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Understanding Value in Media: Perspectives from Consumers and Industry White Paper Understanding Value in Media: Perspectives from Consumers and Industry April 2020 World Economic Forum 91‑93 route de la Capite CH‑1223 Cologny/Geneva Switzerland Tel.: +41 (0)22 869 1212 Fax: +41 (0)22 786 2744 Email: [email protected] www.weforum.org This white paper has been published by the World Economic Forum as a contribution to a project, © 2020 World Economic Forum. All rights insight area or interaction. The findings, interpretations and conclusions expressed herein are reserved. No part of this publication may be a result of a collaborative process facilitated and endorsed by the World Economic Forum, but reproduced or transmitted in any form or by any whose results do not necessarily represent the views of the World Economic Forum, nor the means, including photocopying and recording, or entirety of its Members, Partners or other stakeholders. by any information storage and retrieval system. Contents Foreword 4 Executive summary 5 Project context 6 Project findings 8 Strategic shifts 16 Conclusion 19 Country‑level findings 20 China 20 Germany 22 India 24 South Korea 26 United Kingdom 28 United States 30 Appendices 32 Methodology 32 Contributing experts 33 Contributors 35 Endnotes 36 Understanding Value in Media: Perspectives from Consumers and Industry 3 Foreword In an industry characterized by disruption, understanding how content creators, consumers and advertisers value media is as important as ever. We are living through exciting times. On‑demand entertainment providers give consumers more choice and the future promises further expansion, while leading news publishers are taking advantage of the scale offered by the internet to deliver quality content alongside profitability. At the World Economic Forum, we are committed to building an economically viable, inclusive and transparent media ecosystem. For the past year, the Forum has conducted research into the concept of value in media. In addition to studying the strategies media businesses and advertisers adopt to improve their value propositions, we have partnered with Nielsen to understand media consumption Kirstine Stewart, preferences. This is a critical component of financial sustainability in media, considering the vast Head of Platform range of options available to users and the limits of what they are willing to pay. for Shaping the Future of Media, Since its launch in May 2019, this project has conducted six workshops with around 100 executives Entertainment and across the media industry. We have surveyed more than 9,100 consumers in China, Germany, India, Culture, Member South Korea, the United Kingdom and the United States. We believe this is the first time that news of the Executive and entertainment consumption has been covered in China and India, and to a lesser extent South Committee Korea. Here, we present synthesized findings from qualitative and quantitative inputs. How optimistic you are may colour your interpretation of our findings. On the one hand, we see high engagement with content, with consumers using a multitude of news and entertainment services for hours each day. At the same time, we must acknowledge that the population paying for content is small and that convincing users to pay more than they do today is difficult. But there are bright spots: Countries such as China and India show great appetite for news and entertainment, even while questions persist about how to fund the production of media. We know the difficulty of condensing such a broad range of topics into a handful of pages. We encourage readers to consider the report holistically – not only looking at what people pay but also considering the wider implications. It is important to draw attention to the stratification we observe David Kenny, between what has been termed “destination” and “ecosystem” media. The former consists of content Chief Executive destinations for consumers, while the latter uses content as a strategic asset in a bigger portfolio Officer and Chief of products and services. We believe that this dynamic is worthy of further scrutiny because of its Diversity Officer, potential impact on the consumption and production of news and entertainment, an issue that will Nielsen continue to be addressed via our Shaping the Future of Media, Entertainment and Culture platform. The World Economic Forum is pleased to have collaborated with Nielsen and is grateful to the project’s Steering Committee for its guidance. We would also like to thank Stefan Hall and Cathy Li for spearheading this work. 4 Understanding Value in Media: Perspectives from Consumers and Industry Executive summary This paper presents conclusions from the World Economic Young people are more likely to pay for content, but Forum’s Value in Media project. The goal of the project is low-income groups are not. Across countries, young to consider how different stakeholders in media – content people (aged 16–34) are the most likely to pay for content. creators, advertisers, marketing agencies and individual An average of 61% currently pay for entertainment and consumers – each value media content. We hope to 17% for news, figures that are in both cases above the provide useful analysis of this dynamic that will help the global averages in the general population. However, industry make informed decisions about its future. when looking at socioeconomic status, we see a greater proportion of paid news subscriptions among higher‑ The paper has three objectives: first, to analyse research income or higher‑status individuals (there is no consistent conducted in six key markets – Germany, South Korea, the pattern for entertainment services). This suggests that UK, and the US, China and India, the last two of which we concerns of emerging “information inequalities”, where believe are covered in depth for the first time; second, to wealthier consumers have access to more or higher‑ highlight the implications for media business models; third, quality information, are very real. to raise awareness of concepts of interest and concern to our Shaping the Future of Media, Entertainment and Questions persist about how to fund the production Culture platform. of valuable content. The success of some news and entertainment providers demonstrates that consumer The results are based on a survey, conducted by revenues can be a genuine alternative to advertising. This Nielsen for the Forum, of more than 9,100 consumers. trend suggests increasing awareness among consumers To complement the data, our project team organized six about their role in financing content production, a finding workshops, convening around 100 executives from across that is reflected in our survey, too. Our data also shows the media industry. From the synthesis of these inputs we that consumers expect governments to take a bigger have concluded: role in funding news versus entertainment, as well as identifying advertisers as important contributors to Engagement with media is high, but less than half pay. financing content production. A vast majority of consumers read, watch or listen to news (over 80%) and entertainment (almost 90%) for almost 24 The so-called “streaming war” between providers hours a week. Almost 60% have gone through some form may be masking a developing stratification between of registration process to consume news or entertainment – “destination” and “ecosystem” media. The implications either free or paid. But the proportion of paying users is low: of this stratification are so far unknown, but worthy of below 20% for news and around 44% for entertainment. further scrutiny. Destination companies are the end point China, however, shows higher engagement with paid media of content for consumers, while ecosystem companies services than other countries. As many as 59% of Chinese use content as a monetization vehicle for a bigger portfolio consumers have at least one paid video or sport service, of products and services. To date, there has been little while 43% have at least one paid music, radio or audio discussion of the potential impact of strategies by ecosystem service and 39% have at least one paid gaming service. players on the consumption and production of news and The higher numbers may be explained by the greater entertainment. We believe that the societal implications of prevalence of pay‑per‑use models in the country. these strategies are worthy of further scrutiny. However, willingness to pay is rising even while Finally, the report discusses strategic shifts in media entertainment services are being reduced. There is that are worthy of continued attention: payment scope for a reduction in the number of paid entertainment architectures, podcasts and advertising environments. services consumers pay for, with the maximum number Each represents an interesting monetization, consumer consumers say they are willing to have being lower than engagement or business opportunity that we expect will the number they have today in every country except India. affect the wider media landscape. Most promisingly, the proportion of people saying they would be willing to pay for media in the future is greater than the proportion of people who currently pay. For news, 53% would be willing to pay in the future, up from 16% who pay today. For entertainment, 70% are willing to pay, up from 44% today. Understanding Value in Media: Perspectives from Consumers and Industry 5 Project context The media industry has been continually disrupted since “digital natives”, such as Axios, Business Insider, The the turn of the century through the digitization of content, Athletic and The Information, turned profits in 2019, or the rise of social media and user‑generated content, and expect to in 2020. the acceleration in mobile consumption. Today, the central business question is how to effectively monetize media, In many cases, the so‑called “pivot to paid” is an outcome considering both consumers’ range of options and the of changes in advertising. Growth in digital content maximum they are willing to pay. consumption has moved advertising spend online, shrinking once‑guaranteed revenues for legacy media.
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