Media companies have seen the most significant changes in their history over the last 10 years. Almost all business models have been challenged by the convergence of platforms and channels. This ever accelerating rate of change has created some significant problems for the media industry. Disruptive influences from technology and industry convergence have blurred the lines between traditionally separate markets. Content distribution trend is clearly moving towards zero-cost, and thus media companies of all types find themselves under threat from new, innovative rivals playing the game by their own rules.
Regardless of the type of business, the challenge remains the same – how to adapt the current business model to fight off competitive threats and to seize opportunities to grow, in a way that is cost effective and still delivers results? Leaders of media companies need to transform business strategy into reality through changes across all aspects of their operations – including people, systems, processes and ways of working. Key focus areas are to be found in:
- Hardware and software tools create platforms which are beyond being toys and are generating an ever growing audience for the future.
- Managing these tools will be a crucial skill for the media managers of tomorrow and will a decisive factor in the competitive environment.
Connecting New Media to the existing portfolio
- Newspapers, magazines, radio or TV, have still a large audience and thus new media tools can be used to boost their performance. Google, Facebook and Twitter need to be used to get advantages rather than be regarded as competitors for your users' attention.
The ability to cope with these challenges is not to be underestimated and is made all the more demanding by the speed of the reshaping processes the industry at present. Moreover, business transformation done poorly can leave a company worse off than before, trapped by a 'mish-mash' of quick fixes, point solutions and half-baked initiatives, and unable to deliver on any strategy.
For those companies willing to take up the challenge, the future looks bright. The changes in the media industry have created opportunities like never before such as:
- generating new sources of revenue through new media channels
- getting closer to the user through low-cost marketing channels
- emergence of new partners and contributors within the social networks
Of course, industry change will always create winners as well as losers, and those companies transforming themselves through well managed, programme change initiatives are finding themselves well positioned to take full advantage of the raft of opportunities brought about by digital and media convergence.
We help our clients to find solutions, mostly in form of an appropriate leadership which is up to the challenges – and this is often to be found outside the “standard” boxes.