“Every decade the media business has changed faster,” so said Kay Koplovitz, founder of cable station USA Network and investment advisory firm Koplovitz & Co, last week in attendance at our private media round-table in New York, hosted in US law firm Baker Botts’ beautiful Rockefeller Center offices.
The varied discussion shed light on the rapid changes going on in the media industry at present. The conversation, besides Koplovitz’s comment, was under the Chatham House rule, where speakers are not revealed, but what was said can be disclosed.
The debate was framed by our thought leadership report in partnership with Baker Botts, The Future of Media, which argues content producers are learning how to compete after the disruption to the distribution chain caused by the rise of search engines and the growth of social media.
The pace of change in the sector and the rapid adoption of technology by media groups was remarked on by the attendees. In recent times, media corporate venturing units have been the most common entrants into corporate venturing across all sectors we cover, in an indication of how important the sector views strengthening relationships with the start-up world.
The attendees mentioned how new disruptors were emerging in the television business, describing broadcast television business Aereo, which raised $38m in its B round co-led by Barry Diller’s Interactive Corporation earlier this year and YouTube network Maker Studios.
The participants also explored trends such as the opportunity for media utilising the connected car, the importance of analytics, understanding customer data, the intersection of media and ecommerce, and much more.
One participant noted that with the increased popularity of gaming – there is also big scope for expansion of analytics of this business.
Many think media corporations need to be investing aggressively, with corporate venturing an ideal tool to keep abreast of change. As Anthony Rose, chief executive of television gamification app Zeebox and former iPlayer boss, said in the report – what is going on in the sector brings to mind John Paul Getty’s quote “The meek shall inherit the earth, but not its mineral rights.”
Media businesses need to transform themselves quickly into businesses that can continue to compete in the digital age – the attendees made it understood their businesses intended to do their utmost to achieve this change.