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Media and entertainment in flux: it’s time for the close-up

Media and entertainment in flux: it’s time for the close-up


Media and entertainment in flux: it's time for the close-up


The first half of 2020 has put a spotlight on the business of information and entertainment. The world has turned to media, entertainment, and platform companies and the industry has been challenged.

Digital consumption is way up, advertising is way down. Traditional media is under pressure, trust is under siege. Teams are collaborating remotely, companies are collaborating sporadically. Is the future ‘business as usual’ or can this be a catalyst for the industry to reset, and to build back better?

A common refrain in recent conversations with industry executives is that existing trends have accelerated, with three years of changes in three months. To test that, let’s go back to this piece from January 2016, authored by Accenture’s then-CEO, the late Pierre Nanterme.

“We are seeing the Fourth Industrial Revolution emerge in a series of waves: the digital consumer, who enjoys more interactive and personalized experiences thanks to SMAC (social, mobile, analytics and cloud) technologies; the digital enterprise, which leverages SMAC technologies to optimize the cost of corporate functions and to transform enterprise collaboration for greater productivity; and the emerging digital operations wave.” He goes on, “Turning to society, the implications of the Fourth Industrial Revolution are profound – from saving lives … to better stewardship of the environment.”

Each of these trends clearly resonates today. But to what extent can they be more than acceleration, and become a turning point?

As Covid-19 shaped 2020, the digital consumer worldwide has embraced the services on offer. The average time spent with digital media in 2020 is expected to grow 11.9% in the US, 11.1% in Germany, and 9.5% in China, relative to 2019.

The leading digital enterprises have adapted quickly to remote working and remote production and are finding the value that was previously hidden. Ree Drummond hosts Discovery Channel’s The Pioneer Woman from home. Discovery found it was able to shoot remote episodes of the show at 10-20% of the typical cost, while the new authenticity of digital content beamed directly from presenter’s home to yours is resonating and blurring boundaries with creators on social media platforms.


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