The document discusses the challenges and opportunities facing the traditional media industry amid a digital transformation accelerated by the COVID-19 pandemic. It emphasizes the need for media companies to adapt by choosing between transformation or obsolescence, and outlines four emerging value plays—content creators, consumer media companies, lifestyle media platforms, and aggregators—to help companies redefine their roles in the evolving ecosystem. Companies must focus on market resilience, relevance, and agility through innovative business models and cloud platforms to succeed in the competitive landscape.

1. RESILIENCE.
RELEVANCE.
AGILITY.
The media industry’s opportunity to
reinvent itself in a complex, competitive
market.

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An industry
disrupted
The traditional media industry (video broadcasters,
programmers, studios) is struggling to redefine its place
in the world. The COVID-19 pandemic prompted more
people to seek new shows and forms of home
entertainment, creating an opportunity for platforms and
new video-streaming entrants to move in.
Costs are up, revenues are down, and brand equity is a
thing of the past. Consumers follow content. And they’ve
never had so much to choose from.
Traditional media companies must grapple with the shift
from linear to digital. With their well-established ad
monetization models, platform companies have the
advantage here. There’s nothing new about the battle
between free-to-air broadcasters and pay-TV networks who
program video content onto live linear channels and on-
demand. But traditional media companies must catch up
and find new ways to deliver content and advertising. The
choice is stark: transform or step aside.
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3. Brands want omni-channel
ad deals
First-party data is more
important in a cookieless
world, making scaled
platforms critical
Increasing focus on
attribution and ROI,
enabled via digital
OTT content investments
has increased costs for all media
companies (doubled from 2010
– 2020)
Broadcasters represent 65% of
spend, vs. 90% in 2010
Consumers care more about
atomic content; brand moat has
reduced
Marquee sports and news
are bastions for linear
distribution, but sports
increasingly finds a home
in streaming
Technology is not
positioned as a strategic asset
The commoditization of
OTT Video distribution has
reduced broadcaster hegemony
(CDN costs, etc.)
Cloud and SaaS solution spend to
increase, decreasing creation time
and reducing
time to market
Digital reduced regional barriers,
enabling international
opportunities
Big data and analytics has
increased the effectiveness
and attribution of digital
advertisements
Disruptive forces have changed the media
industry, redefining the rules
Shifts & Signals
Covid-19 accelerated consumer
adoption of digital video services
OTT VOD streaming platforms
are now considered the primary
video provider
Consumers prefer more control
over their viewing ecosystem
Content is prioritized vs. brand
when customers subscribe for
services
Price is still a key consideration
for consumers in the
“unbundled” world
More consolidation to reduce
costs and grow scale. Televisa
and Univision, Proseiben and
Mediaset, Discovery and
WarnerMedia
Failed convergence plays see
divestiture e.g. AT&T
/DirecTV/Verizon
Technology players doubling
down on content investments
JVs between broadcasters to
compete against global
streaming services (e.g. Salto)
Multi-media content assets
being acquired to build broad,
sticky relationships
Consumer
preferences
Advertising shifts Content
transformation
Enabling
the shift
Playing
for scale

4. The path
forwards:
Value Plays
Fourvalue plays emerge for Media &
Entertainment Companies
4

5. DEFINE. FOCUS. ACCELERATE.
The four Value Plays will only yield value if media companies are able to align their organization to pursue a
defined role within the transforming media ecosystem. This will require focus from the organization and
necessary capital allocation to ensure the company can maintain relevancy as legacy linear revenues shrink
and D2C platforms command high evaluations.
By focusing the organizations' role, media companies have an opportunity to expand their total
addressable market and lay the groundwork to capture incremental value, regardless of their role within
the future media ecosystem.
Content Creator Lifestyle Media
Platform
Consumer Media
Company
Aggregator
5

6. Ecosystem
Powered
THE VALUE PLAYS
Content Creator
Companies with a proven track record
and assets to create unique content and
experiences that are purchased or
licensed by content distribution
companies / platforms to share with
viewers
Aggregator
Companies focus on becoming a
platform "host" for channels, SVODs,
and content from other companies
through physical or digital means.
Lifestyle media platform
Organizations develop a unique, engaging
platform and brand that users resonate
with and 3rd party vendors want to
leverage to sell their products and services.
Consumer media
company
Companies develop and expand the
reach of their own platform to offer
content and test multiple
monetization models.
6

7. Phase 01:
Aggregator
Phase 02:
Consumer media
company
Phase 03:
Lifestyle media platform
Control
points
Sources of
competitive
advantage
Monetization Technology
strategy
Investment
strategy
Addressable market
PATHS TO GROW
7

8. 04
02 03
Data Strategy
Advertising targeting
User experience design​
Operational effectiveness/
improvement​
Content service/bundling
User data collections
HH reach and in-home penetration
Existing subscription billing
relationship
Seamless customer experience
Relationships with consumer media
companies (OTT, etc.)
Existing view of the customer (Data)
Media boxes or devices
Connected TV OSs
Network expansion
HH expansion/acquisition
Devices
Digital advertising
Consumer billing relationship
User journey design and
prioritization (App placement)
Ad / consumer data
Single sign on.
B2C Subscription revenues
B2B Revenues from bundling Channels
and/or SVOD products with Internet
B2B Advertising Revenue
API hub for OTT services
Lean cloud network architecture
Product innovation and design
User experience and design
PHASE01:
AGGREGATOR
01
Sources of
competitive advantage
Investment strategy
Control points Monetization
05
Technology strategy
06
8

9. OTT distribution solution
User reach and brand recognition
Content library and premium rights
Service user experience / design
Agreements with aggregators/OTT
platforms
First-party data collection
Content investments
(Production, rights, formats, etc.)
Customer acquisition
Tech investments
(SVOD products, digital adv., etc.)
IP rights
Consumer billing relationship
User journey design /
prioritization in other platforms
User content preference
data feeds
Ad blocks and monetization
B2C subscription revenues
B2C content transactional fees
(e.g., TVOD, PVOD)
B2B affiliate carriage fees
B2B advertising revenues
B2B data brokering revenues
Ad strategy
Payment / fraud strategy
Digital distribution platform
UI / UX strategy
OS integrations and standardization
PHASE02:
CONSUMER MEDIA COMPANY
Data strategy
Advertising targeting
(for owned content)
User experience design
Operational effectiveness /
improvement
Content service / bundling
User data to inform product
development and pricing
01
Sources of
competitive advantage
02
Investment strategy
03
Control points
04
Monetization
05
Technology Strategy
06
9

10. User experience and design
Third party integration
and enablement
Content capital investments
Ad targeting and marketing
Contextual, future-looking data
and analytics (Data mining)
Data products and engines
tailored focused on platform
expansion
Brand recognition
Network effects
Content distribution
Content catalogue
Control point distribution
Ecosystem strength / presence
Retail / eCommerce talent
Data-as-a-service capabilities
Platform partner enablement
Content investments
(Production, rights, etc.)
Customer acquisition
Tech investments (SVOD
products, digital adv., etc.)
Data products / analytics
Platform development
Balance sheet strength
Consumer billing relationship
User content preference
data feeds
Ad blocks and monetization
B2C subscription revenues
B2C content and non-content
transactional fees (e.g., TVOD, PVOD,
merchandise)
B2B affiliate carriage fees
B2B advertising revenues
B2B data brokering revenues
3rd party marketplace
integrations
Payment's strategy
Content lifecycle innovation
PHASE03:
LIFESTYLE MEDIA PLATFORM
Data strategy
01 02
Investment strategy
03
Control points
04
Monetization
05
Technology strategy
06
Sources of
competitive advantage
10

11. Each of these value plays will necessitate
specific priorities and tailored capabilities
• HH reach & in-home
penetration
• Existing billing relationship
• Seamless customer experience
• Relationships with consumer
media companies (OTT, etc.)
• Existing view of the customer
(Data)
• Existing distribution solution
• Reach & brand recognition
• Existing library of content
• Agreements with aggregators /
OTT platforms
• Data utilized to inform product
decisions
• Advanced production quality &
facilities
• Existing deals & relationships
with A-list artistic talent & IP
holders
• Prestige / Brand for superior
quality
• Production scale & cost
efficiency
• Strong brand recognition /
following
• Existing content distribution
solution
• Existing content library /
premium rights contracts
• Relationships with 3rd party
vendors / service providers
• Data-as-a-service capabilities
• B2C Subscription Revenues
• B2B Revenues from bundling
channels and/or SVOD
products with Internet
• B2B Advertising Revenue from
owned content
• B2B Licensing of internally-
produced content
• B2B Production-as-a-Service
• B2B Studio facility rentals
• Marketing
• Billing (& general CRM
capabilities)
• App or API integration
• Content productization
• Content acquisition
• Broadcasting capabilities
• Digital Product Management
(UI / UX)
• Digital Marketing and Retail
• Rights acquisition, Content
Creation, & Production
• Ad Monetization (Linear /
Digital)
• Data & Analytics
• Content development &
production
• Talent management
• Rights acquisition &
management
• Studio operations &
management
• Legacy broadcasting
• Digital Product Management
Digital Marketing and Retail
• Content Creation, Production
and Acquisition
• Ad Monetization (Multi-format)
• Data architecture & products
• 3rd Party enablement
• Advertising targeting (for
owned content)
• User experience design
• Operational effectiveness /
improvement
• Content service / bundling
• User experience design
• Content Capital investments
• Advertising targeting and
Mktg.
• Data productization
• Operational effectiveness
• Market research & targeting
• Production operations
effectiveness
• Marketing effectiveness
• User experience & design
• Third party integration &
enablement
• Content Capital investments
• Advertising targeting and
Mktg.
• Data products / Analytics
• Operational effectiveness
• Subscribers
• Churn Propensity
• Customer Acquisition Costs,
Customer Lifetime Value
• Cashflow / Profit Margin
• Customer Experience, NPS
• For the Linear side: Audience,
profit margin, ad metrics,
OpEx
• For the Digital side:
Subscribers, Engagement,
Customer Lifetime Value
(LTV), Customer Acq. Costs
(CAC), Churn propensity,
revenue, profit margin
• Production costs
• Facility & technology capital
investments
• Artistic talent costs
• ROIC
• Cashflow / Profit Margin
• Linear: audience, profit
margin, ad metrics, OpEx
• For the Digital side:
Subscribers, Engagement,
Customer Lifetime Value
(LTV), Customer Acq. Costs
(CAC), Churn propensity,
revenue, profit margin, vendor
performance
Revenue Model Competitive Adv. Key Capabilities Control Points
Data Uses
• B2C Subscription Revenues
• B2C Content Transactional
fees (e.g., TVOD, PVOD)
• B2B Affiliate Carriage fees
• B2B Advertising Revenues
• B2B Data Brokering Revenues
• B2C Subscription Revenues
• B2C Content & Non-Content
Transactional fees (e.g.,
TVOD, PVOD, merchandise)
• B2B Affiliate Carriage fees
• B2B Advertising Revenues
• B2B Data Brokering Revenues
Aggregators
Consumer Media
Companies
Lifestyle
Platforms
Content
Creators
Success Metrics
• Consumer billing relationship
• User journey design &
prioritization (Which apps /
networks get priority)
• Evolving role in Adv. Data
control point
• Single sign on.
• Consumer billing relationship
• User journey design /
prioritization in other platforms
• User content preference data
feeds
• Ad blocks & monetization
• Facilities, production
capabilities, talent moat
• Consumer billing relationship
• User content preference data
feeds
• Ad blocks & monetization

12. Business model evolution
Aggregators Consumer Media Lifestyle Platforms
Business Model Evolution
Revenue
Models
Customer
Segments
Enabling
Partners
Value
Proposition
Content
Subscription
Multi-Channel
Advertising
Carrier Fees /
Licensing
eCommerce
Marketplace
as-a-service
Data Products
& Services
D2C
Content Users
B2B
Resellers
B2B
Enterprise
D2C
Brand Users
B2B
Vendors
B2B
Creators
Hardware
Acquisition
Multi-Play
Subscription
B2B Channel
Fee
D2C
Multi-Play
D2C
Aggregation
B2B
Advertising
Single Sign On
/ Security
Payments
Services
Hardware
Producers
Ability to integrate disparate content services into
one seamless customer experience
Fraud
Services
Digital
Advertising
Cloud Supply
Chain
Develop unique content experiences, selling
directly to users and/or channel partners
Integration
Services
3rd Party Data
Brokers
eCommerce
Services
Foster a unique, differentiated experience users
follow and brands want to participate in

13. Capability progression across the Value Plays
Capability Evolution
Corporate
Strategy
Advertising &
Monetization
Operating
Model
Data
Foundation
Marketing
Targeting
Bundle
Packaging
Business
Services
Tech
Hub
Aggregators
Consumer
Media
Lifestyle
Platforms
Evolutionary
Investments
Bundled
Service
Aggregation
(Multi-play)
In-home OTT
Device
Creation
Evolutionary
Investments
Digital Product
Factory
Retail
Strategy
Multi-
Medium
Content
Distribution
Evolutionary
Investments
Lifestyle
eCommerce
Platform
Consumer
Payment
Services
Onboarding
Services
Customer
Churn
Mitigation
Strategy
Negotiate
Content
Service
Integrations
Buy vs. Build
Hardware
Offerings
Customer
Experience
Design
Customer
Acquisition
and Churn
Reduction
Cashflow
Management
UX Design Content
Bundling
Operational
effectiveness
API Integration CRM/billing Lean IT
Subscriptions
& Fraud
Multi-Channel
Advertising
Data
Monetization
Invest in
Owned
Content
Properties
Acquire
Incremental
Content Rights
Expand
Services
Internationally
Centralized
Distribution
Content
Platform
Data-Science
Driven Content
Development
Content
Investment
Advertising
targeting &
marketing
Data
productization
Cloud-based
omni channel
linkages
New Format
Innovation
Content &
Technology
Integration
Vendor
Advertising
On-Platform
Consumer
Engagement
eCommerce
Transactions
Invest in
Marketplace
Capabilities
Onboard
Strategic
eCommerce
Vendors
Foster an
Integrated
Ecosystem
Platform Op
Model
Value-based
mindset
culture shift
Consumer
Feedback Loop
Third- party
integration
Data products
/analytics
Experience
Optimization
Data & AI
driven
microservices
Ecosystem
partnership
driven stack
Turn-key 3rd
party
integrations

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Resilience.
Relevance. Agility.
We believe these new value plays, supported by industry-
specific solutions, can help traditional media companies
transform and rediscover audiences and market
opportunities. But the time to act is now.
As traditional media companies look to protect existing
revenues, raise profitability and deliver on expectations for
future performance, they’ll need to choose a path that
supports three essential tenets of success:
1. Demonstrate market resilience with a reimagined
business model.
2. Create and position relevance as a competitive
differentiator.
3. Respond to market demand with the agility provided by
a cloud platform.
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15. Authors
Marcio Guilherme
Managing Director —
Communications & Media
Mark Flynn
Global Research Lead —
Communications & Media
Gemma Moorby
Global Media Network Lead
Contributors
Andrew Walker
Senior Managing Director – Global
Communications & Media Lead
John Peters
Managing Director, Media &
Entertainment Industry Lead –West
Mark Peters
Managing Director – Media &
Entertainment
Raffaella Masoero
ICEG Media Lead
Andrew McCaffer
UK/I Media Lead
Alessandro Corneli
Australia Media Lead
Luis Bonilauri
LATAM Media Lead
Bryce Molano
Strategy Senior Analyst
Coletrane Goodman
Strategy Senior Analyst
Lisa Davis
Communications, Media & Platforms
Global Industry Marketing Lead
Suzanne Broadley
Global Media Industry Marketing

16. 16
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