That’s the word from 50 media and entertainment company CFOs surveyed by Ernst & Young.
The report, It’s Showtime! Digital drives the agenda, data delivers the insights, found financial chiefs were steadily moving from cost-cutting to growing their companies with digital deal-making.
In all, 74% of CFOs surveyed said their top priority is growing their digital and online distribution.
That was followed by 35% of respondents pointing to cost reduction and business efficiencies as a priority.
Creatively differentiating content, extending brands globally and growing new market segments also figured in the CFOs’ wish-list
Most CFOs cited a growing economy as grounds for new investment, but they also identified industry obstacles during the next three years from technology and platform disintermediation (64%), and being unable to get consumers to pay fair value for content (58%).
Still others identified structural and regulatory uncertainty (42%), and reductions/reallocations of marketing budgets (26%) as still more future challenges.
At the same time, the increasing use of data analytics to improve decision-making and processes is also encouraging a pivot to growth.
Most CFOs (72%) said upstart interactive media companies were best placed to prosper in the new entertainment space, followed by vertically integrated cable TV networks and channels (42%), conglomerates (36%), film and TV producers (30%) and content and information services companies (30%).
The survey was conducted among 50 CFOs of global media and entertainment companies across 10 countries, representing almost half a trillion dollars in media and entertainment revenue.
From Playback Daily
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