I introduced three coordinated series of actions that media businesses should undertake in response to COVID-19 challenges: 1. Resilience, 2. Recovery, and 3. New Reality.
Today, I will discuss the immediate actions media companies should take to preserve cash, maintain a strong connection to their customers, and position themselves for business continuity. These “Four Cs” – Customer, Cash, Cost, and Capital – are a handy way to think about the top priorities in these turbulent times.COVID-19 has a good-news/bad-news impact on the media industry’s customer growth. It has led to a spike in streaming and broadcast TV viewership. For example, Netflix added 15.
Under these conditions, it is essential to evaluate the shifts in customer data. Companies should perform revenue analytics and model churn risk to understand changes in demand patterns and the resulting implications for pricing to be able to react swiftly.
Businesses should assess how their cash and liquidity levels can support them through times of disruption. Further, businesses should identify opportunities to improve working capital positions, using rapid diagnostics and impact assessments for accounts receivable, accounts payable, ability to monetize existing content libraries and archives, etc., and access any funding opportunities the CARES Act provides to quickly optimize cash flow for the business.
Immediate actions that preserve cash, give confidence to customers and employees, and ensure business continuity through cost containment will better position companies for recovery.
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