The European Entertainment Conundrum: A Call to Arms for a Changing Landscape
In an era where American studios and tech giants are dominating the global entertainment scene, Europe's media companies must adapt quickly to stay relevant. This was the central theme of Henning Tewes' keynote speech at the NEM Dubrovnik conference, in which he outlined six key takeaways that will shape the future of European entertainment.
Tewes, CEO of Greece's Antenna Group, emphasized that European companies are primarily in the business of creating attention through content and experiences. This "attention" is what drives audiences to engage with a brand or franchise, ultimately producing the coveted "gravity" that keeps them coming back for more. To achieve this, Tewes urged European media companies to focus on scale, citing the mergers between Paramount and Warner Bros Discovery as an example of the need for consolidation in the face of intense competition from American players.
Another crucial aspect of creating attention is investing in emotional attachment to brands and content. This can be achieved through live events and experiences that build intellectual property (IP) and create a sense of community around a brand or franchise. Tewes highlighted the importance of physical events, such as concerts and sports games, which provide a unique experience that cannot be replicated online.
The CEO also stressed the need for European media companies to engage with digital creators, particularly those on YouTube and other social media platforms. Rather than trying to replicate their success through top-down approaches, Tewes advocated for offering distribution opportunities to these creators' films, allowing them to reach a broader audience and build brand awareness.
In contrast to the prevailing narrative that news operations are waning, Tewes argued that news is actually a growth business, with traditional media brands having plenty of opportunities ahead. He cited The Daily as an example of a successful online publication that can be replicated in other languages and markets.
Tewes' six key takeaways for European entertainment companies include:
1. Creating attention through content and experiences;
2. Building scale to compete with American giants;
3. Investing in emotional attachment to brands and content;
4. Focusing on live events and experiences as a means of building IP and creating community;
5. Engaging with digital creators rather than trying to replicate their success; and
6. Capitalizing on the growth potential of news operations.
In conclusion, Tewes emphasized that European media companies must adapt quickly to the changing landscape by investing in attention-grabbing content, building scale, and engaging with digital creators. By doing so, they can create a sense of gravity around their brands and franchises, ultimately driving audience engagement and loyalty.
Written by: Shamrock Foam | The Citizen Edition
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