This year’s MBA Media & Entertainment Conference held at Columbia University in New York focused on how new technology and emerging audience behaviors are changing the media industry at a historic pace. With a keynote discussion by NBC Universal president and chief executive officer Jeff Zucker, the conference gave attendees the opportunity to learn how media conglomerates such as NBC Universal are attempting to utilize these variables in order to advance their audiences’ experience and the company’s bottom line.
Zucker focused his discussion on the changing revenue streams impacting NBC Universal and how the corporation’s economic model will need to evolve in order to capitalize on the new digital environment. Because of the increasing popularity of online streaming video, NBC Universal teamed up with News Corp. in March 2007 to create Hulu.com. Zucker said that with this initiative and their other digital platforms, NBC Universal has been able to realize “a trade of analog dollars to, now, digital dimes.” While this means that there may not be the ability to pull in comparable advertising revenue in digital media than what traditional mass media has seen in the past, NBC Universal’s response to viewers’ growing desire for new media platforms may make the company better positioned in the future.
So, the multibillion-dollar question for Zucker and other media executives is: Will paying attention to consumer behavior lead to greater profit going forward? As long as media companies can effectively analyze the impact of their business decisions, IMC theory suggests so.
--Lauren McCabe
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