The IABM released its latest State of MediaTech Report at the 2023 NAB Show. The report is based on extensive quantitative and qualitative research and surveys by IABM’s Business Intelligence Unit over the last few months. It gives an authoritative overview of the state of media tech from both media company and vendor perspectives.
Key focus areas of the report are a reducing business confidence due to macro headwinds, such as inflation; cost-reduction initiatives at media business in the face of inflation; and scarcity – particularly of labor – which is still affecting the industry.
According to IABM’s Head of Knowledge, Lorenzo Zanni, the business confidence index now has macro headwinds as the top concern as the economic outlook darkens, jumping from fifth place in 2021 and third place in 2022. Macro headwinds have already negatively influenced media and entertainment business models, including ad-funded, subscription-based and content models. This environment has driven cost-reduction initiatives at media businesses and influenced media tech investment.
The industry faces a tough set of headwinds over the coming months as the economic outlook continues to darken and investment is curtailed.
Lorenzo Zanni, IABM’s Head of Knowledge
Zanni added that scarcity of labor and components still affects the sector, as evidenced by several quotes from media tech industry executives. While the latter seems to have slightly improved, labor shortages have worsened.
“This report validates the anecdotal negative commentary we have been seeing over the last few months,” said Zanni. “The industry faces a tough set of headwinds over the coming months as the economic outlook continues to darken and investment is curtailed. However, as our report on how the industry fought back during and following the Covid pandemic shows, the broadcast and media industry is resilient and adaptable, and these core strengths will again come to the fore in pushing forward until brighter times arrive.”
The full report is available to IABM members; a summary version for non-members is available here.
