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Media and entertainment companies are facing unrelenting market change, even as the competitive landscape grows ever more complex. In a recent EY NextWave Media and Entertainment survey, 34% of industry executives say that without reinvention their businesses will cease to exist in five years.
Anticipating and responding to change is no longer optional — it’s essential. Front and back-end technologies are transforming operations. Meanwhile, consumer behaviors and preferences are evolving — what, when, where and how they consume media, as well as what they want to pay for it. As new disrupters arise, companies feel increasing pressure to decipher what to prioritize and how to reinvent themselves.
To realize the NextWave potential in media and entertainment, companies will need to take advantage of new technologies and business models to drive operational excellence and unlock the agility needed to adapt. Innovation strategies will need clear yet flexible structures, leadership, processes and tools. And talent development programs will need fast-tracking so that teams have the required core skills.
Addressing these priorities will help media and entertainment companies respond more effectively to the disruption swirling around them. It will enhance efficiency and effectiveness throughout the enterprise. It will release key resources to focus on new growth-driving investments. And it will help power returns for all stakeholders.