NEW YORK--(BUSINESS WIRE)--The consumer took center stage last week at a symposium co-hosted by GE Commercial Finance -- Global Media & Communications and NBC Universal at the latter's Rockefeller Center headquarters entitled, New Thinking for New Media.
The day-long event, attended by over 200 executives from industry giants like Google, Microsoft and Sony BMG, featured a series of presentations designed to educate the audience on adapting to an evolving media canvas by re-purposing, securing and maximizing online distribution of content assets in order to satisfy new consumer appetites for portability and on-demand access.
"As a leader in TMT and entertainment finance and through our relationship with NBC Universal, GE - Global Media & Communications is in a position to lead the new media conversation," said Glenn Thomas, CMO, GE -- Global Media & Communications. "Our clients are striving to establish a footprint in a medium that changes every day, so we assembled these thought leaders to offer their insights on how to navigate new media landscapes profitably."
A recurring theme throughout the day was the challenge of profiting from proprietary digital content in the face of roadblocks like elusive consumer loyalty to one provider, an influx of popular, free-to-view user-generated content and rampant online piracy.
Piracy remains the ultimate concern among media and entertainment companies eager to liberate content libraries and gain traction among users. According to an informal GE/NBC Universal survey conducted on-site, the majority of the day's experts favored increased government regulation and the creation of content protection technologies designed to impede playback of pirated content, in eventually remedying the issue. Only 10% of respondents believed increased litigation against individuals illegally acquiring and distributing pirated content to be a reasonable deterrent to piracy.
Closing the day's events was a panel discussion entitled, The Cornerstones of Success for New Media. The lively conversation focused on four key elements required to succeed in new media: Content, Protection, Distribution and Electronic Payment.
The new media panel was moderated by Mike Kelley, Partner -- Entertainment, Media, Communications & Technology, PricewaterhouseCoopers. Panel participants included Jeremy Allaire, Founder & CEO, Brightcove; Paul Berriman, Head of Strategic Market Development, PCCW Limited; Thomas Hesse, President -- Global Digital Business, Sony BMG; Michael Steib, General Manager -- Strategic Ventures, NBC Universal; Blair Westlake, Corporate VP -- Media, Content & Partner Strategy, Microsoft; and Tom Wolzien, Founder & Media Consultant, Wolzien LLC.
Other participants in the symposium included Bob Wright, Chairman & CEO, NBC Universal and Vice Chairman and Executive Officer for GE; Beth Comstock, President -- Digital Media & Market Development, NBC Universal; David Eun, VP -- Content Partnerships, Google; and Natalie Morales, National Correspondent -- Today, NBC Universal.
A video podcast featuring original one-on-one interviews with eight of the day's presenters is currently available on the GE -- Global Media & Communications website at www.gegmc.com.
About GE Commercial Finance -- Global Media & Communications
With over $7 billion in assets and offices in Atlanta, Beverly Hills, Boston, Chicago, Hong Kong, London, New York, Norwalk, Palo Alto and San Francisco, Global Media & Communications represents a one-stop source for the comprehensive range of GE's debt and equity financing services offered to the telecom, media, technology (TMT) and entertainment marketplace. www.gegmc.com.
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $206 billion and is headquartered in Norwalk, Connecticut. GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. www.ge.com.
Contacts
GE Commercial Finance
Ned Reynolds, 203-229-5717
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or
CJP Communications
Dawn Cabral, 212-279-3115, Ext. 147
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Jeff Wilson
GE Capital Corporate Finance
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1-203-749-6340