What to avoid in global media

Justin Braitling

Watermark Funds Management

Technology is changing the global media landscape. Consumers now absorb content from numerous sources on multiple devices. This disintermediation of viewership is a challenge to advertisers seeking effective reach and targeted messaging. The massive shift to mobile by consumers over the last few years has forced business models to adapt – even digital ones. While the demise of newspapers and magazines is well understood, leakage of eyeballs from TV and other traditional media has only just begun. ITV is the dominant Free-To-Air broadcaster in the UK. The company has performed exceptionally well since the financial crisis: having contained the cost of content, investing in international studios and building distribution. However, we believe audiences are fragmenting, with linear viewership down 10% since 2010 and even more so amongst younger demographics. Not only are absolute audiences declining, but ITV’s share of viewership is at a 5 year low. We believe this is as a result of reduced content spend and ultimately, an inability to attract audiences. Full analysis of the global media landscape in December's edition of The Leading Edge: (VIEW LINK)

Justin Braitling
Chief Investment Officer
Watermark Funds Management

We are active, high conviction investors in Australian shares. As an absolute return manager, Watermark offers a proven alternative to traditional institutional funds.

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