Over a third (34 per cent) of media and entertainment executives admit that their companies may not exist in five years’ time unless they undergo serious reinvention.
The study, by Ernst & Young, was called How are media and entertainment businesses reinventing in an age of transformation? and called on the opinions of some 350 global industry chiefs.
It found that half of respondents no longer believe they can continue with their traditional business models while another 28 per cent conceded that their operations must change but they didn’t necessarily know how.
The analysis revealed three key challenges which the media and entertainment industries must counter if they’re to secure their long-term future. They were a shifting competitive landscape, rapid technological change, plus evolving customer expectations.
Executives identified operating model change (41 per cent) and operational delivery and execution (39 per cent) as their top transformation priorities.
Simplifying the enterprise emerges as a key theme in driving the next generation M&E operating model, with 55 per cent of all executives saying that they wanted to streamline their business by consolidating internal segments.
Again, data was seen as a panacea to organisation’s transformation ills. Sixty-two per cent of respondents see data as an opportunity for transformation. Some 56 per cent of executives indicated that they prioritise building first-party data, compared with just 13 per cent who would prioritise third-party sources.
Commenting on the findings, John Harrison, EY global media and entertainment sector leader, said: “Media and entertainment companies remain upbeat about change. But with such diversity of business models and revenue streams, the starting point is often unclear. The survey reveals that there is no single path to reinvention, but businesses can succeed by prioritising three key levers of change: operational excellence, innovation and up-skilling talent.
“The evolving nature of revenue generation, combined with pressure to release capital to fund growth, is leading companies to reevaluate transformation goals and how they respond to shifting customer demands. Making the most of data that resides across the enterprise is one of the most crucial tactics for realising positive change — particularly in helping businesses to compete by improving the customer experience.”
Please login with linkedin to commenternst & young
Independent experience agency The Misfits has recently announced a strategic partnership with cultural change and leadership experts Nancy Hromin and Kate Chaffer. While the company has for a long time operated in the space of creative services, digital and content marketing, film production and events, The Misfits is now broadening this offering to include business […]
TripleLift has today announced an expansion in their Asia Pacific (APAC) operations, with Henry Shelley [featured image] appointed as Managing Director, based in Singapore. Fueling TripleLift‘s expansion in APAC is its success in Australia, where the company works with 70 per cent of the top 50 comScore publishers. “As the home to several of the worlds’ […]
Rob Highett-Smith joins Fiftyfive5 in the newly created role of head of performance measurement. Performance measurement represents one of the three core offer areas at Fiftyfive5 with tracking programs running across 40 countries; representing our fastest growing capability pillar. Rob joins to lead this capability, which encompasses brand and comms tracking, multi market monitoring, CX and customer satisfaction, as well as other longitudinal programmatic work.
Podium has continued its international expansion today announcing its launch in Australia. Podium serves more than 90,000 local businesses in the United States, Canada and Australia, and has seen its customer base in Australia almost quadruple to over 3,000 local businesses since the start of the pandemic. Through its SMS-based platform, Podium helps local businesses receive […]
Commercial DAB+ hip hop and RnB station, THE EDGE has appointed Emily Copeland, to the newly created role of General Manager. Copeland brings an awesome mix of skills and experience to THE EDGE, including cross-platform media content experience, partnerships and events (including music festivals – remember those?). Copeland also has a stack of achievements to […]
Brianne West is the founder and CEO of Ethique, a New Zealand-based sustainable, plastic free and cruelty free skin and hair care range. West sat down with B&T to explore what genuine environmental sustainability looks like, and how brands can better respond to eco-conscious consumers. B&T: Why are we seeing a rise in eco-conscious consumption? BW: […]
Blis has today revealed its new Consumer Confidence Pulse — the most comprehensive tracker of its kind — this interactive dashboard builds on its existing trend data around consumer mood to analyse behaviour during the COVID pandemic. The dashboard also now tracks consumer movement over a rolling 13-month period, across 18 retail and lifestyle sectors […]
Following the success of Series One: Grey Nomads, Australian Seniors has launched the second series of the Life’s Booming podcast – Dare to Date. Hosted by James Valentine (pictured with guests Liz and Barry), Life’s Booming explores the incredible stories and addresses topics important to Australians over 50. Series two titled Dare to Date is a six-part series that covers real-life love, […]
World-leading conversational agency VERSA has bolstered its team with two senior appointments in response to growing uptake in conversational AI technology across various sectors. Vanessa Tout has been appointed global head of client partnerships and growth, while Michael Oso-Hughes comes on board as design director. Tout joins VERSA CEO Kath Blackham and managing director Michael […]
Engagement marketing agency, Banter, has hired Patrick Rutkowski as Creative Technologist, to further bolster the digital and innovation side of the business. Rutkowski joins Banter after having spent the last five and a half years at independent creative agency, The Hallway where he was most recently creative technologist working with the likes of Rheem, Tourism […]
Kargo has today announced several major growth milestones across the APAC region for the first half of 2021, more than doubling H1 revenue year-over-year with 115 per cent growth. Kargo also ran 41 per cent more campaigns in the region than in H1 2020 and the average campaign size increased by 32 per cent over […]