Ernst & Young (EY) has launched a report on media and entertainment titled, ‘How are media and entertainment businesses reinventing in an age of transformation?’ In the report, the global professional services firm has spoken to media entertainment companies and their executives to glean what's influencing and reshaping the industry that's undergoing a rapid transformation right now.
EY spoke to 350+ executives of which 40% belonged to the C-suite category, 25% per cent were business unit leaders, 12% were EVPs, and 23% SVPs. Some of the key findings in the report were:
52% of Media and Entertainment (M&E) executives in India compared to a global 50% think they can no longer rely on traditional business models.
24% of Indian M&E executives say their companies will cease to exist without reinvention compared to a global 34%.
21% of M&E executives from India struggle to prioritize the right actions for their business transformations compared to a global 28%.
In a press release, Ashish Pherwani, Partner, Media & Entertainment Leader, EY India says: “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 prioritizing direct to customer relationships, platformmatic ad sales and community subscription models, to wade through the waves of technological disruption.”
Check the India specific trends here: