MEDIA and entertainment executives around the world are focused on the impact of technology on their industry and believe more technology-savvy managers are critical to their companies' future success, according to a new study by Ernst & Young.
Executives participating in the study said the digitisation of content, combined with the increasing adoption of broadband distribution technologies, was creating major shifts, challenges and opportunities for their industry. The study, Fast Forward: Technology Propels Media & Entertainment CEOs into the Future, was based on extensive industry research, including in-depth discussions with 23 chief executive officers, chief financial officers and leading industry financial stakeholders.
They included top executives from global companies such as The Walt Disney Group, Viacom Inc, Time Warner Inc, Sony Corp of America, Reuters Group plc, Metro-Goldwyn-Mayer Inc, Liberty Media Corp, EMI Group plc, The Direct TV Group Inc and Clear Channel Communications.
The media and entertainment companies represented in these high-level discussions had combined annual revenues of US$214bil (financial year 2003) and a combined market capitalisation of US$340bil, Ernst & Young said in a statement.
“The pace of technology-driven changes in media and entertainment throughout the world including Malaysia has created enormous strategic challenges for both global and local companies,” said Susanna Lim, focal partner for technology and security risk services, Ernst & Young Malaysia. – Bernama