Defying the Mind
E By Alex Lagomarsino * firstname.lastname@example.org
“The systematic exercise of defying our own minds and our work teams’ minds, will allow companies to redefine their visions, elaborate new strategies and thus increase their value.”
(*) MediaBiz’s Partner and CEO, an entertainment business agent dedicated to developing the industry in America.
ven though I’ve been working in the entertainment industry for over 25 years, I had never experienced the feeling of entering a new era. Through the years I’ve seen new business models and technologies appear, generating changes in the way entertainment works and especially in how content is consumed. That’s why I want to analyze the situation and at the same time, offer my thoughts on how to navigate the future we face. I would like to refer to this as a tsunami; a tsunami that’s dragging companies, people, and especially paradigms and ways of thinking. Every day we see and read about executive changes; professionals who leave big companies to take on new challenges and others who simply disappear from the media industry. Now it’s necessary to redefine companies’ tactics at least once every four months and their strategies at least once a year. By this I mean we must constantly adapt and evolve as businessmen in the new entertainment industry. Once you are able to understand the new situation, it ceases to exist, which forces you to reinterpret a new scenario and once again understand it, and redefine the course of action. The way the current business works will never exist again as such. This theory is not accepted by traditional executives, those who used to have all the power and believed they were able to -and they did it through the big companies they worked in- mark the way and establish the rules of the market.
Executives and professionals insist in generating business and providing services -rights’ sales, production services, ad sales, business design- in the same way they’ve been doing so for the last 10 or 20 years, and insist that this is the way they will stand strong and resist the tsunami. Now, those companies feel threatened by new players coming from new places, breaking the codes, invading their turf and defying their business. It’s enough to see the how new technology companies and networks that entered the entertainment business, have managed to become leaders and referents in less than 7 years. These companies have a new way of thinking, they do things differently and redefine themselves every day.
A recent investigation by Parks Associates says 23% of homes led by millennials in the US are only subscribed to an OTT service. Further proof of the change are ratings’ measurements, where traditional content’s ratings have decreased by half, but the audience is still there, watching content and often with better quality. It’s not just about adapting and redefining costs or structures. It’s a new business. This forces and challenges the mind to think inside a new business scheme. It’s necessary to evolve the way we think. Same as man adapted to climate changes and new eras, it’s mandatory to be ready for what’s coming next. It doesn’t cease to amaze me how species adapt to their environment and as Darwin explained, manage to develop new skills and evolve to adapt to the changes. These changes and evolution come from a need to survive and it’s, in the case of the human being, the most evolved species, through thought and knowledge that it adapts and evolves. The new way of thinking is mandatory because it’s no longer possible to find the right path if one continues to think like they used to, or worse, if one can’t break free from traditional business models. The entertainment business is facing challenges and needs challenging people, strong personalities who know how to live in constant change, and adapt their companies and strategies as the industry evolves, since the right path is not clear as we walk it. Talent is the pure essence of this industry. Without it there’s no valuable content; without it there’s no valuable creation; no future, no business. Talent -in whatever shape it comes- is the key element to achieve success. The business must merge with the talent to work on creating new entertainment formulas, developing innovative ideas, and make the industry evolve and grow. Being able to see the world that’s coming is the basis to build the future, because our job -and that of each one in this industry- is to focus on searching for a vision and making it a reality. The road ahead is challenging and exciting at the same time, that’s way it’s necessary to work on the future and think about it to be able to -through overcoming the obstacles and challenges- achieve the vision. ttv