Patrick Frater Asia Bureau Chief Further media industry upheaval is on the cards, as the world exits from COVID and heads towards possible recession, warned financier and media advisor Joe Ravitch. “A lot of trends are now being reversed,” said Ravitch, partner and co-founder of Raine group.
He was speaking at the APOS conference in Singapore, where U.S.-based Raine has recently opened a local office. Where the pandemic kept people indoors and online, since the loosening of health restrictions theatrical cinema, theme parks, concerts, gyms and in-person sport and music events have rebounded.
People’s online behavior has also been altered. “Traditional media is losing ground,” said Ravitch. In new media a bit of a bubble is happening.
It is becoming a battle for share in a shrinking market, not a growing market.” He said that even though some countries have laws that keep certain sports on broadcast TV, sports are increasingly moving over to some form of direct-to-consumer platform.
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