Almost half of media and entertainment executives say increasing resilience is their biggest post-pandemic priority, according to a survey by EY.
The company surveyed over 100 global industry executives to look at how recent events have impacted their businesses, with 48 per cent responding that increasing resilience is their biggest post-pandemic priority
In its pre-pandemic survey, 37 per cent of executives said that without reinvention their companies would cease to exist in five years. In this year’s survey, 45 per cent of respondents held the same view. But, EY said questions remain around where to begin — 42 per cent of executives (up from 25 per cent last year) admit they are uncertain about what actions to prioritise in order to realise their business transformation agendas.
Covid-19 was a wake-up call for the M&E industry, with more than half (52 per cent) of M&E executives stating the pandemic has permanently changed how their businesses operate.
The survey also found M&E executives are building resilient businesses and reframing their futures by focusing on four key areas: simplifying operations and functions; innovating business models; securing the enterprise; and reimagining the future of work.
Some 53 per cent of those surveyed said they intend to instigate flexible working practices, including a balance of on-premise and remote work.
Other key findings from the survey include:
- Replacing legacy technology is the biggest IT priority (52 per cent), with improving IT security (44 per cent) and hiring IT talent (41 per cent) also in focus.
- For 61 per cent of respondents of mid-size M&E companies, a lack of investment capital is one of the biggest inhibitors to growth and transformation.
- Next-gen technologies such as 5G and IoT provide a platform to engage customers in new ways and 47 per cent of executives are investing in them.
- In the sports and live events subsector, 53 per cent of respondents indicate their businesses face enduring change following the pandemic.
John Harrison, EY Americas Media & Entertainment Sector Leader, said: “For media and entertainment companies, building more resilient enterprises requires rewriting corporate DNA. To do that, leadership teams must address the operational and strategic changes occurring in the industry. Reinventing an organisation’s internal processes — making them fit-for-purpose and future-proofed — must occur within the context of re-examining the entire business model.”