Variety’s Venture Capital and New Media Summit kicked off Friday at the Beverly Hilton with an overview of media-consumption trends from David Cortese, senior VP of digital studio services at Rentrak.
He focused on the increasing diversity of screens that are seeing growth even as live TV remains as dominant as ever, commanding roughly three-quarters of the average American’s viewing time. Nevertheless, he noted the emergence of everything from DVR viewing, which has 17% market share, to less mature windows including rental, electronic-sell-through, VOD, Internet and mobile, all of which have low single-digit shares that are bound to grow in the coming years. “There’s a lot of other platforms calling for your attention,” said Cortese.
Suranga Chandratillake, founder/CEO of video-search firm Blinkx, gave a presentation on the dynamics that go into fostering a culture of innovation like the one that dominates the technology business in Silicon Valley. Analyzing data from a survey his own company conducted on entrepreneurship he knocked down a handful of the factors some might presume drive success in this sector–including the availability of talent, dealmaking, money, buzz and companies to sell to–and pinpointed an easily overlooked element: passion. In that respect, Chandratillake believes Los Angeles has what it takes to continue growing as a hub for innovation. “I can’t think of a city more driven by slightly irrational passion than Hollywood,” he said.
• Venture Capital & New Media Summit