The traditional media industry is facing an increasingly challenging competitive environment with several new competitors, such as digital platforms, device companies (such as Samsung), and marketplaces (such as Amazon and Mercado Livre). On the other hand, this environment also allows the exploration of several other business opportunities and partnerships.

To survive and prosper, they must make radical moves to leave their comfort zone, going beyond their current competencies.

In this panel we will discuss how media companies are transforming and how they can learn from digital native companies to navigate this new environment, just as digital native companies can also learn from media companies about the power of content.

We will rely on unprecedented research carried out by Accenture, with several media companies around the world, identifying what strategies these companies are adopting. This study identified five fundamental actions to drive a “radical reinvention”:
First, analyze your audience in relation to audience migrations: try to understand why consumers are changing their media consumption habits and where they are going;
Second, map your portfolio against the changing landscape: Analyze your portfolio against increasingly granular consumer data to discover “pockets/niches of value”
Third, define your role in the new industry value chain, and embrace one of three archetypes: “content producer”, “audience cultivator” and/or “service aggregator”
Fourth, look for business opportunities to free up money to invest in this reinvention, optimizing processes, gaining efficiency and outsourcing non-core activities
Finally, rethink everything. Transformation is essential to realize value creation. This includes changing business mindsets, ways of working, organizational structure, technology stacks and talent.