to the global average. The respondents reported a very high incidence of cloud data migration, with 95% reporting that they migrated storage from on-premises to the public cloud in the previous year.
M&E respondents who plan to expand their public cloud storage budgets in the next 12 months identified new data protection, backup, and recovery requirements as the primary driver, compared to the global average, which rated third. More than one public cloud provider is used by 45% of M&E organizations. One of the major reasons M&E organizations chose a multi-cloud strategy was data security concerns, which came in second (44%) behind different buying centers within the organization making their own purchase decisions (47%).
The following are the top three security concerns that M&E organizations have with a public cloud:
- Lack of native security services (42%)
- Lack of native backup, disaster and data protection tools and services (39%)
- Lack of experience with cloud platform or adequate security training (38%)
“Organizations in the media and entertainment industry are flocking to cloud storage as their digital assets need to be stored securely, cost-effectively and accessed quickly,” said Whit Jackson, VP of Media and Entertainment at Wasabi.