Media Companies Face a Dilemma with Consumer Behavior with L.E.K.’s Dan Schechter

Media Companies Face a Dilemma with Consumer Behavior with L.E.K.’s Dan Schechter


(gentle piano music) – The media entertainment survey is something we’ve been doing annually for some period of time. Gives you a little bit of a
road map of what the consumer wants and how their behavior is shifting. That gives you, as our clients, the opportunity to see a
little bit around the corner, to see where the consumer is
going and position yourself properly for the future. We’ve had three main findings. One is, consumers love
this internet delivered TV, this over the top TV. They think it is nifty,
they’re gonna buy more of it and once you taste it, you shift your behavior over
to it and the odds of you cutting your traditional cable
and satellite are very high. Second surprising fact
is that consumers still love to go to the movies and go out, and it’s not just the old
fogies, it’s those millennials and Gen Z iPhone generations
that really enjoy all the aspects of spectacle,
the enhanced sound, but going out with friends. The third topic is subscriptions. Subscriptions, again,
is something that people can’t seem to get enough of. They like the fixed price,
the all you can eat basis, and the convenience of just
being able to use it whenever you want and that is
for many digital things but particularly for movies,
and internet delivered video. Clients today in the media
area are in a bit of a pickle, because business models
are changing and frankly the consumer’s getting tougher. The consumer is wanting more for less. The end of the big issues
is dollars to dimes. So you have to deal with
less money available, but people have enthusiasm. So how do you, how do
you deal with that issue? This survey and working
with L.E.K. in general gives you insight in how to
unlock the purse or wallet of the consumer, to figure out how to get maximum number of consumers at the optimum price. Media is changing fast and
it’s a bit like a hockey puck, you don’t want to skate
to where the puck is, you want to skate to where
the puck is going to be. If you’re gonna take a shot on goal, you need to position
yourself for where the puck is going to be, you need
to position yourself for where the consumer’s going to be. L.E.K. in general, and our media and entertainment
survey here in particular, helps you figure out where the puck is going and how to position yourself to take the shot, get the
consumer into your business model, and make some money. (gentle music)

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