In the face of multiple evolving and disruptive forces, 52% of M&E (media and entertainment) executives say they can no longer rely on traditional business models if they are to remain future relevant, according to EY’s report titled, ‘How are media and entertainment businesses reinventing in an age of transformation?’. The report analyses the views of leading media and entertainment companies and their executives to reveal catalysts, strategies and actions that are reshaping business transformation in a dynamic industry.
The survey further highlights a sense of perplexity among M&E businesses, with 28% indicating the need to reinvigorate their business, without thorough knowledge of what aspects to prioritise. Due to a plethora of options available to invest in digital tools, one in five executives are unclear on how to prioritise their digital investments. The dilemma of whether to focus on content production for immediate gains as against building direct to customer and platform and data capabilities were cited as key points of contention.
Speaking about the findings of the survey, Ashish Pherwani, Partner, Media & Entertainment Leader, EY India said, “With fast-paced transformations in business models and revenue streams, media and entertainment companies that otherwise are optimistic about change, are facing a challenge to determine a starting point. While there is no single path to reinvention, businesses are prioritising direct to customer relationships, platformmatic ad sales and community subscription models, to wade through the waves of technological disruption.”