One of the most interesting conversations during Advertising Week 2013 was Michael Kassan, CEO of Media Link, interviewing Jeffrey Katzenberg, DreamWorks Co-Founder & CEO of DreamWorks Animation regarding the future of media and entertainment in the face of the current technology changes.
Creating New Opportunities in the Content Creation Business
Rather than feeling media and entertainment companies are facing a diminishing and fractured market, Katzenberg indicated there has never been a better time to be in the content creation business.
He indicated new, smaller mobile screens (smart phones and tablets) which are with people constantly...have created new opportunities for short-form content including both news and entertainment. Katzenberg talked about Brian Robbins, Founder & CEO of Awesomeness TV, an exceptional storyteller and producer of TV and motion pictures. Robbins has now shifted and is devoting 100% of his energy producing short-form content.
Katzenberg indicated new technology (and devices) have created an opportunity to fill the "waiting time" in people's lives...short windows when people are waiting for a bus, waiting in line, etc., and are passing time accessing their mobile devices. Awesomeness TV is already one of the leading producers of content on YouTube and he expects this sector to represent a new opportunity for growth in entertainment and media content distribution. Forrester and other research firms have confirmed consumers are spending 2+ hours daily on mobile devices separate from the 4-1/2 hours of daily television time. So that's the new "window of opportunity" in a nutshell.
Never Been a Better Time
This reminds me of past experiences when new channels opened up...and Katzenberg commented on this...when TV arrived back in the 1950s, there was speculation other channels (newspapers, radio) would diminish. In fact, this never happened, and Katzenberg indicated with so many consumers watching high-quality, premium content (movies and television) ON-DEMAND, the market (on demand) and consumer response (to great content) has never been stronger. Just check Homeland, Boardwalk Empire, Breaking Bad, and other outstanding entertainment content being produced by the networks, cable channels, and movie studios...with the addition of short-form content programming, the future looks very exciting and there has never been a better time to be in these businesses.