More than other CEOs, those in media are more worried about changes in user (‘consumer’) behavior:
Jill Goldsmith, Global media CEOs in high-anxiety mode
It seems 75% of media CEOs around the world fret intensely about shifts in consumer behavior. That may not surprise except that it compares with less than 50% of CEOs in most other businesses, according to research by PricewaterhouseCoopers presented at the ambitious annual confab that wraps Sunday. (And except for the 25% who aren’t worried.)
The firm polled more than 1,300 chief execs in 68 countries. All 56 – or 100% –of the showbiz CEOs (from 23 countries) said consumers “somewhat or significantly” influence their business strategy, by far the group most tied to their customers.
It’s a trend that started presenting strongly in 2010, said Matthew Lieberman, director with PwC’s Entertainment, Media and Communications Practice. PwC has put out the survey for 16 years.
Over 60% of showbiz CEOs are concerned about the speed of technological change, 19% above the global cross-industry total.
“They’re much more worried than other industries about consumer behavior. The see new products and services as key to success, more than other industries,” Lieberman said. A disproportionate 84% of them anticipate changing their company’s strategy within the next year.
The sooner we drop the media ‘consumer’ metaphor, the better. The media companies that will do best in the future will be those that shift to a model more like application companies, and stop thinking about push/consumption models, and more about community and participation.