Senior media and audio visual executives are most focused on cost savings (54 percent), business process improvement (50 percent) and customer engagement (44 percent), according to the findings of the 2016 Media & AV Insights Survey report by media/AV staffing and consulting services firm TeamPeople. Yet despite 63 percent of companies pursuing growth-oriented strategies this year, only four in ten (42 percent) are tracking the return on investment of their projects. Not surprisingly, 75 percent of CEO respondents made it clear they want to see ROI metrics.
Among the discoveries of the survey is how trends and findings vary depending on the size of the media and AV organization:
- Fourteen percent more of larger media and AV organizations (revenues or spend in excess of $50 million) are anticipating growth this year compared to smaller companies (revenues or spend less than $1 million).
- Larger firms are less likely to add headcount in 2016, with 28 percent increasing their teams compared to 33 percent of mid-sized firms.
- Mid-sized companies (revenues or spend between $1 and 50 million) are struggling most in their ability to respond to digital disruption, with 41 percent reporting concern in this area. Digital disruption is defined as changes enabled by digital technologies that occur at a pace and magnitude that disrupt established ways of doing business. This is compared to 28 percent of large companies and seven percent of small companies, which may have access to more resources and the ability to be nimbler, respectively.
- Smaller companies are finding it easier to attract and retain talent. Thirty-seven percent of smaller firms report a skills shortage, compared to 64 percent of larger firms.
- Smaller organizations are almost three times as likely to experience a pay cut this year compared to mid-sized and large organizations. One of five executives at small firms reports a decrease in compensation.
- Eighty-six percent of small firms say they develop skills in-house for their workforce, compared to 72 percent of large firms.
“Almost two thirds of senior media and AV execs are pursuing growth strategies, but 42 percent are failing to use the technology and tools available to them to measure those strategies,” said Brian Frydenlund, principal of TeamPeople, in a news release. “Our survey report shares insights on where some may be missing the mark with technology and talent, and highlights the opportunities they have to reach their growth goals.”
Other key findings from the survey include:
- The most in-demand skills include producers and editors (51 percent); video editors (45 percent) and graphic designers (41 percent).
- Seventy-four percent of senior executives say their organizations effectively develop skills in-house for their workforce.
- Two-thirds of media and AV teams (66 percent) rely on freelance workers and independent contractors for up to 90 percent of their workforce.
- Eight in ten (80 percent) of senior media and AV executives are satisfied in their current role.
- Twenty-five percent of companies rate themselves as live streaming specialists, 23 percent specialize in utilizing social platforms as a broadcast channel, and 23 percent deem themselves specialists in digital asset management.
- Organizations rate themselves weakest at adopting virtual reality technology (4 percent).
TeamPeople gathered and analyzed responses from senior media and AV executives to share emerging trends, insights into the industry’s top priorities, and companies’ plans for the future. The TeamPeople 2016 Media & AV Insights Survey collected data between February 1 and March 14, 2016, and represents the views of 153 U.S. senior media & AV executives. Their respective organizations have a combined estimated annual revenue of $47.5 billion.
Source: Business Wire; edited by Richard Carufel