Via their annually published report The Outlook, leading professional services firm PricewaterhouseCoopers (PwC) has again turned its substantial resources and its significant intellectual and analytic capacity toward predicting the future of the growing global media and entertainment industries.
Almost defined by their perpetuity of change, these fields are in a constant state of flux and disruptive growth, making them both fertile ground for opportunistic endeavours as well as daunting industries to penetrate or predict. Tackling such an enormous task as predicting the unpredictable, and taming thousands of data points drawn from myriad loosely related sources is exactly the nature of work that PwC excels at. With a global network of specialists researching trends from 14 defined segments across 53 territories, the report is as in-depth as one would expect from the company for whose insights those in the know annually hold their breaths.
Forecasting the fate of media and entertainment into the year 2023, The Outlook is obviously too extensive and in-depth a report to readily summarise in this space, but the key takeaway is – unsurprisingly to anyone in the services or marketing sectors – that the watchword for the future is “personalisation is everything”.
In a world that has embedded consumer convenience and the elevation of individual, sometimes non-conventional identities into the cultural zeitgeist, brands and businesses in the media and entertainment space will have to think of ever-more innovative approaches to satisfying the expectations and the egos of their markets.
A secondary, but still enormously important insight, is that agility is not just a buzzword tossed across boardroom tables, but a growing necessity for businesses in the media and entertainment space. Not only would satisfying the individual identities of billions of people be impossible for a slow-moving and unwieldy enterprise, but surviving hungry and adaptable competitors would be next-to impossible.
For the insights and understanding that only PwC can bring to such a revolutionary industry, check out their report for yourself.