Media Consolidation Continues.
- Traditional media companies are consolidating to build leverage with consumers and advertisers.
- Fewer people are reading newspapers, watching linear TV or listening to the radio.
- Companies are merging to acquire content and increase market presence.
- Pressure remains to acquire content or improve access to subscribers and viewers.
- Goal is to be more attractive to consumers and better compete against digital media.
The Rise of 'FAANG' Companies.
- The 'FAANG' companies (Facebook, Amazon, Apple, Netflix, Google) have become competitive threats in multiple industries.
- Successfully pulling viewers away from traditional media to online offerings.
- Advertising models are being up-ended targeting subscribers on their laptop’s, phones or tablets.
- One-to-one targeting and customer acquisition is the focus rather than brand awareness.
- In 2017, global digital advertising dollars surpassed television advertising dollars for the first time.
- Google and Facebook represented the lion’s share of this revenue with over 63% of digital advertising dollars.
Implications For Recruiting.
We have been heavily involved in helping companies find the right leaders as the revenue models shift to digital and online models. Required skills include customer acquisition, sales, marketing, technology, loyalty, data and analytics. Artificial Intelligence and predictive analytics are becoming a critical tools. The right talent might have only 60% of the needed skills and be coming from a very different industry and senior recruiting skills are critical to find, assess and filter the talent.