Adapt or die? Findings from the IAA's Future of Media event
The global media industry was already in the midst of a profound transformation prior to the economic downturn, as the growth in scale and reach of the internet revolutionised the attitudes and behaviours of both consumers and advertisers. The onset of the recession, however, escalated these trends, further reshaping popular preferences, and causing advertising revenues to plummet.
Against this backdrop, the International Advertising Association's Future of Media event, held in London in February 2010, aimed to ascertain the possible trajectories of the market going forward, from a customer, media owner, advertising agency and client perspective.
A "golden age" for consumers
Phil Stokes, head of entertainment and media at PricewaterhouseCoopers, suggested that the main goal for media companies remains "attracting audiences to make them attractive to advertisers."