The one constant of 2023 has been a sense of accelerating change as media businesses shift from distributing content through intermediaries such as cable providers to engaging directly with consumers. Change alone creates uncertainty. Change in areas where recent attempts to navigate a transition have largely failed is scary for managers and investors alike.
The situation reminds me of the final moments of “Indiana Jones and the Last Crusade,” when Indiana Jones (played by Harrison Ford) stands precariously on a ledge overlooking an endless abyss. Looking down, he mutters, “It’s impossible.” Then, recalling a passage from his father’s diary, he suddenly realizes, “It’s…a leap of faith.” So, hand to heart, he takes a big step forward, seemingly about to plunge to his death…only to land on a camouflaged bridge that crosses the chasm.