Media and Entertainment has long been recognised as one of the industries that could drive Caribbean economies. But traditional media – newspapers, cable TV providers, radio stations and TV stations – are in danger of becoming obsolete. The rise of free online newspapers, Netflix, Pandora and their ilk have threatened ad revenue of traditional media. Even social media, previously not thought to be a direct competitor to traditional media, shares stories faster than traditional media alone ever could.
In the entertainment industry, the challenge appears not to be embracing the new – many of these companies were born online. Rather, entertainment companies struggle to incorporate the structure required in a successful business and to attract financing, while maintaining the flexibility needed to remain relevant in arguably the fastest changing industry in the world.
While smart companies are embracing alternative distribution and marketing channels and becoming more business-oriented, there’s work still to be done and Antilles Economics can help. Click here to read how.