57% of senior executives in the media and entertainment industry point to the rapid growth of user-generated content as one of the top three challenges they face today, according to the results of a research study released in April by Accenture. Accenture’s definition of user-generated content, for the purpose of this study, included amateur digital videos, podcasts, mobile phone photography, wikis, and social media blogs.

While those surveyed expressed concern about user-generated content, they are less apprehensive about the future.

According to the research,

  • 68% of respondents believe that within 3 years their businesses will be making money on user-generated content, and
  • 62% believe their companies will make money through advertising and sponsorships of social media.

The research also shows that

  • 70% of respondents believe social media will continue to thrive,
  • while only 3% say it is a fad.

When asked which content type has the highest growth potential over the next five years,

  • 53% named short-form video,
  • 13% videogames,
  • 11% full-length films,
  • 11% music,
  • 9% consumer publishing, and
  • 4% business publishing.