With media and entertainment sectors continuing to be whipped by winds of digital disruption, many industry execs believe they need to change the ways they’ve done business — or see the…
With media and entertainment sectors continuing to be whipped by winds of digital disruption, many industry execs believe they need to change the ways they’ve done business — or see their companies perish.
The survey identified three key factors driving change across M&E industry subsectors: responding to a new competitive landscape; struggling to keep pace with technology as businesses evaluate digital innovations, such as artificial intelligence and 5G; and dealing with challenges associated with changing customer expectations.
The survey results show that there’s no single path for M&E businesses to change for the future and that “media and entertainment companies remain upbeat about change,” said John Harrison, EY’s global media and entertainment sector leader. However, he added, “with such diversity of business models and revenue streams, the starting point is often unclear.”
Of the execs surveyed, 41% cited business-model changes and 39% identified operational delivery and execution as their top transformation priorities – with 62% agreeing that the increasing availability of data is an opportunity for transformation. Notably, 56% of execs indicate that they have prioritized building first-party data, compared with just 13% who prioritize third-party data sources. In addition, 46% said automation is the single most important tactic for achieving cost savings.
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