Media companies agree on digital future
Media and entertainment companies are in broad agreement on the evolving digital market, according to a new study.
Consultants, Accenture, found the media industry believes social media and user-generated content are high growth areas (68 per cent), and two-thirds feel the largest drivers of revenue will be new platforms and content delivery.
"It is great news that media organisations are developing a consistent strategic view of the key growth areas, but execution is slow," said Gavin Mann, digital media lead.
"I am not claiming it is easy to turn around some of the world’s greatest media organisations, but I do believe it is essential if they are to remain great."
The study targeted more than 100 senior executives in the media and entertainment industry and examined their growth strategies across different channels.
It found the four sources of revenue growth predicted to form the dominant business model in five years are social media and user generated content, multi-platform distribution, short-form video and advertising.
A recent study by TNS Media Intelligence/Cymfony has urged marketers to harness the power of social media.
