Taking the Radical Route to Reinvention for Growth in Media

With a splintered media landscape, growing customer dissatisfaction, and dwindling customer loyalty, the times are challenging for the media industry globally. To survive and stay ahead of competition, it must take the “radical and uncomfortable” route: go beyond their traditional capabilities and strategies and take steps to reinvent the industry.

Accenture’s latest report, Reinvent for Growth – co-authored by Neeraj Sharma , Managing Director and Lead for Media, Accenture - Growth Markets – shares key findings and insights from its ‘Media Thrive Index’ and explores foundational steps that companies can take to begin their radical reinvention.

By “radical,” the report indicates that traditional media companies must reinvent themselves from the ground up. While legacy media organizations need to take on new roles in the entertainment value chain, they also need to re-evaluate their customers’ preferences and the space where they compete.

Moving beyond their core competencies and exploring new growth areas is yet another way by which media companies can turn “radical” in their approach to reinvention. The study highlights that in order to get the best out of radical reinvention, companies need to map their offerings against an evolving landscape, embrace archetypes like merging with a gaming studio and buying a connected TV OS provider, assess investments required in reinvention, and more.

The time for radical strategic moves has arrived. In a situation where the traditional media industry needs a definitive shot in the arm, businesses must go for bold moves in order to achieve rewarding outcomes. Read More

News & Views

Negotiating Customer Preferences to Thrive in the Future

More than 35% consumers in India say they struggle to navigate between different entertainment services. Come 2030, lifestyle bundles with single app access will reach $3.5 trillion in consumer spending. Accenture’s latest ‘Media Thrive Index’ shares top insights into the changing media consumption preferences in the world and in India. According to Neeraj Sharma, industry players have to be where consumers want to be: explore new avenues of growth, redefine new roles in the entertainment value chain, and tap into new sources of revenue. Read More: Business Standard | Financial Express | Storyboard18

Accenture at MWC Barcelona: Succeeding in the New Attention Economy

At the recently concluded MWC Barcelona, Devyani Ozarde chaired a session on ‘The evolving role of audience cultivators in the attention economy’ at the Connected Industries Sports & Entertainment Summit. At the session, the panelists explored how technologies like generative AI are unlocking new avenues of growth, accessibility and personalization in the communications and media industries – as content creators battle for audience attention, content costs rise, and customer expectations evolve. Engage | Read More

How Accenture is Helping Zee Reinvent its Content using Data & AI

Accenture and Zee have collaborated to drive a data and AI-led content reinvention at the media house. With Zee focused on delivering the best outcomes for its audience, the Accenture-built ‘Data Intelligence Hub’ enables Zee to identify relevant trends and curate engaging content. In a recent episode of BT-Accenture Leader Dialogues , Devyani Ozarde , Managing Director -Media, Accenture in India, and Nitin Mittal , Former President, Technology and Data, Zee Entertainment Enterprises Ltd., discussed the future of content creation and Accenture's technology led support towards Zee’s content reinvention. Watch Conversation | Read More

The Rising Impact of OTTs on the Entertainment Industry

At the India Digital Summit, Shilpa Malaiya Singhai , Managing Director – CMT, Accenture in India, moderated a panel on 'Transformative influence of OTTs and Digital Technologies on the Entertainment Industry,' which focused on how digital technology has sparked a transformative wave in the Indian media industry in particular. The evolution of OTTs is offering viewers more personalization, more immersive experiences, and more original content. While these platforms are getting integrated across devices, advertising is also constantly evolving with targeted, non-intrusive approaches. Engage

Accenture is ready to help as you begin to re-imagine your business. If you’d like to know more about how we can partner with you in your Reinvention journey, please feel free to contact us.

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