The Future of Entertainment: How Execs Are Adapting to Shifts in Tech and Consumer Behavior

The entertainment industry is undergoing a significant transformation, driven by shifts in technology and consumer behavior. At the recent Cannes Lions festival, marketing executives from major entertainment companies, including Fox, BBC, and Mastercard, gathered to discuss the future of entertainment and how they are adapting to these changes.

According to Darren Schillace, chief marketing officer of Fox Entertainment, the key to success lies in engaging with fans and creating a sense of community around a brand. He cited the example of the animated show 'Family Guy', which was saved by fan demand and has since become one of the longest-running shows on TV.

Shelley Macintyre, CEO of brands and licensing at BBC, also emphasized the importance of catering to fans and creating multi-touchpoint media businesses. She highlighted the success of the kids show 'Bluey', which has become a global hit and has spawned spinoff YouTube channels and other content.

Jill Kramer, CMO of Mastercard, discussed the company's approach to creating experiences with partners, using its 30-year-old tagline 'Priceless' as a launching pad. She cited the example of the McLaren MasterCard, a Formula 1 team, and how the company invited fans to submit stories of why they're the greatest McLaren racing fan ever.

These executives are not alone in their efforts to adapt to the changing entertainment landscape. The shift towards digital-first media consumption and distribution is driving a new era of creator economy evolution, where content creators are taking center stage and building their own media businesses.

As the entertainment industry continues to evolve, it's clear that the traditional models of content creation and distribution are no longer sufficient. The future of entertainment will be shaped by the ability of companies to adapt to changing consumer behavior and technological advancements, and to create new and innovative ways to engage with fans and build communities around their brands.

The transition from traditional media to digital platforms is a key aspect of this evolution, and companies that are able to navigate this transition successfully will be well-positioned for success in the years to come. The rise of YouTube and other digital platforms has created new opportunities for content creators to reach audiences and build their own media businesses, and companies that are able to harness the power of these platforms will be able to stay ahead of the curve.