Verizon Enterprise Solutions recently named Tim Stevens as its global practice leader for the media and entertainment industry. Over the course of his 20-plus year career, Stevens has held senior operations and technology management positions with leading media and entertainment firms, including New Line Cinemas, MTV Networks, Showtime and Viacom.
I had the opportunity to sit down with Stevens for a discussion on his perspectives on the digital media landscape and the key factors driving the evolution of the media and entertainment industry. Following are the three points Stevens focused on during the course of our conversation.
- Changing customer relationships. For the first time ever, media and entertainment companies have the opportunity to establish direct consumer relationships. It’s what customers expect and is driving companies to develop new ways of reaching customers in a highly dynamic environment, whether it be through multi-platform viewing, over-the-top streaming services or mobile-only options.
- Shifting business models. Content creation, distribution and monetization are the overriding priority for the media and entertainment industry and consumer consumption habits are forcing the industry to adapt their long-held business models. Gone are the days of solely relying on broadcast and cable networks to reach consumers and collect lucrative monthly subscription fees. The business models of the future will feature more customization and a multitude of viewing options all driven by consumer expectations.
- Evolving technology investment decisions. The two factors noted above are having a tremendous impact on technology investment decisions. New digital media platforms and their related digital content and multi-screen requirements are placing huge demands on networks, processing facilities and storage. Media and entertainment companies are now grappling with the impacts of an evolving marketplace and making technology investment decisions to meet the expectations of consumers and the broader industry ecosystem.