Radical reinvention is the consultancy’s suggestion for transformation
The audience of TV channels, both open and subscription, has plummeted 26% since last year, contrasting with the 57% increase in video on demand (SVOD) subscriptions, reveals the Reinvent for growth in the Media Industry study, carried out with 6 thousand global consumers about their media consumption behaviors.
Consumers have also increased their use of social media (52%) and video games (50%), spaces where traditional media companies have little or no presence. Additionally, 59% of consumers find user-generated content as entertaining as traditional media, and 58% trust the voices of independent content creators as much as established news outlets.
“With users moving away from traditional options and big tech companies building new legacies, the media and entertainment landscape has undergone a dramatic shift. Between 2023 and 2025, it is expected that big techs, such as Amazon, Google, Apple and Microsoft, grow twice as fast as the traditional press, at 10.6% versus 4.8%”, comments Luís Bonilauri, executive director responsible for the Media and Entertainment area at Accenture in Latin America.
