Marquis Media Partners has today announced the results of its latest executive survey designed to expose the key challenges currently facing the broadcast industry. Over 100 senior executives in the industry were questioned about their businesses most pressing issues.
We completed a survey earlier this year and changes in consumer viewing habits was shown to be the greatest business challenge, while content management and distribution across multiple platforms led in terms of the greatest operational and technology challenges faced by the industry today, confirms Andrew Ioannou, partner, Marquis Media Partners. In this survey we wanted to delve deeper and find out why such issues were influencing business strategy.
Some of the results were unsurprising with many respondents citing uncertainty about the future as a challenge, continues Ioannou. 40% stated that there was uncertainty about what technology to invest in to satisfy customer needs and more than half (53%) said that keeping up with the pace of change is an issue.
Although most (55%) see changes in viewing habits as an opportunity, 37% agreed with the statement: we are unsure how to drive our technology strategy to remain flexible for whatever emerges. When it comes to making a profit 41% of respondents were unsure how to monetise the new opportunities.
Yet, although what the future will bring is unclear, many organisations are taking steps to address this pressing issue, explains Ioannou. More than half (58%) of firms either have a team dedicated to addressing this challenge or have already started working with partner organisations to fill the knowledge/resource gap. However, 11% are concerned their organisation is doing nothing or changes in viewing habits have not been addressed yet.
Resources certainly do seem to be an issue, continues Ioannou, with 41% stating to meet our vision we need more resources. Similarly, 28% said: it is difficult with the expertise and experience we have to identify the way forward. However, for most, the challenge is mainly about uncertainty: It is difficult to keep up with what the next big thing in viewing habits will be (53%). In addition, the pace of change is certainly on peoples minds: The industry is changing too fast for large companies to keep pace, one respondent commented.
What we do know is that the industry is developing and there is good news that the majority of organisations are attempting to move forward and anticipate the new nature of future viewing habits even if they are not yet sure precisely what these will look like, continues Ioannou. However, there are a few concerns, to quote one respondent: The company I work for is stubbornly trying to ignore the signs. For those organisations who are not yet embracing the need to change, the fear is that they will simply be left behind.
Marquis Media Partners helps organisations shape their future through strategic technology planning, change management and deployment for organisations working in media and broadcast. If your organisation is looking for expertise, experience and guidance in the use, design, transition and deployment of new media and broadcast technologies for the future then please see: www.marquismediapartners.com