The media and entertainment sector comprises those creative industries involved in broadcasting and publishing across various forms of media including print, internet, film, radio, and television. Apart from publishing and broadcasting, the sector also includes music and the performing and visual arts.
The Australian industry is constantly in a state of flux, grappling with changes to media ownership laws and other regulatory issues, and accelerated merger and acquisition activity in the sector. Industry convergence and consolidation is seen as having led to a lack of diversity in both the labour force and output, despite studies showing diversity improves business outcomes.
The industry is forecast to experience low to moderate growth, but with pockets of high growth such as digital. There is also the opportunity for companies to gain exposure to high growth emerging markets in Asia and access new revenue streams via social media.
The information age continues to be digitally-driven: print may still have a greater reach than digital platforms, but it continues to slowly decline, while digital news media readership continues its fast-paced growth.
Innovation and change are constants in the media and entertainment industry with a perennial influx of new players, new technologies and products, such as experiential channels, addressable TV and sophisticated real-time, live technologies.
As they pursue methods of creating sustainable growth, companies are changing their business models to ‘sell audiences’ rather than brands. They are grappling with the growing role of data and the focus on personalisation and individualised advertising messages, and the need for smart specialisation and extreme niche publishing.
Challenges for media companies include raising productivity while operating with a casualised, less secure workforce, responding to shifting customer preferences for accessing media (increasingly, mobile) and their expectations of immediacy and demands for higher quality.
Managing the continued growth of social and monitoring online communities remains crucial. Businesses must also place a renewed focus on backend development to improve security, privacy and user experience.
We help businesses embed diversity as a strategic imperative. We advise on culture and change management, and help enterprises balance the need to drive innovation and efficiency. We’ll assist you to embrace new approaches to content development and monetization, diversify revenue streams, while enabling maximum efficiency in your core business operations.