Storm clouds may be gathering over the global economy, but media execs at this week’s Credit Suisse summit appeared remarkably unfazed
“If anything, the things that have happened macro, or even in the industry, really have served to highlight our strategy, and it’s a strategy that distinguishes us from our peers rather than tries to emulate them. And it’s served us incredibly well,” Tomsic said.
However, Shell noted that even as there were no signs of impact on NBCU’s business yet, he was still concerned about the macroeconomic environment. Jon Steinlauf, chief U.S. advertising sales officer at Warner Bros. Discovery, pointed to supply-chain issues as the “overarching problem in TV ad sales for the last 12 months.” But he expressed optimism that these issues were improving, albeit unevenly across multiple key advertising categories. While he noted progress in travel, retail and entertainment, he characterized automotive and tech as having been slower to bounce back due to chip-set shortages.
If the economic pressures begin to hit the consumer and consumer spending, serious trouble could lie ahead for media. Maintaining balance sheet strength will be critical, especially for those companies with streaming platforms still eyeing continued growth in an environment that is typically tougher on growth and expansion. The future is uncertain, but it will be wiser to prepare for the worst rather than deal with the consequences resulting from complacency.
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