In an episode of Talks at GS, filmed at Goldman Sachs’ Builders + Innovators Summit, media executive Peter Chernin discussed the evolution of digital entertainment and how the business continues to adapt for a changing consumer. Goldman Sachs (goldmansachs.com) video above published Nov 9, 2018 (via YouTube.com).
Competition for Consumers: “I’m a big believer in try[ing] to think about where consumers are being underserved.… I think there’s one huge chokepoint in the whole thing right now, which is curation, recommendation. I think there is so much stuff out there and I think consumers are wildly underserved…. It’s not money that’s the scarce commodity in that sense, because Netflix is a great bargain. It’s time. It’s how do you figure out what is worth my two hours tonight?”
Brand identity in a digital world: “Branding is certainly enormously important. I think that… the really interesting challenge from… a digital perspective right now is the balance between customer acquisition, marketing dollars and brand marketing dollars. In general, I think most certainly nascent digital brands are better off spending most of their money on customer acquisition marketing…. So, the brand is hugely important, but I’m not sure I would be marketing it.”
See also:
- Netflix will get ads, predicts The Trade Desk CEO Jeff Green--Reed Hastings wants to compete with YouTube overseas, and the only way it can do that is by offering a free-with-ads option, says Green.
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