Many are prioritizing new advertising products. Sports leagues and video game companies are converging on e-sports. TV networks and film studios are developing streaming video services. Companies in every E&M sector are launching live events and podcasts, creating subscription offerings, producing video for consumers and brands, and expanding e-commerce and product licensing efforts. Today, profitable growth increasingly depends on having five, six, or even more revenue streams - an often fluid portfolio of bets on businesses and products that extend beyond traditional sources of monetization. Gone are the days when TV networks, film studios, or companies of any kind could thrive on one, two, or even three reliable revenue sources. All these developments have significantly disrupted the flow of E&M revenues. The competition for user engagement and spending has never been more brutal. Digital platforms have proliferated, creating more direct and personalized distribution. Content has become more immersive and available on demand. Digitization has permanently reshaped the global entertainment and media (E&M) ecosystem.
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