Summary:The entertainment and new media industries are entering exciting but uncharted waters in the next few years. It is a world in which content, delivery systems and digitization converge to offer consumers unbelievable choices in how they get their news, information and entertainment.
But one thing remains the same: Content is still king.
"In the end, it′s going to be about who has the best stuff," said Terry Semel, former Co-CEO of Warner Bros.
"At the end of the day, people will be driven by content," George Vradenburg III agreed.
Fueling the explosion in this industry is a growing demand for entertainment and information, coupled with technological advances that allow cross-breeding of all kinds of information: music on your computer, television shows on your cell phone, and the latest movie on your hand-held device.
Added to this competition is globalization — and the search for billions of new customers to sell to this stuff to.
Entertainment and media industries have moved to center stage in the battle over who will control our multi-media, multi-device world. And at this point, there is no foreseeable winner.
"It′s not so clear who′s going to control these," said Frank Biondi, former CEO of Univeral Studios, Viacom and HBO.
Will it be AOL Time Warner? Fox? Will Nokia be a big player? Microsoft? Or will it be a mixture of all the many different players?
"I don′t know how this is going to play out," Vradenburg admitted.
One thing is clear: These rapid changes are being driven by consumers, who want fast, easy-to-use devices that will provide them with all of their entertainment and information needs.
"These businesses are undergoing rapid change, driven by consumers," said Vradenburg. And by technological advances that give consumers what they want — fast, easy all-encompassing access
Peter Chernin said that globalization will be a major factor in what happens in the next few years, citing his company′s purchase of networks in India as a good example of what they are doing.
And whatever happens, it certainly won′t be dull.
"The next few years will be some of the most exciting in the entertainment business," said Semel.
