However, profiting from the migration by increasing revenue
from digital consumers will not just be about the application of digital
technology. It will be about applying a ‘digital mindset’ to build the right
behaviors, advancing from a digital strategy to a business strategy fit for a
digital age, according to PwC’s Global entertainment and media outlook
2014-2018 (Outlook).
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| Marcel Fenez |
Marcel Fenez, PwC’s Global leader, entertainment &
media, says:
“The bedrock of a strategy fit for the digital age is the
digital mindset: getting ever closer to the customer – across the entire
organization, and in everything it does. We now see that mindset embedded in
many entertainment and media companies. But the industry needs to get even
closer to the consumer and adopt more flexible business models. To do this,
companies must exhibit three behaviours: forging trust with consumers; creating
the confidence to move with speed and agility; and empowering innovation. This
will be an important step in monetising the digital consumer.”
Among the Outlook’s Highlights:
- Rising digital consumer revenue may be driven by 24/7 access. Two of the best-performing consumer sub-segments use a model in which consumers pay for round-the-clock access: digital music streaming revenue will grow at a 13.4% CAGR, and electronic home video OTT/streaming will rise at a 28.1%.These growth rates will not only offset a slow-moving non-digital consumer market, but may also point the way forward for other segments.
- Digital recorded music revenue will surpass physical recorded revenue in 2014. Global total digital recorded music revenue of US$10.18bn will exceed physical recorded music revenues of US$10.17bn for the first time in 2014. Greater service appeal for consumers will improve sales and by 2018, the year-on-year decline in total recorded music revenue will be just -0.1%.
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