PwC Reports ‘Huge Leap’ in E&M CEO Confidence

NEW YORK: A large majority—93 percent—of the CEOs of media and entertainment companies surveyed by PwC are somewhat or very confident about how their companies will fare in the global economy over the next three years.

PwC has released the findings of its annual CEO Survey, which included 72 heads of entertainment and media companies in 33 countries. According to the report, 39 percent of E&M CEOs believe the global economy will improve over the next 12 months, up from 20 percent last year. Concerns remain, however, over shifts in consumer spending and behavior, the speed of technological change and new players in the market.

More than half of the E&M respondents feel that innovation in products and services is the main growth opportunity for the next year, more than any other industry included in the CEO survey. E&M CEOs are focusing on creating an "innovation ecosystem" to support growth. The majority (58 percent) felt that governments have been ineffective in developing these innovation ecosystems.

E&M CEOs are also more prone to partnerships, PwC's survey found, with 61 percent—more than any other industry—reporting plans for new strategic alliances or joint ventures in the next 12 months.

The report also found that 94 percent of E&M CEOs believe that advances in technology will have the most transformative effect on their businesses over the next five years.