Media companies 'will pay heavy price' if they don't focus on digital says STV CEO
Media companies who do not place digital at centre stage of their business will ‘pay a heavy price’, STV’s CEO has declared this morning.
Speaking at the opening of The Future of Broadcasting Conference, Rob Woodward has said that media companies must focus their offering around digital going forward.
“Media in the UK is living through an explosive revolution that will increase media valuations in many cases and transform the way that the consumer relates to different advertisers and brands as social media continues its rapid growth. Global media spend is forecast to exceed $500bn by this year with spending on internet advertising accounting for between 15-20% of this amount. Those businesses who put digital centre stage will be the winners. Those who fail to do so will pay a heavy price,” he commented.
STV has launched several online initiatives in the last year, partnering with Google to offer 2,500 hours of its content through YouTube and launching hyperlocal news website STVLocal in the process.