I have recently had the pleasure of joining the fast growing team at H.I. Executive Consulting (H.I.E.C) focusing on developing the media division within the company’s global Consumer, Digital & Media Practice . It couldn’t have happened at a more interesting time. The global broadcast and media market is expected to grow from $43.69 billion in 2021 to $48.47 billion this year, at a compound annual growth rate (CAGR) of 10.9%. New innovations and emerging technologies in digital advertising, VR and the metaverse mean that consumers are going to be able to experience more media content in real time across fresh platforms than ever before.
A shift in focus
Media was, of course, one of the sectors that faired best during the recent pandemic. All around the globe we were confined to our homes with little to do bar binge watch Squid Game and The Mandalorian. However, as the world has slowly returned to some semblance of normal, the big subscription video on demand (SVOD) companies have moved their focus from subscriber acquisition to keeping hold of the ones they have. It is a time for transition. In the first quarter this year, Netflix lost 200,000 subscribers, sending its stock down 35%. Whilst Amazon Prime subscriptions have also stagnated.
There is no doubt that the industry will bounce back. Technological advancement continues to be a key trend. Both among digitally native businesses such as the aforementioned Amazon and Netflix, and legacy media businesses such as Warner Bros, Discovery and NBCUniversal that are trying to keep pace. Those within the industry are focused on developing innovative products and new pricing strategies that can meet with shifting consumer demands. To do so they need to ensure that they have the right talent in place.
A time to adapt
The rapid digital transformation of the past few years has meant that media companies need to be able to adapt and transform themselves to be able to compete. This has given rise to new types of disruptive leaders being required that have knowledge in what modern consumers want and how to deliver it. They need to be tech savvy and know how to bring in enhanced data services. Increasingly, organisations understand that the competencies of a leader are more important than the background they come from. Because of this, they are prepared to look further afield for talent than they might have done in the past.
Don’t be left behind
At H.I.E.C, we’re experts in supporting private equity backed, privately owned and listed media companies in finding the transformational leaders that will become a competitive advantage. Digital technology is at the heart of everything we do. It is part of our heritage. We are committed to assisting forward-thinking media and consumer companies win in the new digital economy at a time when being agile and adaptable is more important than ever. We help place the transformational thinkers you need to ensure you don’t get left behind.
To learn more about H.I.E.C’s global Consumer, Digital & Media practice, please click here.
You can contact Imogen Carter directly via her email email@example.com