A new survey by technology consulting firm Accenture highlights that the majority of media executives view user generated content as a prominent threat to businesses.
The results of the survey, which focused on growth strategies in the video games, TV and film industries amongst others, revealed that 57% of executives view user generated content as one of the three greatest threats to existing business models.
Digital media lead for Accenture’s Media & Entertainment practice, Gavin Mann said, "This is just the beginning for a rapidly changing landscape where the media content environment grows more fractious and the user gains more control and power.
"Traditional, established content providers will have to adapt and develop new business and monetization models in order to keep revenue streams flowing. The key to success will be identifying new forms of content that can complement their traditional strengths."
While 24% of respondents said they were unsure of how they would benefit financially from user generated content, 68% suggested that businesses would see profit from user generated content within three years. In excess of 70% of respondents expressed their belief that social media would continue to gather momentum.