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Television's Business Model Fit for a Digital World: Middle East Perspective

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Television's Business Model Fit for a Digital World: Middle East Perspective Television’s business model Fit for a digital world: Middle East perspective B Contents Foreword 1 About the research 3 Subscription video-on-demand: a complement, competitor and a channel 5 Broadcast sports rights: looking ahead to 2015 17 Television should not go short on long-form 23 Innovation: can the television industry compete? 31 Recent thought leadership 39 Contacts 40 Deloitte in the Middle East 41 Endnotes 43 Television’s business model | Fit for a digital world: Middle East perspective C Foreword Television appears assailed by a range of digital Deloitte’s assessment of each of these areas suggests challengers: how is it faring in this environment? This that television remains in fine health, and its near-term report assesses television’s current performance and outlook remains positive. SVOD is growing fast, but is outlook given the following developments: currently less than two per cent of the European pay TV market, and an even smaller share of Europe’s TV • The rise of subscription video-on-demand (SVOD) revenues. Television remains the home of premium providers: will the broadband networks enable the sports, with rights values globally forecast to rise by 12 disintermediation of the traditional ad-funded or pay per cent in 2015 to $28 billion, following a double-digit TV broadcaster? rise in 2014. Long-form traditional TV content remains dominant relative to short-form in terms of viewing • Sports: does the rise of the Internet and the hours and advertising. The most viewed online video abundance of sports related information available clip ever, Gangnam Style, has been watched two billion from the Web, challenge television’s primacy as the times globally, every day two billion hours of long-form principal source of premium sports content? programs are consumed in Europe alone. Long-form ads generate about $200 billion annually worldwide, • Video clips: as the most popular clips now attain about 40 times greater than estimated revenues from ‘viewing figures’ in the billions, is short-form video video clips. As for innovation, the TV industry has long content finally toppling the traditional (thirty or sixty proven adept at exploiting a range of technological minutes) program length? advances, from video compression to lightweight drones. More critically the television industry has • Innovation: technology companies seem to delivered consistent innovation in its prime role – that dominate when it comes to innovation, launching a of storytelling. range of headline-grabbing products and services. Today, few TV broadcasters have sizeable research and development departments. Can the TV industry compete in the race to innovate? 1 Deloitte’s Middle East region assessment (found with still remains king. And in innovation, the GCC region’s dark green titles) across the same four areas also yields unique demographics, high smartphone penetration a similar near-term outlook for television in the region: and engagement with social media is driving innovative healthy and positive, but also with its own nuances. approaches to TV content idea generation, production SVOD is much smaller at less than 1 per cent of the and distribution. world SVOD market, but is growing much faster. Premium sports in the region are set to outperform Television has fared positively in an increasingly global sports in terms of growth (not in value as digital world, but should be neither complacent nor American and European sports will retain the largest unnecessarily distracted by the ever-changing digital share) for the second year running. YouTube has broken environment. the ice for short form in the region but long-form Jolyon Barker Santino Saguto Paul Lee Managing Director, Partner and Technology, Media and Global Head of Research, Global Technology, Media & Telecommunications (TMT) Leader Global Technology, Media & Telecommunications (TMT) for Middle East Telecommunications (TMT) Deloitte Touche Tohmatsu Limited Deloitte & Touche (M.E.) Deloitte Touche Tohmatsu Limited Emmanuel Durou Gareth Pereira Partner, Director, Middle East Technology, Media & Middle East Technology, Media & Telecommunications (TMT) Telecommunications (TMT) Deloitte & Touche (M.E.) Deloitte & Touche (M.E.) www.deloitte.com/me/ibctv Television’s business model | Fit for a digital world: Middle East perspective 2 About the research About the research • Selected inputs from Deloitte’s proprietary Middle Deloitte has researched and written this report as part East publications, primary market surveys and of its support for the 2015 IBC Content Everywhere interviews with a range of Middle East industry MENA Exhibition & Conference event. players. The research was led by Deloitte’s dedicated research Findings from the global and regional assessment are division, which consists of full-time research individuals presented side by side. Global findings are highlighted based around the world, and our dedicated Middle under light green titles followed by Middle East region East industry team, which consists of regional findings found under dark green titles. industry experts, working with Deloitte’s network of practitioners that service our technology, media and For further information about this research please telecommunications (TMT) clients. contact paullee@deloitte.co.uk and ssaguto@deloitte. com. Deloitte’s approach is to analyse the TMT sectors as an inter-related, inter-dependent ecosystem. Deloitte’s About Deloitte analysis of market dynamics for the TV sector is Deloitte refers to one or more of Deloitte Touche guided by our analysis of capabilities and limitations in Tohmatsu Limited (“DTTL”), a UK private company corollary sectors, such as fixed or mobile broadband limited by guarantee, and its network of member firms, networks, evolution of operating systems for mobile each of which is a legally separate and independent phones; economies of scale in screen technologies; entity. Please see www.deloitte.co.uk/about for a pricing models for mobile broadband; developments detailed description of the legal structure of DTTL and in processors; diversification of the smartphone form its member firms. factor; increases in satellite capacity. Global analysis, findings and trends were all assessed and tested Deloitte LLP is the United Kingdom member firm of independently in the Middle East. Results from our DTTL. Middle East assessment were compared to findings from the global assessment to contextualize the About Deloitte & Touche (M.E.) region’s relative positioning in each of the topical areas. Deloitte & Touche (M.E.) is a member firm of Deloitte Touche Tohmatsu Limited (DTTL) and is the first Arab Deloitte’s research approach combines qualitative and professional services firm established in the Middle East quantitative research. Deloitte’s TMT research team region with uninterrupted presence since 1926. holds many hundreds of meetings with executives in TMT companies, investment banks and industry Deloitte is among the region’s leading professional analysts. services firms, providing audit, tax, consulting, and financial advisory services through 26 offices in 15 Specific programs of quantitative research that have countries with more than 3,000 partners, directors informed this report include: and staff. It is a Tier 1 Tax advisor in the GCC region since 2010 (according to the International Tax Review • Inputs from an online survey of 2,000 nationally World Tax Rankings). It has received numerous awards representative respondents in the UK looking at a in the last few years which include Best Employer in wide span of TV consumption patterns and attitudes the Middle East, best consulting firm, and the Middle to TV. The survey was fielded by Ipsos and based on East Training & Development Excellence Award by the a question set written by Deloitte and Ipsos reflecting Institute of Chartered Accountants in England and inputs from industry executives. Fieldwork took place Wales (ICAEW). during July 2014. Respondents were sampled and weighted to reflect the UK adult population (16+). • Selected inputs from Deloitte’s Global Mobile Consumer Survey, an online survey taking place in 22 countries. Fieldwork took place during May-July 2014. 3 Subscription video-on-demand: a complement, competitor and a channel Broadcast sports rights: looking ahead to 2015 Television should not go short on long-form Innovation: can the television industry compete? Television’s business model | Fit for a digital world: Middle East perspective 4 Subscription video-on-demand: a complement, competitor and a channel 5 Subscription video-on-demand: a complement, competitor and a channel Proclamations of doom by commentators about Our assessment is that the SVOD market will continue the future of television are easy to find. Every major to grow globally; and in some markets, SVOD offerings technological advance, such as the Internet and tablets may challenge established pay TV players. has prompted a flurry of misguided obituaries for traditional television. However, this progress should be put into perspective. There are thousands of SVOD services, of which only Traditional television’s current nemesis is subscription a handful may be commercially viable in the long run. video-on-demand (SVOD), a service that delivers SVOD will both compete with and complement other television programming via broadband networks1. This TV services, and TV broadcasters need to determine is seen primarily as a challenge to traditional pay TV just how much of a threat – or a partner – SVOD providers, but is also perceived as a potential threat to services may be. free-to-air broadcasters. SVOD competes for spend, as well as for on-screen talent, program producers and The Middle East SVOD market is much smaller, but writers, and viewer attention2. expanding much faster compared to other markets The local SVOD market is still at a relatively nascent Television-on-demand is a decades-old service. 2015 is stage, representing less than 1 per cent of the the thirty first anniversary of the first major video-on- worldwide SVOD market7. Even though the Middle East demand (VOD) trial in Europe, which was run by France is considered to be a high growth market, subscriptions Telecom in Biarritz and lasted seven years3.
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