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The pandemic has introduced tough occasions for a lot of sectors, however the Communications, Media, 
and Know-how world has confronted a novel set of challenges. Going through continued downward stress on income, media and leisure corporations are taking a tough have a look at their enterprise fashions, and evaluating how they ship on the wants of an ever-changing buyer base. This local weather presents a target-rich atmosphere of alternatives for consultants, and we just lately caught up with Mike Chapman, who just lately joined Kearney as a brand new Companion and Americas Media Lead within the agency’s CMT observe, to speak in regards to the largest challenges and alternatives.
Consulting: What are a few of your prime priorities beginning out in your new function as Kearney’s Americas Media Lead?
Chapman: My prime precedence is to extend executives’ consciousness of Kearney’s deep capabilities and expertise in media and leisure administration consulting, and our dedication to enhancing the state of the {industry} for our shoppers. Kearney has a robust observe report in strategic and operational consulting – we’re recognized for creating big-impact methods and transformations for the world’s main corporations, together with a “get issues finished for the consumer” orientation. I consider there is a chance to construct on this heritage and increase on the good work that Kearney has finished globally by scaling the observe in a method that helps media shoppers meet their enterprise aims.
My second precedence is to harness collective pondering throughout Kearney to proactively develop new methods of fascinated by the media {industry}. and its choices and operations. There’s a nice alternative to form collaborative propositions in a method that creates better worth for our shoppers, the agency, and in the end our folks, who’re genuinely enthusiastic about working on this area. Trade executives that know me effectively have seen how I always problem the norms and conventions of the media enterprise, and regularly push my shoppers to evolve in a practical method – in hopes that they will have an effect on the longer term as an alternative of getting it finished to them by disruptors and rivals. I plan to do the identical with Kearney’s media observe.
Consulting: What are a few of the largest challenges shoppers within the area are going through throughout these unprecedented occasions?
Chapman: The media and leisure {industry} general has been extremely impacted by the pandemic, but the diploma of impression varies for every sub-sector and particular corporations. For instance, {industry} sub-segments corresponding to film theaters, dwell occasions and theme parks have skilled a close to whole lack of income attributable to being shut down or having their capability restricted. Different companies corresponding to studios, TV programmers and broadcasters have had challenges producing new content material, or there’s much less availability of premium content material corresponding to sports activities and primetime programming, which generally produces the most important audiences and income. Some media corporations have seen a rise in time spent by customers viewing their content material, however monetization has suffered, which has resulted in income challenges.
These top-line income pressures have pressured many media corporations to judge their backside strains extra intently than ever earlier than. The associated fee constructions of legacy media corporations stay much less environment friendly than comparable digital corporations, regardless of prior M&A exercise and incremental price discount initiatives. Nonetheless, the best problem for media corporations is responding to modifications in shopper preferences and associate relationships as pushed by the pandemic. This consists of managing buyer experiences and relationships, multiplatform manufacturing, distribution & windowing, environment friendly operations, enterprise fashions and monetization – and the way to function on this new actuality as an built-in enterprise.
Consulting: What are the largest consulting alternatives you’re seeing?
Chapman: I’ll say that media consulting alternatives have began to shift from purely being targeted on lowering prices, and enhancing money flows and liquidity within the close to time period, to rethinking the way to develop and function the enterprise over the long run. Shoppers are transferring away from consulting engagements that delivered near-term options for points that have been pushed by fast shopper and financial modifications over the previous 10 months. They’re now beginning to assume extra about what their companies must appear to be based mostly on the place the patron and economic system are transferring over time, and they’re difficult consultants to develop extra sturdy concepts and options with longer shelf lives.
I really feel that this shift is an efficient factor for each the media & leisure {industry} and consulting companies. Hopefully, shoppers can have extra willingness to contemplate progressive methods and transformations that they will execute popping out of the pandemic to extend their competitiveness. This consulting market alternative is effectively aligned with Kearney’s method to consumer engagements– creating lasting change by means of boldness in pondering, ardour for the work that we do in shut collaboration with shoppers, and our dedication to shoppers’ success from an outcomes and industrial perspective.
Consulting: Media corporations have clearly confronted main disruption with new gamers lately, and naturally the pandemic this 12 months. How are consultants serving to them climate that?
Chapman: Consultants are serving media corporations effectively throughout these occasions by bringing cross-industry views, targeted sources and programmatic consideration to bear throughout a time of unparalleled {industry} turmoil. Participating a marketing consultant is a prudent choice – the confluence of secular and shopper shifts, aggressive disruptions, inner structural strikes, management & organizational modifications, and monetary pressures has positioned the media govt able the place she or he may gain advantage from exterior assist. The consulting {industry} general has seen an uptick in engagements with media shoppers lately, and I anticipate that development to proceed and doubtlessly speed up as media corporations more and more notice that they will use the assistance.
Consultants are concerned throughout the board or in particular areas relying on the corporate – whether or not it’s setting a go-forward technique, defining initiatives and plans, enhancing the working mannequin, or executing organizational and technological transformation. I consider that there’s a recognition amongst media executives that consultants can ship vital worth when utilized in the proper method, and if they’re diligent in choosing the proper agency for the duty – which can make them totally different companies than they’ve employed prior to now. Kearney’s media observe will proceed to leverage our distinctive experience and method to collaboration, each within the Americas and worldwide.
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