Navigating the future of the screen industry: CMF releases Embracing Change
Toronto and Montreal, May 21, 2024 — The screen industry is at a pivotal moment of transformation, and the latest issue of Perspectives from the Canada Media Fund (CMF)’s Foresight & Innovation team provides an essential snapshot of where we’re headed. Titled Embracing Change, the publication delves into the evolving landscape of the screen industry to offer insights for industry professionals amidst economic shifts, technological advancements, and changing audience behaviours.
KEY TAKEAWAYS
1. Transition to profitability
The screen industry is shifting from an era of limitless content supply to a focus on profitability. Streaming giants like Netflix and Disney+ are realigning their strategies to balance high-quality content with sustainable business models. This transition is reflected in Netflix's rebound in subscriptions in 2022 and 2023 and the introduction of ad-supported tiers. More streamers are also introducing service bundles and ad-supported models, opening new revenue streams and ensuring profitability in a competitive market. Ad-supported video on demand (AVOD) and free ad-supported streaming TV (FAST) channels are experiencing significant growth, disrupting traditional broadcasting systems.
2. Connectivity meets strategy
Understanding and anticipating audience behavior has never been more critical. Thanks to ultra-connected audiences, we have access to more data than ever before, which in turn leads to bespoke content and hyper-personalized ads. However, the accessibility of this data remains a challenge for content creators. Leveraging audience insights to capture and retain viewer attention is paramount for future success and audience engagement metrics are becoming increasingly important for advertising revenue and content strategy.
3. Convergence of digital with traditional content
The lines between digital content (video games, immersive media) and audiovisual content are blurring, with increasing investments in game adaptations, alongside a spike in the number of audiovisual adaptations of video games. The integration of narrative and technological expertise is paving the way for the spatial web, positioning the screen industry at the forefront of innovative storytelling and user engagement—and the move from growth to profitability.
4. Embracing structural transformation
The industry is undergoing a profound transformation driven by structural factors such as artificial intelligence, environmental sustainability, and a stronger emphasis on equity, diversity, inclusion, and accessibility. These elements are reshuffling the deck, requiring the industry to adapt and reinvent itself. A forward-looking approach that integrates societal and ecological considerations is crucial for long-term sustainability.
Florence Girot, Senior Manager of Foresight and Innovation at the CMF, emphasizes the importance of creativity and adaptability in meeting these challenges. "Our industry is built on the strength of our creative talent. By embracing change and leveraging innovative approaches, we can navigate the complexities of today's market while staying true to the quality and authenticity that define Canadian content."
Embracing Change underscores the need for the industry to stay agile and responsive to emerging trends. By focusing on profitability, understanding audience behaviour, embracing technological advancements, and promoting inclusivity and sustainability, the screen industry can continue to thrive in a rapidly changing environment.
About the Canada Media Fund
The Canada Media Fund (CMF) fosters, develops, finances, and promotes the production of Canadian content and applications for all audiovisual media platforms. The CMF guides Canadian content towards a competitive global environment by fostering industry innovation, rewarding success, enabling a diversity of voice, and promoting access to content through public and private sector partnerships. The CMF receives financial contributions from the Government of Canada and Canada’s cable, satellite, and IPTV distributors. Visit our website for more information.
Media Contact
Maxime Ruel
Senior Manager, Communications
Canada Media Fund
[email protected]
