Growth Strategies of Media Companies: Efficiency Analysis
DOI:
https://doi.org/10.5294/pacla.2020.23.1.7Palavras-chave:
Administração de comunicações, economia da comunicação, fusão, aquisições, concorrência, comércio internacional, digitalizaçãoResumo
Estrategias de crecimiento de las empresas de medios: análisis de eficiencia
Estratégias de crescimento das empresas de mídia: análise de eficiência
Este artigo analisa as principais opções estratégicas das empresas de mídia e entretenimento sobre o que fazer para crescer — internacionalização ou diversificação — e como fazê-lo — crescimento orgânico e inorgânico — em um contexto de crescente concorrência. Identificam-se correlações entre essas estratégias e três pilares básicos do processo de tomada de decisões dos gerentes: crescimento, rentabilidade e endividamento. Conclui-se que as fusões e as aquisições podem gerar crescimento rápido, mas são caras em termos de Retorno do Investimento (ROIC) e geralmente aumentam a alavancagem da empresa. Portanto, o crescimento inorgânico não poderia ser a melhor opção para empresas com dificuldades de acesso ao capital ou para negócios muito cíclicos. Além disso, identifica-se que a integração vertical gera um ROIC menor que a integração horizontal e mostra-se como as estratégias de internacionalização aumentam o rendimento das empresas audiovisuais. Analisam-se os indicadores básicos de 50 empresas listadas no setor que atendem a três critérios necessários para o nosso estudo: transparência de dados, tamanho suficiente da empresa e uma trajetória que nos permitiria estudar as consequências das estratégias escolhidas por longos períodos de tempo, pelo menos 15 anos. Estuda-se a evolução das empresas entre 2010 e 2016 com métricas do banco de dados Thomson Reuters. Nesse último ano, representaram 88% da receita mundial de televisão.
To reference this paper / para citar este artículo / para citar este artigo
Medina, M., Sánchez-Tabernero, A., & Larrainzar, A. (2020). Growth strategies of media companies: Efficiency analysis. Palabra Clave, 23(1), e2317. DOI: https://doi.org/10.5294/pacla.2020.23.1.7
Recibido: 12/11/2018
Aceptado: 13/02/2019
Online: 13/12/2019
* Spanish Government fund: Reasons to consume fiction and entertainment audiovisual contents in the Spanish market CSO2015-64615-R (MINECO/FEDER)
Downloads
Referências
Albarran, A. B., & Dimmick, J. (1996). Concentration and economics of multiformity in the communication industries. Journal of Media Economics, 9(4), 41–50. DOI: https://doi.org/10.1207/s15327736me0904_3
Aldrich, H., & Auster, E. R. (1986). Even dwarfs started small: Liabilities of age and size and their strategic implications. Research in organizational behavior, 8, 165–186. Retrieved from https://psycnet.apa.org/record/1988-12412-001
Allocca, M. A., & Kessler, E. H. (2006). Innovation speed in small and medium‐sized enterprises. Creativity and Innovation Management, 15(3), 279–295. DOI: https://doi.org/10.1111/j.1467-8691.2006.00389.x
Ansoff, I. (1957). Strategies for diversification. Harvard Business Review, 35(5), 113–124. Retrieved from http://sgpwe.izt.uam.mx/files/users/uami/sppc/13O/Gestion_y_Control_Estrategico_I/Lectura_10._Ansoff_Igor_Strategies_for_Diversification.pdf
Buzzell, R. D., Gale, B. T., & Sultan, R. G. (1975). Market share — a key to profitability. Harvard Business Review, 53(1), 97–106. Retrieved from https://hbr.org/1975/01/market-share-a-key-to-profitability
Carayannis, E. G., & Rakhmatullin, R. (2014). The quadruple/quintuple innovation helixes and smart specialisation strategies for sustainable and inclusive growth in Europe and beyond. Journal of the Knowledge Economy, 5(2), 212–239. DOI: https://doi.org/10.1007/s13132-014-0185-8
Carman, J. M., & Langeard, E. (1980). Growth strategies for service firms. Strategic Management Journal, 1(1), 7–22. DOI: https://doi.org/10.1002/smj.4250010103
Carvajal, M., & García Avilés, J. A. (2008). From newspapers to multimedia groups: Business growth strategies of the regional press in Spain. Journalism Practice, 2(3), 453–462. DOI: https://doi.org/10.1080/17512780802281198
Casero-Ripollés, A., & Izquierdo-Castillo, J. (2013). Between decline and a new online business model: The case of the Spanish newspaper industry. Journal of Media Business Studies, 10(1), 63–78. DOI: https://doi.org/10.1080/16522354.2013.11073560
Chalaby, J. K. (2016). Television and globalization: The TV content global value chain. Journal of Communication, 66(1), 35–59. DOI: https://doi.org/10.1111/jcom.12203
Chalaby, J. (2018). Hedging against disaster: Risk and mitigation in the media and entertainment industries. International Journal of Digital Television 9(2), 167–184. DOI: https://doi.org/10.1386/jdtv.9.2.167_1
Chan-Olmsted, S. M., & Chang, B. H. (2003). Diversification strategy of global media conglomerates: Examining its patterns and determinants. The Journal of Media Economics, 16(4), 213–233. DOI: https://doi.org/10.1207/s15327736me1604_1
Chon, B. S., Choi, J., Barnett, G., Danowski, J. A., & Joo, S. H. (2003). A structural analysis of media convergence: Cross-industry mergers and acquisitions in the information industries. Journal of Media Economics, 16(3), 141–157. DOI: https://doi.org/10.1207/s15327736me1603_1
Coad, A., Daunfeldt, S. O., Hölzl, W., Johansson, D., & Nightingale, P. (2014). High-growth firms: Introduction to the special section. Industrial and Corporate Change, 23(1), 91–112. DOI: https://doi.org/10.1093/icc/dtt052
Cronin Jr., J. J., & Page Jr., T. J. (1988). An examination of the relative impact of growth strategies on profit performance. European Journal of Marketing, 22(1), 57–68. DOI: https://doi.org/10.1108/eum0000000005268
D’Annunzio, A. (2017). Vertical integration in the TV market: Exclusive provision and program quality. International Journal of Industrial Organization, 53, 114–144. DOI: https://doi.org/10.1016/j.ijindorg.2017.05.002
Doyle, G. (2018). Television production: Configuring for sustainability in the digital era. Media, Culture & Society, 40(2), 285–295. DOI: https://doi.org/10.1177/0163443717717634
Doyle, G. (2015). Multi-platform media and the miracle of the loaves and fishes. Journal of Media Business Studies, 12(1), 49–65. DOI: https://doi.org/10.1080/16522354.2015.1027113
Esser, A. (2016). Challenging US leadership in entertainment industries? The rise and sale of Europe’s international TV production groups. International Journal of Communications, 10, 3585–3614. Retrieved from https://ijoc.org/index.php/ijoc/article/view/4809
Evens, T., & Donders, K. (2016). Mergers and acquisitions in TV broadcasting and distribution: Challenges for Competition, industrial and media policy. Telematics and Informatics, 33(2), 674–682. DOI: https://doi.org/10.1016/j.tele.2015.04.003
Gutiérrez-Rentería, M. E., & López Hernández, C. E. (2014). La convergencia digital propicia convergencia entre industrias: principales empresas que participan en el mercado de capitales concentran los mayores ingresos en 2013. Revista de Comunicación 13, 144–162. Retrieved from https://dialnet.unirioja.es/servlet/articulo?codigo=4875645
Hendriks, P. (1995). Communications policy and industrial dynamics in media markets: Toward a theoretical framework for analyzing media industry organization. Journal of Media Economics, 8(2), 61–76. DOI: https://doi.org/10.1207/s15327736me0802_6
Jung, J., & Chan-Olmsted, S. (2005). Impacts of media conglomerates’ dual diversification on financial performance. Journal of Media Economics, 18(3), 183–202. DOI: https://doi.org/10.1207/s15327736me1803_2
Kerr, J., & Slocum, J. W. (1987). Managing corporate culture through reward systems. The Academy of Management Executive, 1(2), 99–107. DOI: https://doi.org/10.5465/ame.1987.4275817
Kolo, C., & Vogt, P. (2003). Strategies for growth in the media and communications industry: Does size really matter? International Journal on Media Management, 5(4), 251–261. DOI: https://doi.org/10.1080/14241270309390041
Krugman, P. (1980). Scale economies, product differentiation, and the pattern of trade. The American Economic Review, 70(5), 950–959. Retrieved from https://www.jstor.org/stable/1805774
Lawler, E. E. (1997). Rethinking organization size. Organizational Dynamics, 26(2), 24–35. DOI: https://doi.org/10.1016/s0090-2616(97)90003-6
Makidies, C. C., & Williamson, P. J. (1994). Related diversification, core competences and core performance. Strategic Management Journal, 15(S2), 149–165. DOI: https://doi.org/10.1002/smj.4250151010
Matsusaka, J. G. (2001). Corporate diversification, value maximization, and organizational capabilities. The Journal of Business, 74(3), 409–431. DOI: https://doi.org/10.1086/321932
Medina, M., Sánchez-Tabernero, A., & Arrese, A. (2016). Content as products in media markets. In G. F Lowe & C. Brown (Ed.), Managing media firms and industries. what’s so special about media management? (pp. 243–261). Heidelberg, Germany: Springer-Verlag. DOI: https://doi.org/10.1007/978-3-319-08515-9_14
Medina, M., & Herrero, M. (2013). Keys to monetize social media in the audiovisual business. In M. Friedrichsen, & W. Mühl-Benninghaus (Eds.), Handbook of social media management value chain and business models in changing media markets (pp. 311–325), Berlin, Germany: Springer. DOI: https://doi.org/10.1007/978-3-642-28897-5_18
Noam, E. (2016). Who owns the world’s media? Media concentration and ownership around the world. Oxford, UK: Oxford University Press. DOI: https://doi.org/10.1093/acprof:oso/9780199987238.001.0001
Ofcom. (2017). International communications market report. Retrieved from https://www.ofcom.org.uk/research-and-data/multi-sector-research/cmr/cmr-2017/international
Oliver, J. (2014). Dynamic capabilities and superior firm performance in the UK media industry. Journal of Media Business Studies, 11(2), 57–78. DOI: https://doi.org/10.1080/16522354.2014.11073580
Papadakis, V. M., & Thanos, I. C. (2010). Measuring the performance of acquisitions: An empirical investigation using multiple criteria. British Journal of Management, 21(4), 859–873. DOI: https://doi.org/10.1111/j.1467-8551.2009.00671.x
Peltier, S. (2004). Mergers and acquisitions in the media industries: Where failures really unforseeable? Journal of Media Economics, 17(4), 261–278. DOI: https://doi.org/10.1207/s15327736me1704_2
Picard, R. (2014). Twilight or new dawn of journalism?: Evidence from the changing news ecosystem. Journalism Studies, 15(5), 1–11. DOI: https://doi.org/10.1080/1461670X.2014.895530
PwC. (2016). Global entertainment and media outlook 2016–2020: A world of differences. PwC. Retrieved from https://www.pwc.com.tr/tr/industry/entertainment-media/outlook-global-entertainment-and-media-outlook-2016-2020.pdf
Roos, J., & von Krogh, G. (2016). Managing strategy processes in emergent industries: The case of media firms. Heidelberg, Germany: Springer.
Sánchez-Tabernero, A., & Carvajal, M. (2002). Media concentration in the European market. New trends and challenges. Pamplona, Spain: Servicio de publicaciones de la Universidad de Navarra.
Schlesinger, P., & Doyle, G. (2015). From organizational crisis to multi-platform salvation? Creative destruction and the recomposition of news media. Journalism, 16(3), 305–323. DOI: https://doi.org/10.1177/1464884914530223
Schmalensee, R. (1981). Economies of scale and barriers to entry. Journal of political Economy, 89(6), 1228–1238. Retrieved from http://www.jstor.org/stable/1837192
Schwartz, H., & Davis, S. M. (1981). Matching corporate culture and business strategy. Organizational Dynamics, 10(1), 30–48. DOI: https://doi.org/10.1016/0090-2616(81)90010-3
Stigler, G. J. (1958). The economies of scale. The Journal of Law and Economics, 1(1) 54–71. DOI: https://doi.org/10.1086/466541
Storper, M. (1989). The transition to flexible specialisation in the US film industry: external economies, the division of labour, and the crossing of industrial divides. Cambridge Journal of Economics, 13(2), 273–305. DOI: https://doi.org/10.1093/oxfordjournals.cje.a035094
Urgellés, A. (2017). From attention to engagement in the battle for the audiences. In M. Medina (Ed.), Current and emerging issues in the audiovisual industry (pp. 97–117). London, UK: ISTE-Wiley. DOI: https://doi.org/10.1002/9781119384632
Van Kranenburg, H. & Ziggers, G. W. (2018). Mergers and acquisitions and their performance. In A. Albarran, B. Mierzejewska & J. Jung, Handbook of media economics and media management (pp. 201–218). New York, NY: Routledge.
Verhoeven, M., von Rimscha, M. B., Krebs, I., Siegert, G., & Sommer, C. (2018). Identifying paths to audience success of media products: The media decision-makers’ perspective. International Journal on Media Management, 20(1), 51–77. DOI: https://doi.org/10.1080/14241277.2017.1402019
Wirtz, B. W. (2001). Reconfiguration of value chains in converging media and communications markets. Long Range Planning, 34(4), 489–506. DOI: http://dx.doi.org/10.1016/S0024-6301(01)00066-8
Wirth, M. & Bloch, H. (1995). Industrial organization theory and media industry analysis. Journal of Media Economics, 8(2), 15–26. DOI: https://doi.org/10.1207/s15327736me0802_3
Yoo, C. S. (2002). Vertical integration and media regulation in the new economy. Yale Journal on Regulation, 19(1), 171–295. Retrieved from http://digitalcommons.law.yale.edu/yjreg/vol19/iss1/5
Downloads
Publicado
Como Citar
Edição
Seção
Licença
1. Proposta de Política para Periódicos de Acesso Livre
Autores que publicam nesta revista concordam com os seguintes termos:
Esta revista e os seus artigos estão publicados com a licença Creative Commons Atribuição-NãoComercial-SemDerivações 4.0 Internacional (CC BY-NC-ND 4.0). Você tem o direito de compartilhar, copiar e redistribuir o material em qualquer suporte ou formato. Para que isto ocorra: você deve dar o crédito apropriado, prover um link para a licença e indicar se mudanças foram feitas; você não pode usar o material para fins comerciais; e, se você remixar, transformar ou criar a partir do material, você não pode distribuir o material modificado.
