The WSJ reported today that the Internet is poised to overtake newspapers as the second-largest U.S. advertising medium by revenue behind television, according to the recent PricewaterhouseCoopers’ Global Entertainment and Media Outlook for 2010 to 2014.
As the PricewaterhouseCoopers report says, "The pace of consumers' migration to new digital platforms is running well ahead of the industry’s expectations and yet non-digital revenue streams will still account for two thirds of total global spending in 2014. Changing consumer behaviour is impacting on all segments of the entertainment and media industry, as companies search for the right role and positioning in the digital value chain that is now taking shape."
Indeed, many businesses and organizations have not adequately prepared for the sea change ahead as the "digital value chain" unfolds. With Ad revenues and customer interactions increasingly shifting from old platforms to new ones, there needs to be a realignment by companies in their distribution and promotional paradigms. Since many organizations are failing to figure it all out there will be a rise in competition across many industries as those who do understand the implications and opportunities bring their insights to bare on the market.
Get ready for the revolution. Its going to be a rough ride full of painful change and great opportunities.