While media consumption has accelerated during the pandemic, the main currency used for media monetization – advertising spend – has been pulled back across many channels, due to both economic and social concerns. Events of late may signal a larger shift in focus to the role that one’s business decisions play in driving societal change. For media companies with significant reach and influence over consumers, this responsibility is even more crucial.
In the first in this series of research papers, we assessed how media organizations responded to COVID-19 and addressed their societal responsibility. In this second paper, we focus on the near-term and medium-term actions that can be taken to improve the financial viability, resilience and sustainability of the industry in four key areas: 1. Creating a stronger media ecosystem across content creation, distribution and consumption innovation, 2. Accelerating digital transformation to drive innovation, 3. Adapting the workforce and ways of working to support the next phase of industry growth, and 4. Supporting responsible business through global sustainable development goals (SDGs). The purpose of this report is to identify and drive forward practical actions for advertisers, publishers, agencies and platforms to improve the media ecosystem in this phase of “building back better” post-COVID-19. The final paper in this series will assess the longer-term industry shifts in the industry and the implications for dynamics across the media value chain.