PwC Will Work With Media Stakeholders To Future-proof Its Forecasts
PricewaterhouseCoopers (PwC) came under scrutiny three years ago when many raised concerns and questions about some of its Media and Entertainment Outlook research numbers.
It was alleged that the forecast data was an inaccurate reflection of what was really going on with media and that the forecast growth numbers were unrealistic and unfeasible.
Now PwC is on a mission to future-proof its numbers through continuous consultation with media and industry specialists.
Charles Stuart, the Director at PwC, said that his firm continues to engage with media specialists and with industry players on an ongoing basis in order to ensure that in future the research numbers are consistent with the reality of the industry.
Stuart says that now matters raised by media practitioners or industry players are considered and added into the information, and this has resulted in the forecasts being updated continuously over time as and when new information is received.
PwC claimed that they were not aware of any concerns and reassured the industry that the opportunity to engage with the media industry is always welcomed because the firm wants to understand the suggestions and viewpoints of the industry to enhance their research data.
The firm does its research by using historical records of past events and interviewing relevant associations, regulators and leading industry players to gather insights and estimates not available in the public space. The information that is compiled is then used as part of the calculations, and the sources are patented.
Stuart stressed that all forecasts were prepared as part of an integrated effort that consists of both qualitative and quantitative analysis. He also added that the forecasts were the result of a thorough process of data collection, market mapping, scoping, statistical modelling and validation.
As a reassurance that the forecasts are now accurate, Stuart declared that there would always be different views within the market but that The Outlook was based on available information. In conclusion, Stuart advised readers that even though much effort is put into ensuring the accuracy of the information provided by the publication, they should not base their decision-making on these forecasts but to instead consult and acquire professional advice before taking important business steps.
The Outlook can be found online, and PwC encourages readers to access the summary publication to read about the research.