TORONTO – Canadians aren’t really cutting their cable cords, and cite convenience, choice and a customizable experience as important to them, says a PwC report released this week.
According to Rising to the Challenge: Canadian perspectives on the Global Entertainment & Media Outlook: 2013-2017, people are retaining their cable subscriptions and DVD players, enjoying access to On Demand and PVR devices, and enhancing these traditional media with digital platforms. But, to satisfy these demands, media organizations face the challenge finding the fine balance between creating new content platforms and keeping costs in line.
The 'second screen' – digital platforms that enable media consumption – is seen more of an enhancement for engagement than a real threat to the traditional areas within the industry, the report continues. Canadians enjoy the flexibility of being able to watch a TV show or play a game and then engage with related brands online.
For media companies, this adds a whole new dimension to advertising – one that focuses on building communities and collaborating with sponsors on real-time engagement and customized experiences.
"Advertising isn't about billboards, commercials or banner ads anymore – it's become a two way street," said Lisa Coulman, partner, Audit and Assurance Group at PwC, in the report’s release. "Consumers don't want to be talked at – they want to feel like they're part of something, whether that's live tweeting or following a Facebook page or participating in an interactive online contest."
The report also notes that as pressure mounts to provide consumers with easy and real-time access to content, media companies must streamline their offerings and form strategic partnerships with organizations that specialize in what they themselves do not provide. As new costs arise as a result of consumer demands, the 'one size fits all' approach no longer applies, and media companies may find themselves in a position where they need to work with some unlikely players (including their competitors) to provide a full spectrum of services and keep costs under control.
