“We are survivors, not just of Covid. We have adapted, adjusted and multi-tasked our way to 2021,” noted Audra Priluck, Vice President, Business Development, Media & Entertainment at Maru/Matchbox, and host of the annual Mavericks of Media event. The past year has shifted the way we do business with effects that can impact years ahead. What are the trends and opportunities?
The Biggest Drivers
Evan Shapiro, Founder of eshap.tv, warned that while we may have our eye on the usual big media players such as Disney and WarnerMedia, there are “trillion dollar death stars” at the edge of the media universe such as Facebook and Apple, who are poised to overturn the business model. There will also be increased tension between the advertising and single unit sale business model to the recurring revenue subscription business model. And a dramatic shift from a Boomer and Gen X dominated world to Gen Z Gen Y. We will see this in not only, “The way media is consumed, the devices on which it is consumed,” but also the artists and content that, “reflect this complex, digital first and the two most diverse generations in western culture’s history,” he stated.
The Importance of Diversity
Tiffany Smith-Anoa'I, Executive Vice President, Entertainment Diversity & Inclusion, ViacomCBS and Kay Hill, Vice President, Brand Research, WarnerMedia, shared their insights regarding diversity in media. For Hill, “2020 really highlighted this subject and put it at the forefront because people were at home and were paying more attention to news.” For Smith-Anoa'I, “The narrative hasn’t changed. We want to have greater representation in front of and behind the camera.” Essentially we need to rethink how we are doing business, who we are and who we are not doing business with.
Hill explained that when conducting diversity research, “You ask, What does this audience want? What are they looking for? What do they enjoy? The answer always comes back – they want to see some form of diversity and representation on the screen in front of them.” Smith-Anoa'I noted, “Education is paramount. Equality doesn’t mean extra or more. It means equal - The same opportunity to fail and succeed,” and added that it had to be authentic and not mere tokenism.
Post Pandemic Predictions
Jack Myers, Media Ecologist and Founder of MediaVillage, shared his industry predictions for 2021. “The upfront will see record CPM increases, growth over last year’s upfront revenues in the double-digits and overall 2021 ad revenue for the national TV business will be up an estimated 8%, enough to return it to the 2019 levels,” he shared.
Myers predicted that radical industry transformations occur every 30 years and we are now at the threshold of the next 30 year cycle. “Marketers may be facing shifts in consumer communications patterns for which there is no precedents and for which they are ill prepared,” he predicted 30 years ago. We see it happening again today with the end of the great internet upheaval. “The pandemic has accelerated the trends already in place and 2021 represents the first year of a new 30 year cycle that requires accelerated shifts in revenue strategies for the television industry,” he stated. This requires a reorienting of priorities and ways of doing business. Going forward, growth will occur through education and diversity.
Guilty Pleasure Programming
Maybe because of the pandemic, viewers are seeking out comforting and nostalgic programming. The trend towards guilty pleasure viewing has, as Jeremy Lejeune, Vice President Content & Consumer Insights, NBCU, noted, “A sense of indulgence in it. It satisfies a need. The benefit is escapism and the need for escapism is higher than ever,” with the pandemic. For Suzanne Persechino, Senior Vice President, Head of Insights Group, A+E Networks, “We can all relate to the great amount of anxiety and tension in our day-to-day lives through a pandemic. We have found that there has never been a more ripe time for content that has a clear and satisfying ending.” The big takeaway is that guilty pleasure content transcends boundaries – it can be scripted or unscripted, comedy or drama. But it must be of high quality with compelling, complex and well-crafted storytelling.
The Next Big Opportunity
Guilty pleasure programming is only one content type that has been successful this year. Other formats such as news also are highly popular and are expected to remain so, post-pandemic. For Eliza Jacobs, Director, Consumer Insights & Analysis, PBS, her company is committed to building out their brand by focusing on digital to grow their audience and expand their base. “We have a digital approach going forward on our own platforms as well as partnerships and building out a PBS News brand on a digital platform,” she revealed.
With a distribution source of 110 newsrooms nationally, Sean Fassett, Vice President, Research & Insights, WGN America & Antenna TV, sees his company as able to leverage strengths in both linear and digital. “News is a guilty pleasure,” he explained, “but it is also a necessity. There is still a need for news to know what is going on and how to keep their families safe. We focus on niche stories that give voice to the voiceless.”
Conclusion
The pandemic has changed the paradigm for our business in a myriad of ways. In some cases, it has accelerated an already predicted transformation and expanded the role of certain business models. In other ways it strengthened certain programming types and clearly defined the need for diversity. What the Mavericks of Media all have in common is their thirst for knowledge that will help the media industry not only survive but thrive.
This article first appeared in www.MediaVillage.com
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