Badea added these companies must focus on relevant content to be delivered whole on all platforms.
“They must also prioritize investments in talents and the development of new skills, develop strategies to stimulate innovation, enable direct relationships with start-up companies, individuals and universities in order to profit from these ideas,” Badea also said.
In fact, in the context in which technology offers a growing force to consumers, innovation, the “culture of data” and directing investments efficiently are the main challenges for the companies in this sector, according to a study analysing 11 creative industries worldwide, called Cultural Times, conducted by EY for the International Confederation of Societies of Author and Composers.
“More than in any other sector, the CCI (cultural and creative industries) sector was radically restructured in response to the omnipresence of the internet and the new consumption patterns, redefining business models and content creation processes,” the study shows.
The new players on the market have created ecosystems which make it easier for consumers to discover, choose and consume media and culture. They have already impacted significantly business and price setting models on the music and publishing segments.
“Although digitalization is the driver of media and culture consumption, some CCIs display an acerbic resistance to digitalization, like in the case of books: in 2015, printg accounted for 80% of overall book sales worldwide and the percentage is higher for developing countries,” the study also shows.