Keeping Pace: What it Takes to Succeed as a Media Leader

Adapting to the new media landscape

Our conversations with media leaders highlighted several meta forces that are reshaping the media ecosystem and intensifying pressure on organizations.

The combined effects of these forces are pushing media organizations to constantly innovate and evolve, often relying primarily on real-time data for their business decisions. “Back in the day, we had a lot of warning, so we could plan, implement, look back, learn and go in a cycle that was manageable. But things have become so much quicker. Digital transformation was a 20-to-30-year transition. AI may change things in a month,” says Jane Turton, CEO of All3Media, the U.K.’s largest independent production company.

But where to begin? “You need to look at the environment and understand where your business fits into the ecosystem and work within those confines. You are not going to reinvent the ecosystem, so you have to determine a strategy that accepts it,” says Tony Vinciquerra, chair and former CEO of Sony Pictures Entertainment. Critically, what the strategy looks like for each media organization will differ depending on its context and capabilities.

Our conversations with senior media leaders reveal three approaches that can serve as a framework for organizations to keep up with the pace of change and remain competitive.

Embed AI in the organization

AI is creating a sense of urgency to reimagine business operating models. “Its impact will be all-encompassing, affecting every facet of our lives. Unlike the transition from print to digital, AI permeates every corner of society. When I envision the next decade, it's evident that without adaptation, our existing systems, processes, relationships and business models will not endure,” said one CEO we spoke with.

But AI does not need to be the death knell for media. Two of its promises include reducing content creation costs and increasing operational efficiency. Additionally, AI has the potential to accelerate content and product ideation and development, streamline the building and testing processes, and transform customer interactions with products. This shift could lead to a potential revolution in productivity, allowing organizations to create more content than ever while obtaining real-time feedback.

Of course, media organizations must build transparency around how they use AI. “The knowledge that a lot of content can be made using GenAI will likely raise questions from consumers about where the content comes from, who made it and how much human expertise actually went into it,” says Meredith Levien, CEO of The New York Times Company. This skepticism can damage already delicate consumer trust. However, media leaders can combat this by being open and strategic about their use of AI within their organization while also showcasing the human expertise behind content creation.

One CEO we spoke with said her company has engaged in many conversations about principles of AI use and how to protect their IP and brand. To help integrate the technology throughout the business, she recruited outside support. The consulting team also helped train employees on supporting systems and tools, while the CEO communicated the unique vision to inspire enthusiasm and rally support for the changes.

More broadly, leaders must understand how large language models work and their possible applications so they can earmark the appropriate resources and internal support. In the long term, leaders and their organizations will also need to balance the use of AI to manage speed, cost and risk to ensure they don’t make mistakes or miss opportunities.

Create a unified vision for innovation

“What's important right now for CEOs and media companies is to communicate a vision and deliver content that gets that vision to be realized. Ultimately, it's about making hits. And once those hits are happening, then you can diversify the revenue streams and optimize the portfolio of hits,” says Frank Gibeau, CEO of Zynga, a U.S. mobile games developer. A great example of this is Disney's pivot into the superhero universe.

While it’s tempting to think that the best creative output comes from unfettered freedom, the opposite is true. “People are more creative and strategic if they have guardrails to work within, so as a leader you need to develop those parameters. Telling your teams to ‘go be creative’ with no boundaries is not effective,” says Tony Vinciquerra. Once those parameters are set, however, leaders must step back and trust that their creative teams will deliver. Part of being a good leader is realizing that you cannot control every piece of output. Nevertheless, providing the right incentives can encourage alignment with strategy and empower teams to make the best decisions within those boundaries.

Develop direct lines to the customer

“Media is still battling to develop a better relationship with the customer. Companies that don’t have the strength of brand to make those connections will struggle,” says Roger Lynch, CEO of Condé Nast. Organizations that prioritize building and scaling direct relationships with consumers will gain a better understanding of how they engage with content, enabling them to effectively monetize that engagement.

User-generated content and social media offer significant opportunities for brands to engage with consumers and foster loyalty. For example, media organizations can feature influencer content that mentions their brand on their website or other owned platforms. Companies can also encourage consumers to give feedback on new games, shows or other content by introducing contests or game elements, offering them a chance to win prizes. This approach not only drives engagement but can strengthen the connection between brands and their audiences.

Owning the customer relationship comes with other advantages, such as access to real-time data. By integrating data analytics capabilities or machine learning models into their platforms, media organizations can glean valuable insights into customer behavior and content preferences. Direct access to customer data also makes it easier to test and refine ideas. “We can build prototypes and get them into people’s hands very quickly and get interesting data back that our data science teams can look at to understand what works and what doesn’t,” says Frank Gibeau. His company also conducts consumer research and has VIP customer care teams that closely monitor customer satisfaction.

Of course, new data privacy laws can limit what kind of customer information is collected and how. But media companies can be creative within the boundaries of regulations to secure that direct customer relationship. For example, organizations can set rules in place to ensure they only collect data that is necessary for their business or that serves a specific purpose. They can also anonymize data so that information cannot be traced back to a person. In an industry where speed is a competitive advantage, access to customers and their data can be the difference between an idea that succeeds and one that fails. “Your development pipeline has to be future looking and more responsive to the customer’s need than anyone else's and ideally ahead of everyone else,” says Jane Turton.

Navigating the changing landscape: Capabilities for success

What do these meta forces and priorities mean for the kinds of capabilities leaders will need? When conditions are stable and predictable, leaders can find success through traditional skills such as setting a strategy and allocating resources around it. However, when volatility and unpredictability take over, leaders must tap into certain “beneath-the-surface” attributes or capabilities to drive outcomes and bring out the best in their teams.

Ability to collaborate across disciplines

Part of being a strong leader is knowing that “you've got to get people who are world class at their craft but also have the humility to work collaboratively with others on the really big decisions,” says Meredith Levien. Leaders who draw on the expertise of colleagues are better able to quickly solve complex problems, such as navigating new privacy regulations, and find innovative solutions.

Consider diverse perspectives

According to Dana Strong, “Employees want much more support from employers than before. They also expect maximum flexibility in how they perform their roles, both of which change the way leaders need to think about creating culture and a community, attracting talent and maximizing performance.” Emotionally intelligent leaders excel at listening to employee concerns, considering diverse perspectives and adjusting their responses accordingly. They also demonstrate empathy, which not only brings out the best in their teams but enables them to maintain a focus on achieving business results.

Systems thinking

Systems thinkers understand how different pieces of a business work together and know what levers to pull to get the most value. They can see the big picture and zoom in on the details needed to execute. Systems thinkers have the courage to take calculated risks on new acquisitions, hiring talent, content development or technology that can grow their business.

A continuous learning mindset, adaptability and resilience

Adaptability and a deep intellectual capacity are vital to future success in media. Says Jane Turton, “You’re not making the same tube of toothpaste 20 years later. These are products that are ever evolving amid a quite sophisticated production development process.” Leaders must also maintain a constant curiosity and desire to stay informed. For example, one CEO we spoke with is taking a course in AI to understand its potential implications, such as informing content development. Media leaders also need new levels of resilience for a job that is never off duty and has constant ups and downs.

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No one can predict what the next year, let alone five years, will look like for the media industry. But the organizations that succeed amid volatility will be those that are unafraid to test new ideas and strategies and have the potential to quickly learn, adapt and grow. In the words of Roger Lynch, “One mistake we can make is to not change. If we don’t make changes, we won’t get the feedback needed to evolve in the right direction.”