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EY survey: media and entertainment companies say they must reinvent to survive the next five years

LAS VEGAS, Jan. 8, 2020 /PRNewswire/ --A Over a third (34%) of media and entertainment (M&E) executives admit that their company will no longer exist in five years unless their business undergoes reinvention. This is according to a new EY survey, How are media and entertainment businesses reinventing in an age of transformation?, which analyzes the views of more than 350 global industry executives to reveal the catalysts, strategies and actions that are shaping business transformation.
EY survey: media and entertainment companies say they must reinvent to survive the next five years
Faced with multiple evolving and disruptive forces, 50% of executives say they can no longer rely on traditional business models if they are to succeed in this landscape. The survey further highlights a sense of inertia among many M&E businesses, with more than one in four (28%) indicating they need to reinvigorate their business, but that they don't know what to prioritize.John Harrison, EY Global Media & Entertainment Sector Leader, says:"Media and entertainment companies remain upbeat about change. But with such diversity of business models and revenue streams, the starting point is often unclear. The survey reveals that there is no single path to reinvention, but businesses can succeed by prioritizing three key levers of change: operational excellence, innovation and upskilling talent. Embracing these ambitions can help them address short-term challenges and unlock long-term value creation."
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