Adam Crozier, the Chief Executive of ITV reveals in an interview in The Guardian that collaborative partnerships will be vital to the future of the broadcaster – and in a multi-channel and ‘non-linear’ world, content owners and distribution channels will have to look at challening new models, including working with brands and organisations traditionally viewed as their media rivals. This reflects the broader trend for collaboration and partnerships to be increasingly seen as the key driver for innovation (see my earlier post on this trend at http://tinyurl.com/6cyhyzp.
The rise of marketing collaboration goes hand in hand with the rise in social media too. Facebook and Twitter are increasingly vital to the broadcaster – with Crozier pointing out that ITV’s reality show ‘The Only Way Is Essex’ receives as many viewers online as it does from the initial transmission. With ITV showing a robust return to profitability, Crozier signposts the importance of media brand partnerships; “Content producers are going to open up a direct conversation with us and viewers – platforms can help deliver a managing environment for that. For many companies in this space collaboration and partnership will be key”. Like other media brands, ITV is searching not just for a new ‘revenue model’ but increasingly a whole new way of creating, distributing and commercialising media content. As newspapers, magazines and music businesses have discovered making money ain’t what it used to be. And you cannot take comfort if you do not work in the media business either. The Harvard Business Review recently noted that the media is just ‘the canary’ – an early warning signal for marketers in other industries to note. Revenue and technology challenges have created a storm that is sweeping through the media industry and it’s heading to a business near you too. HBR’s Saul J Berman points out; “No matter how bad the last few years have been -take solace from the fact you do not work in the media industry”. He sees the hard reality as being comprised by a mix of; shrinking revenue, dizzying technology, defecting users combined with massive consumers expectations. These trends hit the technology and media industries first because information is so easily digitised but all industries will face the same challenge : more intermediaries, rapid changes, declining consumer loyalty. Crozier believes that partnerships and collaboration can be the key for media brands – and I agree. Partnerships are not the single, easy to develop, perfect solution but when pioneered professionally – they offer a collaborative advantage that is difficult to replicate. For the full interview with Adam Crozier see – Media Guardian. Adam Crozier: ITV embracing digital but traditional TV still vital.