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Digitization has permanently reshaped the global entertainment and media (E&M) ecosystem. The most successful E&M companies have always benefited from multiple revenue streams. But today profitable growth may depend on having five, six, or even more revenue streams -- an often fluid portfolio of bets on areas outside core business and traditional product lines. Companies are succeeding in developing streams that tap into the commercial potential of their most engaged users. They are doing so by pursuing new modes of distribution, targeting ad products more effectively, driving e-commerce activity, building membership businesses, and branching out into new media and geographies. A group of common capabilities underpin the success of such efforts. Content and distribution expertise must be paired with capabilities in data analytics, in acquisition and retention mechanisms, in experience development, and in strategic revenue management.

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