It’s all too easy to assume that traditional media is dead and that new media will replace it. But our latest research into entertainment and media habits paints a far more nuanced picture, reflecting how the conversation is moving away from such tired dichotomies about disruption in the industry.
PwC’s Global Entertainment and Media Outlook 2019-2023 shows that across the world, people are spreading their media consumption across a range of devices, from audiobooks on mobile phones, to on-demand TV series watched via a tablet. This entertainment experience, curated by an individual’s own preferences, contexts and schedules, is giving rise to the world of ‘me’ media. Nonetheless, the social power of communal viewing for events like major sporting occasions (and the pull of these events for advertisers) remains strong.
Such fragmentation of audiences is driving a race for reach. Media and entertainment companies now have the task of searching for consumers wherever they may be. What this means is that growth will not be found in its usual spot. The industry must move away from business models defined by platform, thinking more about the fundamental value that organisations can deliver to consumers.
In radio, for example, we’re seeing new opportunities for growth being developed with podcasts. Likewise, free-to-air television is showing increasing returns from video-on-demand platforms, where programming is moving beyond catch-up and into back-catalogue viewing.
In this nuanced environment, where one size certainly doesn’t fit all, media businesses also need to adapt their approach according to the economic circumstances and consumer habits of their locale.
Here in Australia, we are witnessing our already well developed media industry driving organisational transformation, leading to, for example, a mergers and acquisitions boom across the media landscape (Nine’s merger with Fairfax, and JCDecaux of APN are but two examples). Our global results show some stark differences across geography, meaning strategies can’t rest on generalisations anymore.
The media market may still seem tough, but there is a world of opportunity out there… it’s just a case of knowing where to find it.
For the run-down of our research on how consumers are engaging with entertainment and media globally, check out the infographic below or visit PwC’s Global Entertainment and Media Outlook 2019-2023 here. For the Australian results, visit our local findings.