The report found that fully 50% of respondents no longer believe they can continue with traditional business models with 28% conceding that their operations must change – but do not know what to prioritise.
Highlighting what is at stake the survey of senior executives in the field showed 34% were openly sceptical as to whether their companies would continue to exist in five years without radical reinvention.
In the process, the analysis unearthed three key challenges which media and entertainment businesses must surmount if they are to secure their long-term future: namely a shifting competitive landscape, rapid technological development and evolving customer expectations.
John Harrison, EY global media and entertainment sector leader, said: “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.”
The report was informed by the responses of 350 industry executives.