Three years ago, PricewaterhouseCoopers (PwC) faced questions and concerns about some of its Entertainment and Media Outlook research numbers.
Those who raised their concerns posited that the forecast data was not an accurate reflection of what was happening on the ground with media, and that there was no way the forecast growth numbers were realistic or feasible.
This year, PwC continued its quest to future-proof and ensure viability of its numbers through ongoing consultation with media practitioners and industry players to get their input.
Read more: PwC defends its research report
“We engaged regarding the matters raised and continue to engage on an ongoing basis with media practitioners/industry players with a view to ensuring that the Outlook resonates with their experience in the industry,” said Charles Stuart, director at PwC.
“Matters raised by media practitioners/industry players are considered and factored into the forecasts and this has resulted in updates to the forecasts over time as new input is received and as new information becomes available,” he said.
The organisation was not aware of any lingering concerns and reassured the industry that “we always welcome and appreciate the opportunity to engage with media practitioners / industry players, to understand their viewpoints or suggestions, so as to further enhance the Outlook and its relevance”.
Working with Ovum (PwC’s supplier to the Outlook), all the forecasts were built starting with a collection of comprehensive and accurate historical data from a variety of sources. This included publicly available information, and from trade associations and government agencies. When this data is used directly, these sources are cited accordingly.
In addition to this, interviews were conducted with relevant associations, regulators and leading players to gather insights and estimates not available in the public domain. When this information is collected, it is used as part of the calculations and the sources are proprietary.
“All forecasts are prepared as part of a collaborative, integrated process involving both quantitative and qualitative analysis. The forecasts are the result of a rigorous process of scoping, market mapping, data collection, statistical modelling and validation,” Stuart stressed.
Asked for a reassurance that the forecasts are now accurate and mimic reality Stuart responded: “The Outlook is a forecast, based on available information, and there will always be different views within the market. Accordingly, while every effort is made to get the data as complete and accurate as possible, we do advise within the publication that the publication has been prepared for general guidance on matters of interest only, does not constitute professional advice and that before making any decision or taking any action, readers should consult a professional adviser who has been provided with all pertinent facts relevant to their particular situation.”
The Outlook is fully online this year and PwC encouraged readers to access the summary publication and also the in-depth segment analyses (and tailorable data tables) to get the most out of the research.