Media companies who fail to place 'digital' at the heart of their business will “pay a heavy price”, according to the chief executive of STV.
Rob Woodward was speaking in his role as chair of The Future of Broadcasting Conference, taking place in London and opening today.
Said Woodward: “Media in the UK is living through an explosive revolution that will increase media valuations in many cases and transform the way that the consumer relates to different advertisers and brands as social media continues its rapid growth. Global media spend is forecast to exceed $500bn by this year with spending on internet advertising accounting for between 15-20 per cent of this amount. Those businesses who put digital centre stage will be the winners. Those who fail to do so will pay a heavy price.”
Among other things, STV has partnered with Google to offer 1,000 hours of its content through YouTube and has launched a network of hyper-local news websites under the brand, STVLocal.