BUSINESS WIRE: Arthur D. Little’s 2023 Media Market Report Predicts Fresh Wave of Physical and Digital Opportunities
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LONDON --(BUSINESS WIRE)-- 10.05.2023 --
Arthur D. Little (ADL) has published its annual State Of The Media Market report, which analyses how global trends are impacting the major subsegments of the media, sports, and entertainment sectors. Despite the inflationary and recessionary economic pressures from the fallout of COVID-19, plus the effects of an unstable geopolitical environment, the report is cautiously optimistic about the market’s future.
This Report focuses on four significant trends impacting the media sector and how they are influencing the decision makers in corporate boardrooms and investment committees:
1. The return to a “new normal”
The industry saw a bounce back to a new normal that is providing new inroads for deeper consumer engagement and monetization, including: a return to live events; the deployment of gaming technology in the film industry; new privacy guards, regulation and technology across the retail and advertising industries; and the explosive use of generative artificial intelligence (AI).
2. Post-pandemic & fiscal aftershock
Despite a reduction in consumer purchasing power, a rise in costs for subscription media, and increasing advertising costs in certain channels, plus a fallout in crypto and NFTs, the media market shows strong signs of momentum and resilience. Traditional media players are further embracing the possibilities of digital, and new entrants continue to invest.
3. Application of new technologies & capitalizing on opportunities
New technologies continue to transform the way media, entertainment, and sport companies operate, reach audiences, and generate revenue. By embracing these technologies, companies are better able to engage with their audience, offer unique and immersive experiences, and remain competitive in a rapidly evolving market.
4. Global vs. local
Media players are more global than ever, having made strong footholds in local markets, and content creators remain significant players in a world increasingly driven by global hits. Yet local publishers in all sectors are partnering or consolidating actively to defend their market advantage, offering new formats and methods of engagement. There are also heightened calls for cultural protectionism.
In response to these trends, ADL’s media and technology expert teams make five core recommendations:
1. Embrace innovation around both Web3 and technologies such as AI or machine learning.
2. Make smart acquisitions to provide a competitive edge, while enhancing consolidation and regional partnerships to provide scale globally.
3. Prioritize data privacy and security in response to the heightened regulatory environment implementing the necessary technical safeguards to protect sensitive information.
4. Learn from major media players regarding strategies to retain and deepen customer loyalty.
5. Redesign content strategies to engage with audiences and remain competitive in a rapidly evolving market.
Maureen Kerr, Partner in ADL’s Telecommunications, Information Technology, Media & Electronics (TIME) practice, comments: “As 2023 unfolds, the media market is feeling cautiously optimistic, and we predict that the drama of the past few years is about to give way to a fresh wave of activity and opportunities in new physical and digital territories, where corporate media and investors will have an important role to play.”
The ’State Of The Media Market 2023’ can be downloaded here: https://tinyurl.com/5dbp33de
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