Global shifts offer new opportunities for UK media

by Steve Barrett, Media Week 19-Feb-08

The world's population is increasing at about 1% a year, which leads geographers to speculate that the number of human beings running around the globe will double in around 60 years.

But while the global population grows inexorably larger, the world is actually becoming a smaller place, and the influence that far-flung regions such as Asia have on the economy - and especially the media economy - is increasing as fast as the world shrinks.

China is readying itself for this summer's Olympics, which will act as a virtual coming-out party for the major economic force of the 21st century. India's economy is also booming, driven by the services and technology sectors. And the oil and tourism-generated boom in Arabia is adding further fuel to the shift in the tectonic plates of the global economy.

In this context, the US, engulfed in an inward focus on its presidential election and continuing conflicts in Iraq and Afghanistan, is almost in danger of becoming a forgotten backwater in the scheme of things - an exaggeration maybe, but America is certainly going to face stiff competition in remaining the world's foremost economic superpower.

What's this got to do with the UK, and specifically the UK media industry, I hear you ask? Around 20% of the world's global media operations are centred on London, so our capital plays a pivotal role in reflecting, shaping and responding to the changes outlined above. A lot of this work goes on in isolation, as international arms of media agency groups operate largely independently of the home operations. But rather than this "never the twain shall meet" approach, progressive media businesses will recognise the global nature of our business and the opportunities that are opening up.

English is still the business language of choice around the world and British media professionals are among the most skilled, adaptable and valued - hence why so many are already plying their trade productively abroad. This trend is only set to continue, which opens up opportunities for media people who want to spread their wings and spend time working overseas. But it also opens up new horizons for those progressive media planners who recognise early the way the new shape of the global economy is going to change all our lives.

Steve Barrett is editor of Media Week, steve.barrett@haymarket.com www.mediaweek.co.uk/stevebarrettblog