Advances in mobile technologies and increasing public expectations mean that the 'consumer is king' in the content on demand marketplace, according to a new survey of more than 200 finance executives from major media and entertainment companies around the globe released by Ernst & Young.
The study shows that changing content and distribution models, as well as mobile entertainment devices, will be the key change drivers for the industry.
'The media and entertainment industry is striving to meet the 'anywhere, anytime' content demands of today's consumer,' said John Nendick, Ernst & Young Global Media & Entertainment Leader. 'With the rapid pace of change, companies that will succeed are those that adopt more flexible business models and quickly identify new distribution channels.'
The evolution of the industry is demonstrated by comparing a similar survey of media and entertainment executives conducted by Ernst & Young in 2004.
Findings from the 2004 survey of CEOs and other industry leaders showed that 75 percent of respondents viewed digital video recorders as the primary driver for industry change, while the current study finds 86 percent of respondents believe changing content and distribution models will be the greatest catalyst.
Also in the 2004 study, more than half the respondents identified cable operators as being in the driver's seat.
In contrast, 77 percent of participants in the current study considered Internet media providers as the most likely market winners.
Changes in the media and entertainment business model are forcing changes in the finance function as well.
To meet these new demands on the finance function, CFOs aspire to improve planning and decision support, but at the same time they must also implement efficient finance processes and technology, and ensure regulatory compliance.-cellular-news.com