Podcast Summary
Leaders Embracing Change and Entrepreneurial Outlook: David Kenny of Nielsen advocates for facts, truth, and inclusion amidst industry challenges. Aparna Saran of Capital One Business calms team fears during a pivotal decision, highlighting the importance of optimism and adaptability in leading change.
In the face of industry changes and challenges, it's essential for leaders to stay focused on opportunities and embrace an entrepreneurial outlook. David Kenny, CEO of Nielsen, has done just that by advocating for facts, truth, and inclusion, even as his organization faces increasing scrutiny. Meanwhile, Aparna Saran, CMO of Capital One Business, shares a personal story about calming her team's fears during a pivotal business decision. Both leaders demonstrate the importance of optimism and adaptability in navigating transitions and thriving in a modern economy. Register for free to join Reid Hoffman and fellow entrepreneurs for insights on leading change with AI at masterofscale.com/ai-strategy.
Nielsen's Challenges with Measuring Changing Media Consumption: Nielsen faces criticism for panel size and communication, suspension of accreditation during pandemic, but remains focused on measuring audiences across all platforms, seeing success with streaming clients and adapting to new viewership patterns.
Nielsen, a company known for measuring TV ratings, is currently facing challenges due to shifting media consumption patterns and the rise of streaming platforms. Amidst this, Nielsen has been criticized for the size and communication of its panels used to validate ratings, leading to the suspension of accreditation by the Media Rating Council. During the pandemic, maintaining these panels was difficult due to safety restrictions and home visits. Nielsen acknowledged past imperfections and could have communicated better about potential errors during this time. Despite these issues, Nielsen's priority remains measuring audiences across various media platforms. The company has seen success with clients whose streaming platforms gained new viewers, while traditional platforms saw ratings decrease. As new viewership patterns continue to emerge, Nielsen is working to adapt and communicate more effectively.
Nielsen suspends accreditation for broadcast data due to errors: During the pandemic, Nielsen suspended some broadcast data accreditation due to potential errors. The shift to streaming media requires more accurate and independent measurement, with traditional broadcasters facing declining viewership and streaming platforms demanding better data.
The media industry underwent significant changes during the pandemic, leading to unusual viewing patterns and data discrepancies. In response, Nielsen, a leading media measurement company, suspended its accreditation for some of its broadcast data due to potential machine errors. The errors, although not significant enough to alter the industry trend dramatically, were enough to warrant a suspension and a call for improvement. The larger issue at hand is the shift from traditional broadcast to streaming media, which requires more accurate and independent measurement. Traditional media companies, like broadcasters, are facing declining viewership and need to adapt to the changing marketplace. Simultaneously, streaming platforms, which have historically relied on self-reported data, are increasingly becoming major players and demanding more accurate measurement. The need for independent measurement is crucial to ensure fair pricing, value, and transparency in the media industry. Despite the challenges, Nielsen remains committed to providing accurate and reliable measurement solutions for both traditional broadcast and streaming media.
Nielsen's Role as a Truth Teller in Media and Tech Industries: Nielsen's role as an independent, accredited measurement company is crucial for validating audiences for advertisers and content providers in various markets. Staying impartial and committed to providing accurate, trustworthy data is essential for long-term success.
Nielsen, as a measurement company, plays a crucial role in validating audiences for advertisers and content providers in various markets, including media, tech, and debt. The digital platforms are increasingly recognizing the importance of independent, accredited measurement, and Nielsen is leading the way. Although Nielsen's most important customer is the audience, its business model will change as new platforms gain scale and prominence. Maintaining relationships with various entities, including competitors and frustrated parties, requires Nielsen to remain impartial and committed to providing accurate, trustworthy data. Despite potential tensions, Nielsen's role as a truth teller is essential for the long-term success of all businesses involved. For business leaders and entrepreneurs, understanding the central relationship to your customers and staying committed to providing accurate, unbiased information is crucial for building and maintaining trust and long-term success.
Navigating Uncertainty in Business: A Conversation with Aparna Sarin and David Kenny: Successful business leaders adapt, mitigate risks, and communicate effectively to navigate uncertainty and overcome challenges through collaboration and support from peers.
Successful business leaders, whether they're producing shows, making films, or launching new products, understand the importance of their audience and the need to adapt and mitigate risks. Aparna Sarin of Capital One Business shared her experience of the emotional vulnerability and uncertainty that comes with innovation, and how reaching out to peers for support helped her navigate potential failures. Meanwhile, Nielsen CEO David Kenny discussed the challenges of implementing new products and the importance of industry collaboration to ensure a smooth transition. Despite the long timeline for Nielsen's new product release, Kenny emphasized the need for thorough validation and quality control to make it a reliable currency for measuring media consumption. Overall, the conversation highlighted the resilience and adaptability required of business leaders in the face of uncertainty and the importance of communication and collaboration in overcoming challenges.
Measuring media consumption across streaming and broadcast platforms: Nielsen is developing a single metric for media measurement, simplifying media planning for advertisers and agencies by valuing time spent over traditional ratings. The industry is shifting towards reporting hours spent watching content and using metadata for content diversity to measure inclusivity.
Nielsen is working towards a single metric for media measurement across streaming and broadcast platforms by the end of next year. This shift will simplify the media planning process for advertisers and agencies, as they will be able to manage audiences based on time spent rather than traditional ratings. The industry is moving towards valuing time spent over traditional audience numbers, as seen with Netflix's recent announcement of reporting hours spent watching shows. Additionally, Nielsen's Gracenote division provides metadata for content, including information on cast and crew diversity, which can be used to measure and rank platforms and studios for inclusivity. Overall, these changes aim to make media measurement more accurate and representative of audience engagement.
Understanding the Impact of Inclusive Content with Data: Data from platforms like Gracenote helps studios and advertisers measure the success of inclusive content and broaden appeal, fostering a more connected and inclusive media system. Traditional media companies must adapt to new measurement methods and embrace a growth mindset to continue providing value in the evolving media landscape.
The media industry is shifting towards creating more inclusive content that reflects diverse populations, and data from platforms like Gracenote can help studios and advertisers understand the impact of these efforts. This data can also help broaden the appeal of inclusive casts and normalize differences, ultimately fostering a more connected and inclusive media system. However, the transition to streaming and the evolving media consumption habits present significant challenges for traditional media companies like Nielsen. Embracing a growth mindset and adapting to new measurement methods are crucial for these companies to continue fulfilling their purpose in the changing media landscape. Despite the challenges, the pandemic has provided an opportunity for remote work and increased visibility into diverse audiences, leading to new insights and potential for progress.
Remote work leads to greater inclusion and innovation: Remote work enables equal participation, driving innovation and awareness of global happenings. Industry must provide trustworthy, unified measurement for legacy and streaming signals.
The shift to remote work during the pandemic has allowed for greater inclusion and equal participation in meetings, particularly for international colleagues. This equalization has led to more innovation and awareness of global happenings. Moving forward, there is a significant responsibility for Nielsen and the media industry to provide a trustworthy, unified measurement system for both legacy broadcast and high-growth streaming signals. This is crucial for the industry, the economy, and advertisers. The key to success lies in a fact-based approach, focusing on winning over audiences with credible content and facts. The importance of accurate representation, as demonstrated by the US Census example, cannot be overstated.
Speaking up for truth and representation: CEO David Kenny emphasizes the importance of businesses advocating for truth and representation, especially in the media industry, and being adaptable to disruptions.
Nielsen's CEO, David Kenny, believes it's essential for companies, particularly those in the media industry, to speak up when truth is challenged, whether it's related to census data or voter suppression. He emphasized the importance of representation and inclusion, especially in the context of a globalizing media landscape. Kenny also shared his experience of the value of having contingency plans and being open to pivots when faced with disruption, as demonstrated by Capital One Business's support during a crisis. Overall, Kenny's perspective highlights the role of businesses in advocating for truth and resilience in the face of societal challenges.
Adapting to Challenging Times with Rapid Response: The Masters of Scale Rapid Response series highlights the importance of adaptability and innovation in business, showcasing how successful entrepreneurs pivot during tough times.
Key takeaway from this episode of Masters of Scale Rapid Response is the importance of adaptability and innovation in business, especially during challenging times. The show, produced remotely with sanitized audio gear, demonstrates this by pivoting to a new format to continue providing valuable insights to its audience. To access more resources and courses related to business growth, visit capitalone.com/businesshub. Additionally, become a Masters of Scale member at mastersofscale.com/membership for a year's worth of content on the Masters of Scale courses app. For the transcript of this episode and to subscribe to the email newsletter, visit mastersofscale.com/rapidresponse.