CEOs of entertainment and media companies are more concerned with economic and business growth prospects than last year, but see more opportunities as technology transforms customer expectations around the world, according to a PricewaterhouseCoopers survey.
PwC surveyed 76 entertainment and media CEOS in 36 countries as part of its 19th Annual Global CEO Survey, and found that 76% of them believe there are more threats to their company’s growth prospects than there were three years ago, up from 67% last year. Among their chief concerns, according to the survey: geopolitical uncertainty, the availability of key skills and the speed of technological change. Only 22% believe growth prospects will improve over the next 12 months, down from 34% last year.
But all is not doom and gloom, according to the PwC study, 61% of entertainment and media CEOS say their companies have more growth opportunities compared to three years ago, and 89% are confident about their growth prospects over the next three years.
Partnerships play a key role in that optimism – more than two-thirds of CEOS (68%) said theor company would enter into a joint venture or alliance in the next year.
Like last year, technology appears to be the main driver of change in the entertainment and media sector, with 89% of CEOs saying that tech advances are most likely to influence stakeholder expectations. And about 74% of CEOs are concerned that new market entrants could threaten growth prospects. Technology also is the biggest change agent in the sector – 59% of CEOs said their companies will make significant changes to how they use technology to assess and deliver on wider stakeholder expectations.
Cybersecurity also is a big concern, with 66% saying it could threaten growth, up from 60% last year.