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Ernst & Young presents report on impact of technology in media and entertainment industry

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Ernst & Young presents report on impact of technology in media and entertainment industry

The role of technology in the media and entertainment industry and the issue of digital marketing were touched upon in a conference organised by Ernst & Young and Mediaturf Worldwide in the Capital on Wednesday.

The day began with Ernst & Young's presentation on "Fast Forward: Technology propels Media and Entertainment CEOs into the future." It highlighted the impact of technology in the sector by conducting extensive industry research, including in depth discussions with 23 leading media and entertainment CEOs and CFOs.

Farokh Balsara, Media and Entertainment Practice Leader, Ernst & Young, said, "The report acts as a harbinger for the Indian media and entertainment industry, and will definitely help to set the right pace of technological development in the changing global scenario. With the right management team in place and by developing the right talent pool, a lot of Indian media companies can be seen competing in the global arena."

According to the report, content digitalisation and the introduction of broadband technologies are creating major shifts, challenges and opportunities for the media and entertainment industry. According to the study 75 per cent of the executives cited digital video recorder as an innovation, which is likely to disrupt the industry's status quo.

The study also pointed out the growth of electronic game software and touched upon the challenges to be faced by free broadcast TV in the future and found out that music industry has the lowest profitability margins owing to piracy. Cable, satellite operators, content providers are set to dominate the future and the next generation of managers will be different in terms of their skills in the technological and financial field, the report stated.

Mediaturf Worldwide underlined the issue of digital marketing from the Indian perspective through a study titled, "The Indian Perspective for the Digital Marketing Era."

According to Mediaturf, Internet can be qualified as the activexperiential medium. Through the study done on the basis of interviews from 24 leading senior professionals in the country.

V Ramani, CEO, Mediaturf Worldwide and Chairman, Internet and Online Association, pointed out the significance of new technology in the media and entertainment industry in terms of newer and better forms of conventional media delivery. "Internet and broadband will significantly impact the traditional media in the next 2-4 years," he said.

Mahendra Swarup, Chief Executive, Times Internet Limited was the chief guest for the day. He termed the Internet as an all pervasive medium.

The study revealed that newer technologies would usher in fresh challenges, which will force companies to re-look at their investment avenues. The industry leaders covered under the study felt that broadcasting and narrow casting will co-exist together but their revenues will not be affected.


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