According to CME CEO Samuel Barnett, traditional media companies in Central and Eastern Europe have a unique opportunity to harness the power of local content and the distinct characteristics of individual markets. However, if they fail to rapidly develop their digital services, they risk becoming irrelevant in the face of global platforms.
Traditional television companies in Central and Eastern Europe must accelerate the development of their digital services, otherwise they risk seeing their audience and advertising revenue taken over by global platforms such as Netflix or YouTube. This was stated by Sam Barnett , CEO of CME – the parent company of the Czech broadcaster Nova – at the NEM conference in Dubrovnik, Croatia. The international website Deadline reported on his speech.
“We are now, in fact, competing with American streaming services,” said Barnett. It is therefore important for regional media houses to defend the position of local media against platforms that siphon advertising investment away from the region. At the same time, however, he pointed out that the linguistic and cultural diversity of Central and Eastern European countries represents a barrier to market entry for global players and, conversely, a significant competitive advantage for domestic companies.
Barnett outlined the four pillars of CME’s strategy: premium content, defending linear television broadcasting, rapid growth of digital services, and building strong local brands. “If we don’t get the digital side right, we’ll become irrelevant within a few years,” he warned. He also pointed out that global streaming platforms are not yet investing in content in the region to the same extent as in major Western European markets.
According to the head of CME, local media companies should focus on developing high-quality local content and seek ways to produce it more efficiently, for example by using artificial intelligence. The aim is to establish a position as an indispensable provider of domestic content. “Once global players fully enter the market, people will want a Netflix subscription, but they will also want local content. And we must be ready to offer it to them,” he said.
Barnett also reiterated his long-standing call for greater cooperation between traditional media houses in the region. According to him, linear television will remain important for news, sports broadcasts and major entertainment programmes, but future growth will depend primarily on the ability to succeed in the digital environment. “We need local media to work together and jointly support the growth of digital services,” he concluded.
Source: mediaguru.cz
