In the face of digital disruption and a changing market landscape, 50% of executives revealed that a traditional business model will no longer allow them to succeed in the current landscape, and 34% of media and entertainment companies admit they must change or risk being obsolete in the next five years.
These were some of the key findings from Ernst & Young’s (EY) new survey, [How are media and entertainment businesses reinventing in an age of transformation?, which analyses the views of more than 350 global industry executives to reveal the catalysts, strategies and actions that are shaping business transformation.
John Harrison, EY Global Media & 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 upskilling talent.
With 55% of the respondents indicating interest to streamline the business through consolidation of internal segments, a simplified enterprise delivery model may become pivotal in the next generation of M&E operating model.
The survey also revealed that businesses are tapping on the ‘explosion of data’ to achieve operational transformation, with two-thirds of the respondent seeing increasing availability of data as an opportunity.
Harrison concludes: “Embracing these ambitions can help them address short-term challenges and unlock long-term value creation.”