Fading Light, Endless Night

The eerie silence that has beset Europe's entertainment industry is not unlike a morgue, where the stiffs of forgotten dreams lay in wait for some resuscitating spark to revive their moribund corpses. And it was into this macabre atmosphere that Henning Tewes, CEO of Greece's Antenna Group, ventured to deliver a eulogy for the European entertainment sector.

In a keynote speech at NEM Dubrovnik that was part autopsy and part exorcism, Tewes painted a grim portrait of an industry in disarray. "We are, above all, in the business of creating attention" through content and experiences, he intoned, his voice a dirge for the passing of an era when Europe's entertainment companies were the masters of their domain.

To compete with the behemoths from across the Atlantic – Paramount, Warner Bros Discovery, Netflix, Disney, YouTube, Amazon, Apple, and Live Nation – European companies must "bulk up" and "create gravity," Tewes warned. It is a daunting task, akin to attempting to move a mountain by sheer force of will alone.

Tewes' prescription for the industry's ills was both a diagnosis and a cure. He posited that Europe's entertainment companies must invest in emotional attachment to their brands and content, much like a necromancer conjures forth the spirits of the dead. The experience economy, he argued, is not separate from media; it is where media becomes physical, social, and premium.

And yet, despite the dire prognosis, Tewes remained optimistic. He pointed to the success of his former company, RTL, in acquiring Sky Deutschland as an example of "inspiration" and a more open regulatory environment in Europe. The acquisition of Options & Town Cinemas by Antenna Group, he noted, was another strategic move aimed at creating attachment through cinema.

Tewes' words were laced with a sense of urgency, like the ticking of a clock counting down to some apocalyptic reckoning. "News is a growth business," he declared, "and traditional news organizations have plenty of opportunity ahead of them." But for this to happen, legacy media brands must get their act together and engage with their audiences on an equal footing.

As Tewes concluded his eulogy, the silence that had greeted him at the beginning of his speech was replaced by a palpable sense of resolve. "Television creates reach," he said. "Streaming depth and data. News creates trust. Cinema, events, and location-based entertainment create experiences and attachment." It is a formula for success, one that Tewes believes will guide Antenna Group – and Europe's entertainment industry as a whole – towards a brighter future.

And so, the mourners departed, leaving behind only the faintest whisper of hope on the wind. The grave was dug; now it was up to the living to fill it with the bodies of forgotten dreams and resurrect them anew.