Most everyone will agree that advances in information and communication technologies (ICT) are radically transforming the business landscape. But, how are these transformations playing out industry by industry? This question was explored in Industries in Transformation, a series of reports developed by Ericsson in collaboration with the Imperial College Business School and the UK’s Sustainable Society Network. Several weeks ago I wrote about The Future of Financial Services, based on their report on the subject. I now want to turn my attention to ICT and the Future of Media.
Like few industries, media has been disrupted by the digital revolution of the past 20-25 years, - with much more to come. “[T]he number of Internet users is expected to increase from 2 billion to 5 billion by the end of the decade,” notes the report. “Internet users already spend 20–30% of their time online, mainly engaging with media content… Globalization, deregulation, technological innovation and the convergence of previously separate industries such as media, entertainment, information, and consumer electronics, have created a somewhat turbulent media landscape.”