SINGAPORE, 16 JUNE 2009 - Players in the entertainment and media industry need to be creative and responsive in how they can reach out to their audiences through the digital media in a time of poor global advertising spending, according to a PricewaterhouseCoopers (PwC) executive.
The current downturn has merely accelerated the move to digital and what it means is it will involve a re-thinking and a shift in revenue models not just in Internet-driven revenues but across the entire industry, said Greg Unsworth, Asia Pacific technology industry leader and the head of the entertainment and media industry practice, PwC. He was speaking at the launch of the PwC Global Entertainment & Media Outlook 2009-2013 report.
Research from the PwC study indicates global advertising spending will stand just above the US$400-billion mark for 2010. This is a drop from the figure from 2007 which stood just above US$475 billion. While advertising spending is expected to rise from 2010 onwards, a return to the level of 2007 is unlikely, warned Unsworth.
To position for the upturn, organisations in the entertainment and media industry ensure that their offerings are interactive, instantly available, available on multiple platforms such as different social media systems, and tailored to reach out to a digital generation. Being responsive to their customers is important as well. Advertising agencies are now moving away from the mentality of making 30-second television commercials to packaged productions that cover a wide variety of media platforms, pointed out Unsworth.
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