Showtime for media industry: EY survey

With improvement in economic confidence, media professionals across the world belive that the entertainment industry is no longer worried about global recession and has shifted its primary focus from cost-cutting to growth, says a survey.
According to EY's survey of CFOs of leading media and entertainment companies, the entertainment industry has moved past the economic uncertainty of the global recession and shifted their primary focus from cost-cutting to growth.
CFOs are well-positioned to grow their companies through capitalising on digital opportunities and investments in technology, talent and infrastructure, as well as acquisitions and other deals.
There has been a dramatic decrease in concern over the economy as only 26 per cent of senior executives surveyed said global economic uncertainty would be a challenge during the next three years, compared to 62 per cent two years ago.

"The CFOs told us in no uncertain terms that the economy is no longer an obstacle and now is the time for media and entertainment companies to invest in growth and focus on building their businesses," EY Global Media & Entertainment Leader John Nendick said.
As per the report, the top actions that can make companies more effective are attracting/retaining talent, which was cited by 58 per cent of respondents.

"Recruiting and retaining talent is a significant concern for almost every CFO we surveyed. All agreed that talent, as well as establishing better collaboration between teams and different business units, are the most important factors for efficiently running their companies," EY's Global Media & Entertainment Advisory Services Leader Howard Bass said.

The survey further noted that emerging markets are no longer the top geographic focus for growth. Around 72 per cent of M&E companies indicated their focus is on existing/core markets.
As high as 72 per cent of respondents chose interactive media businesses as being best positioned to evolve and thrive in the future, followed by cable television networks (42 per cent), film and television production (30 per cent) and content and information services (30 per cent), the report said.