Going digital top priority for 74% of media and entertainment companies: EY survey

CFOs around the world share their views on the current and future direction of the industry

TORONTO, Sept. 4, 2014 /CNW/ - According to a recent EY survey, an overwhelming 74% of media and entertainment (M&E) company CFOs say going digital is a top priority for growth. But the right data and analytics are key to delivering the insights that enable game-changing decision-making.

"For the first time since the global recession, CFOs have shifted their primary focus from cost reduction and operational efficiencies to growth through digital opportunities and technology investments," says Martin Lundie, EY Partner and Canadian Media and Technology Industry Leader. "Our survey confirms digital isn't the future, it's already here. Companies need to act on that reality, or risk missing out."

According to It's showtime! Digital drives the agenda, data delivers insights, M&E companies' best advantage in an increasingly digital environment is to manage from within the digital and technology disruptions that are transforming the market.

"Implementing a structure where companies can easily adapt to the constant digital and technology disruptions transforming the market is critical," says Lundie. "A big part of that is about tapping into the right data analytics that can help simplify reporting structures, modeling techniques and platform data to drive business and create value."

EY's survey reveals that while 59% of M&E CFOs feel their companies successfully use data to respond to and upsell existing customers, only 33% say their companies do a good job of using data to generate new business.

"Too many companies see technology integration as an obstacle, and find it difficult to extract meaningful insight from online data," says Lundie. "But the right analytics are key to drawing the strategic insights that help improve decision-making. It's something companies can't afford not to invest in."

In addition to harnessing the power of analytics, EY's report identifies the following as ways media and entertainment companies can optimize growth:

  • Transactions should focus on what companies already know.
  • Tax planning based on business and operational strategy accelerates performance.
  • Capturing today's talent will fuel tomorrow's growth.

To read the full report, visit: It's showtime! Digital drives the agenda, data delivers insights,

About EY
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY is proudly celebrating 150 years in Canada. For more information, please visit ey.com/ca. Follow us on Twitter @EYCanada.

EY refers to the global organization and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.

SOURCE: EY (Ernst & Young)

For further information: Erika Bennett, erika.bennett@ca.ey.com, 416 943 5497; Sarah Shields, sarah.j.shields@ca.ey.com, 604 648 3607; Julie Fournier, julie.fournier@ca.ey.com, 514 874 4308


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