Market turbulence set to define media industry in 2023 | Media Analysis | Business | News | Rapid TV News
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Even though executives in the media industry believe that over the course of the year they will be focused on organisational effectiveness and responsiveness to market conditions, they overwhelmingly agreed that market turbulence will be what will be remembered most from 2023 says a study from the DPP.
DPP 3Feb2023
This is the key finding in the annual predictions report by the media industry’s business network which is now in its seventh year. Enabled by DPP member company Zixi, the DPP 2023 Predictions were drawn up by 34 industry practitioners – people who shape and run all kinds of media businesses. The report contains eight business focused predictions and explores themes that will dominate the media and broadcast agenda in the year ahead.

After market disruption, the report showed that execs believe monetising content, efficiency, and automation will shape the next year. They also see companies such as theirs diversifying their content monetisation channels and that businesses will focus more on their core strengths. The latter was retained from 2022, a reflection, said the DPP, of this year’s discussions of transformation, cost savings and organisational change. Automation-augmented operations will also likely enable scale.

Looking at a way of expressing the business context in which media companies believe they will be operating, the study investigated what it called mood music for the year. This was dominated by the themes of economics and execution with practitioners placing emphasis on delivery and showing value to customers, while also controlling costs and maximising profitability, especially during a recession. The term transformation was also introduced, but now used as an action, not simply as an aspiration. Actionable Insight and Adaptability were both themes that were carried over from 2022.

“The prediction that ‘There will be market disruption and consolidation’, which had only been fifth in the 2022 predictions, suddenly rose to the top this year,” said DPP CEO Mark Harrison, author of the DPP 2023 Predictions. “In the impact ranking of DPP Predictions it is unusual for one prediction to emerge much more strongly than the others, so the huge impact assigned to market disruption and consolidation is highly significant.”

Added Zixi CEO Gordon Brooks: “The broadcasting industry is being defined by rapid change. Consolidation and difficult market conditions are dictating that, more than ever, companies need to do more with less. They also need to swiftly capture new monetization opportunities. In the DPP 2023 Predictions we hear about the challenges customers are talking about every day, and to which we collectively have to deliver.”