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1、 2023 Boston Consulting Group1Shiing investor priorities and volatile markets changed the rules of the game for technology,media,and telecommunications(TMT)companies in 2022yet the industrys longer-term track recordremains remarkable.The 2023 TMT Value Creators Report shows that many companies,mostl

2、y in the tech sector,havegenerated immense value during the past five years.In total,our global list of 335 publicly traded TMTGenerating Value Despite Tougher TimesThe 2023 TMT Value Creators ReportAPRIL 18,2023 By Vaishali Rastogi,Derek Kennedy,Franck Luisada,Neal Zuckerman,Simon Bamberger,LukasLa

3、ngermann,Maikel Wilms,Tibor Mrey,Stephen Robnett,and Hady FaragREADING TIME:15 MIN 2023 Boston Consulting Group2companies created$4.7 trillion in value based on market valuation changes over the five-year periodending December 31,2022.Most of the top 10 value creators each generated more than$100 bi

4、llion,and Apple and Microsoeach created over$1 trillion.Notably,all but 2 of the top 20 value creators were tech companiesbenefiting from the digitization of business and personal life.(See Exhibit 1.)The playing field changed for TMT companies in two ways in 2022.First,they were subject to the broa

5、dmarket turmoil triggered by the war in Ukraine as well as rising inflation and interest rates.Along withthese macro developments,many TMT players were hit hard by the change in investor focus from“growth at all costs”to“efficient and profitable growth.”This focus on profitable growth has continued

6、into the first months of 2023 as markets have recoveredsome of their losses.The market recovery has benefited tech stocks in particular,but in keeping withthe new mood,those that have bounced back furthest are those demonstrating both profits andgrowth,such as Apple,Microso,and Alphabet.2023 Boston

7、Consulting Group3This report digs into how TMT companies can create value in this environment,including leveragingdisruptive opportunities in generative AI and the metaverse.The telco sector outperformed in 2022 as investors sought its more utility-like returns amid the difficultmarket conditions.Th

8、e sectors median total shareholder return(TSR)beat the tech and media sectorsas well as the S&P Global 1200,an index of worldwide stocks.(See Exhibit 2.)The telco sectors relative outperformance in 2022 pushed its median annual five-year return to 4.2%.Italso helped its ranking versus other sectors:

9、in a list of 33 industries ranked by five-year median annualreturns,telcos improved from 29th to 26th.(See Exhibit 3.)2023 Boston Consulting Group4The tech sector,in contrast,endured the“tech winter”as it fell out of favor with investors.The sectorsmedian one-year TSR was a remarkable 26%.Yet its lo

10、ng-term record meant its five-year medianannual return remained a strong 13%.Given the change of investor sentiment,tech no longer had thehighest five-year return of the 33 industriesbut it remained a strong third.For the media sector,the story in 2022 was somewhere in between.But the tough market c

11、onditions of2022,combined with the sectors weaker long-term record,meant it slid a long way down the sector-by-sector list,from 15th to 27th.The sectors five-year median annual return was marginally worse thantelcos at 3.7%.A Consistent Performance in Difficult TimesAs mentioned earlier,the most sig

12、nificant value has been created by well-known tech mega-caps,withthe top ten in tech contributing more than 70%of the sectors five-year absolute value creation.(SeeExhibit 4.)2023 Boston Consulting Group5But even in other sectors,innovative management can lead to substantial value creation;T-Mobile

13、UStopped the telco sector for value creation with$119 billion over five years.The mobile operator hasbroadened its longstanding and innovative“un-carrier”strategy to new customer segments,its a USleader in deploying 5G,and the all-stock,$26 billion acquisition of Sprint has yielded synergies largert

14、han forecasted.2023 Boston Consulting Group6Looking at TSR,which highlights relative performance,it is clear that many companies outside themega-caps have retained their track record of consistent,strong returns even aer 2022s challenges.These repeated outperformers include video game publisher Capc

15、om,chip-testing company Lasertec,and telco Cellnex.(See Exhibit 5.)For Tech Firms,a Transformed ApproachLooking at value creation over the five-year time horizon,only about 20%of companies had a negativefive-year record despite 2022s declines.The tech sectors strong value creation story remains larg

16、elyintact with$5.3 trillion created,underpinned by the$2.7 trillion in value generated collectively by Apple,Microso,and Alphabet alone.(See Exhibit 6.)2023 Boston Consulting Group7The recent slew of tech sector job cuts is one example of how many public tech firms in this report arefocused on hitti

17、ng bottom-line targets rather than just top-line revenue growth.Yet even in 2022,somecompanies thrived,posting enviable one-year TSRs.The top three one-year TSRs in tech were postedby hardware companies benefiting from investment in global decarbonization such as electric vehiclesand renewable energ

18、y.These threeDelta Electronics,Walsin Lihwa,and Guangzhou Great Powereach had one-year TSRs above 50%.The foundations are already being laid for the next wave of value creation.Late in 2022,BCG workedwith Nasscom,Indias tech trade association,to identify 12 technologies generating high fundingmoment

19、um globally that will drive strong R&D and trigger disruption.The technologies named:autonomous analytics,augmented reality and virtual reality,autonomous driving,computer vision,deep learning,distributed ledgers,edge computing,sensor tech,smart robots,space tech,sustainability tech,and 5G/6G.Invest

20、ment has poured into some of these technologies that are anticipating the creation of whole newindustries.The top-ranked area of investment is sensor tech,where applications vary from personal-health wearables to factory automation.Publicly disclosed deals reflecting private investments in thepast f

21、ive years have put more than$80 billion into the sector.Also receiving large publicly disclosed 2023 Boston Consulting Group8private investments is autonomous analytics,where applications can be anything from“what to watchnext”recommendations on streaming platforms to predictive maintenance of jet e

22、ngines.Investorshave put more than$50 billion into companies in this area over the same period.Lets look at the tech subsectors in more detail.Soware.Despite a median one-year TSR of 27%,in line with techs broader market slide,thesubsectors median annual five-year return was 16%.The highest returns

23、were generated by companiesthat have occupied important verticals,such as online advertising platform The Trade Desk andcybersecurity specialist Fortinet,or that provide vital subservices to other soware firms,such asdatabase company MongoDB.The broad trends that have driven sowares value creationth

24、edigitization of personal and business life and the move to the cloudwill continue to propel thesubsector forward,accelerated by generative AI,smart robotics,edge computing,and othertechnologies where innovation is driving new applications.Semiconductors.If there was a tech winter,the semiconductor

25、subsector was in the middle of theblizzard:in 2022,semiconductor firms posted a median annual TSR of 33%,with supply chain issuesstill looming large.But the median annual five-year return remained at 17%.The outlook is mixed.There is a glut of the DRAM and NAND memory chips used in PCs and smartphon

26、es,yet chips used inelectric cars are expected to be in short supply for years.Meanwhile,governments continue to rethinkthe risks caused by the geographic concentration of supply.IT Services.Businesses drive for digital transformation is a key reason this subsectors medianannual five-year return was

27、 16%.To continue creating value,providers must position themselves firmlyin technologies that IT buyers continue to regard as strategic priorities,such as cloud,analytics,appdevelopment,and AI.For Media,a Long List of ProblemsReturns from the media sector were hit by the broad market turmoil,but the

28、 sector also had plenty ofits own problems.Some of these are a hangover from the lockdown era in major Western economies,with consumer spending in 2022 normalizing aer two years in which locked-in consumers boostedtheir spending on digital entertainment.The economic slowdown also has an outsize impa

29、ct on media companies.Some 50%of the sectorsrevenue is from advertising,which is highly correlated with GDP.Year-over-year growth in USadvertising slowed from 11%in the first half of 2022 to 6%in the second half,according to mediaintelligence company Magna.Many media players are also suffering as ad

30、 revenue gravitates towardglobal platforms such as Facebook and Google.2023 Boston Consulting Group9Among companies showing a positive return in 2022 against this challenging backdrop,a high numberof them were from the US,underlining the continued dynamism and entrepreneurial management ofsome US me

31、dia firms.Looking over five years,however,the picture is more international owing to theglobalized nature of the video game market,which has provided 25%of the top 20 media performers.For value creation,Alphabet stands out.Without it,the sector would have lost substantial value.Of the66 companies in

32、 the sector,31 dropped in value over five years,adding up to$561 billion.For manymedia incumbents,large investments in content have not paid off.Because of Alphabets gain of$416billion,however,the sector managed a narrow$60 billion value creation.But even Alphabet cameunder pressure last year as adv

33、ertising spending declined and competitors to YouTube,such as TikTok,gained market share in short-form video.Those challenges continue this year with Microsoannouncing the integration of OpenAIs ChatGPT functionality into Bing,potentially putting pressureon Alphabets core search business.The outlook

34、 for value creation in 2023 is mixed.Economic factors such as inflation and the threat of arecession will likely continue to impact consumer and ad spending.In addition,in 2023 there are fewermarquee media events such as the FIFA World Cup,the Olympics,or a US presidential election.The outlook for v

35、alue creation in 2023 is mixed for the media sector,but the industrymay be more resilient than in previous recessions.But the media industry may be more resilient than in previous recessions.One reason is thatperformance marketing and programmatic-based digital advertising are expected to remain str

36、ong.There has been,and continues to be,some interest in media from telcos and tech firms,although it isstill unclear whether these companies will be satisfied distributing content generated by others or willwant to build end-to-end services.(The answer may also vary from firm to firm.)We may see mor

37、ehybrid business models aer years of a subscription model focus,with companies such as Disney andNetflix offering hybrid services at lower price points that also generate advertising revenue.Over-the-top streaming services likely will continue to see consolidation through M&A,service brandcombinatio

38、n,or service discontinuation as companies look toward future value creation in anincreasingly crowded and competitive market.Recent examples of consolidation include theWarnerMedia and Discovery merger as well as UK media company ITVs combination of BritBox andits ITV hub into a single ITVX brand.As

39、 with the tech sector,profitability has become key.2023 Boston Consulting Group10Bright Spots for Telcos in a DownturnThe era of efficient and profitable growth fits telcos better than growth at all costs,and in the 2022rankings,telcos made up three of the top ten TMT companies for one-year TSRChina

40、 Unicom,China Telecom,and Qatari fixed and mobile provider Ooredoo.Looking at median five-year returns,national players generally outperformed global operators,withSaudi Arabias Etihad Etisalat providing the best five-year record.National players may be morenimble than larger rivals;global players m

41、ay also find it harder to achieve growth from their largerbase.But given the geographic diversity in our global list,it is important to recognize that nationalplayers may have beneficial local regulatory and competitive landscapes.Investors new focus on profitable growth has created new opportunitie

42、s for telcos to create value in2023.They may find that tech firms targeting some of the same markets,such as IoT andcollaboration,are now more interested in partnering than outright competition.As these same techfirms reduce headcount,telcos may find it easier to recruit the talent they need for the

43、ir digitaltransformation agenda,which is extensive and includes upgrading networks for a soware-defined,cloud-intensive future.Investors new focus on profitable growth has created new opportunities for telcos tocreate value in 2023.At the same time,the rise in interest rates and the slowdown in M&A

44、reduce opportunities to createvalue.For instance,these trends may make it harder for telcos to sell some or all of theirinfrastructure,a move that can facilitate a next-generation operating model with a greater focus ongrowth and services innovation.(For a deeper dive into value creation by telcos i

45、n 2022,see The 2023 Telecommunications Value CreatorsReport,Bright Spots for Telcos in a Downturn.)Key Strategies for Future Value CreationTo create value in the profitable-growth era,companies need to focus on four areas.(See Exhibit 7.)2023 Boston Consulting Group11Revisit strategy to win.TMT play

46、ers need to break with simplistic investment plans that prioritizegrowth with little regard for profitability.Priorities should include modernizing products and exploringnew business models,vital moves that may have been overlooked in the dash for expansion.In an eraof constrained investment related

47、 to higher interest rates,companies need to focus resources on bothproduct development and go-to-market strategy.This makes customer profiling essential;theseoptimizations require a deep understanding of customers and the buying processes.Generate product efficiency.Investors may no longer fund spec

48、ulative corporate adventures intonew markets.Customers too have become more risk-averse and less keen to change suppliers.Thismeans companies need new and more disciplined thinking in product development,closing downprojects where returns are unclear.Managers need to create a balance between product

49、 innovationand adoption at the right willingness-to-pay to generate appropriate returns;this is another strategy tofocus resources,increasing the accountability of R&D investment.Focus go-to-market productivity.In the current environment,many companies need to discover newroutes to growth.Previous e

50、xpansion tactics,such as overinflating marketing budgets or aggressiveprice cutting,are no longer appropriate.Instead,companies must focus on growth through theirexisting user base,upselling,and adjusting pricing to enhance margins consistently over time.Create a lean organization.Many firms overbui

51、lt capacity during the growth era,and the tens ofthousands of tech and media job cuts(as of the beginning of April)show that some of this is now beingunwound.Companies that concentrate on the above three areas should find efficiency savings as theyfocus in on the core activities that drive the most

52、value.At times of change like this,zero-based 2023 Boston Consulting Group12budgeting can save costs and free up resources to pursue the robust prospects for growth that still lieahead.Opportunities in AI and the MetaverseIt is important to underline that TMT firms still enjoy an abundance of growth

53、 opportunities.Forexample,earlier in this article,we identified 12 growth technologies with high funding momentum andstrong disruptive potential.One of these,AI,has a multiplier effect,driving down the costs ofautomation to a level that opens fresh approaches to workflow and innovative business mode

54、ls.TMT managers must watch for game-changing threats and opportunities withgenerative AI.Managers must particularly watch for game-changing threats and opportunities with generative AI,atechnology that can create images,text,and computer code.This has now reached a tipping pointowing to new foundati

55、on models,the large,general-purpose AI models that have advancedsignificantly because of breakthroughs in algorithm development,the availability of enormousvolumes of data,and an increase in available computational power at a reduced cost.In short,modelsare getting bigger and smarter.But high barrie

56、rs to entry likely mean a few large players will controlthe core technology.We see big tech companies such as Microso and Google doubling down onbuilding and owning foundation models,which can have billions of parameters(a measure for modelpower)and cost more than$50 million to create.Other TMT comp

57、anies have opportunities to enhance or fine-tune these models,however,and applythem to high-potential use cases such as soware development in tech,content creation in media,ornetwork operation optimization for telcos.The soware development platform GitHub is alreadysuggesting code in real time to so

58、ware developers with its Copilot product,and BuzzFeed has said itwill use the same model to generate quizzes and other content.There are also opportunities to build tools that will assist developers in deploying foundation modelsfor specific use cases,speeding up development,and helping connect to e

59、xternal end points ofenterprise workflows.This will create new ways to differentiate apps,apart from the underlying 2023 Boston Consulting Group13capabilities of the foundation model.Examples of emerging players in this space include LangChain,Dust,Cognosis.ai,HoneyHive,and Humanloop.The potential f

60、or value creation is immense.Opportunities will proliferate as the technology shows itstrue power,generating more complex output such as video,audio,and even intricate virtualenvironments.As companies evaluate the use of generative AI,they should answer six questions to drive success:AI is a critica

61、l enabler for another opportunity:the metaverse.Oen,this is narrowly defined asaugmented reality and virtual reality,but we see the metaverse as much broader.To us,the metaverselies at the intersection of three technologies:Generative AI can power the metaverse by helping users and developers create

62、 immersiveenvironments and worlds with less time,effort,and cost,as well as by boosting diversity,creativity,andpersonalization.Generative AI can also enable users to customize their avatars,assets,andinteractions in the metaverse,enhancing their sense of identity and belonging.The metaverse concept

63、 might seem amorphous,but its use cases are easy to spot and are multiplyingfast.They also serve as substantial new opportunities for value creation,opening up innovativebusiness models for B2C and B2B companies and novel ways of connecting to customers.A Fortune500 retailer,for instance,could impro

64、ve margins by 1.5 to 2 percentage points through improved staffonboarding and training.Better inventory management and enhanced in-store experience could addmore than$1 billion on top of that.Which use cases or projects should receive focus to achieve the greatest return on investment?How should gen

65、erative AI be integrated into the broader AI and tech transformation?How should an increasingly complex tech stack and infrastructure be built and managed?Which inherent risks must be considered and evaluated?What partnerships are needed to ensure the best solution for chosen projects?What required

66、changes in operating model,people,and organization should be anticipated?Significantly improved AR and VR technology with much wider uptakeWeb3 and virtual assets such as those stored in nonfungible tokens(NFTs)Metaverse-worlds,or m-worlds,immersive applications that can create real-time mini-econom

67、ieswith multiple players 2023 Boston Consulting Group14Winning in the metaverse requires:Owning or controlling the data and content as well as the surrounding“geography”of themetaverse consumer.Generating robust linkages between digital layers and the physical and virtual worlds(human-machine interf

68、ace),including IoT sensors to enable human-to-metaverse connectivity andblockchain technology to create authentic and unalterable trusted ledgers.2023 Boston Consulting Group15The metaverse opportunities go beyond tech firms.Media companies have unique content that maybecome more valuable inside m-w

69、orlds,and some(such as video game publishers)have highlyrelevant tech skills.Telcos can provide some of the high-grade connectivity needed for immersive m-worlds,with 5G playing a potentially vital role.The metaverse will also create colossal value opportunities in areas such as development tools,cy

70、bersecurity,adtech,and digital identity management.Therefore,companies must scour the emergingmetaverse ecosystem and find their opportunity space.(See Exhibit 8.)Learning Lessons from the PastFrom previous downturns,we know that moments of adversity are when strong businesses pull ahead.But the odd

71、s are long;a BCG study of companies with at least$50 million in revenue showed 28%ofthem increased sales and 42%boosted margins during the past four downturnsbut only 14%managed both.What can managers do to put their company into that 14%?Great strategy and outstanding executionare neededthemes thro

72、ughout this report.The rules of the game have changed,but this reportshows that the best-managed companies have many opportunities to create value in 2023 and beyond.Providing the tools needed for consumers and businesses to spend more time in the metaverse.These include computing power,low-latency

73、connectivity to ensure timely access to information,AI to provide continual learning,fault tolerance,and contextualization.2023 Boston Consulting Group16AuthorsVaishali RastogiMANAGING DIRECTOR&SENIOR PARTNER;GLOBAL LEADER,TECHNOLOGY,MEDIA,&TELECOMMUNICATIONS PRACTICESingaporeDerek KennedyMANAGING D

74、IRECTOR&SENIOR PARTNER,GLOBAL SECTOR LEADER,TECHNOLOGYSan Francisco-Bay AreaFranck LuisadaMANAGING DIRECTOR&SENIOR PARTNER,GLOBAL SECTOR LEADER,TELECOMMUNICATIONSParisNeal ZuckermanMANAGING DIRECTOR&SENIOR PARTNER,GLOBAL SECTOR LEADER,MEDIANew YorkSimon BambergerMANAGING DIRECTOR&PARTNERLos AngelesL

75、ukas LangermannPROJECT LEADERLos AngelesMaikel WilmsPARTNER&DIRECTORAmsterdam 2023 Boston Consulting Group17Tibor MreyMANAGING DIRECTOR&PARTNERViennaStephen RobnettMANAGING DIRECTOR&PARTNERDenverHady FaragPARTNER&ASSOCIATE DIRECTORNew YorkABOUT BOSTON CONSULTING GROUPBoston Consulting Group partners

76、 with leaders in business and society to tackle their most importantchallenges and capture their greatest opportunities.BCG was the pioneer in business strategy when it wasfounded in 1963.Today,we work closely with clients to embrace a transformational approach aimed atbenefiting all stakeholdersemp

77、owering organizations to grow,build sustainable competitive advantage,and drive positive societal impact.Our diverse,global teams bring deep industry and functional expertise and a range of perspectives thatquestion the status quo and spark change.BCG delivers solutions through leading-edge manageme

78、ntconsulting,technology and design,and corporate and digital ventures.We work in a uniquely collaborativemodel across the firm and throughout all levels of the client organization,fueled by the goal of helping ourclients thrive and enabling them to make the world a better place.Boston Consulting Group 2023.All rights reserved.For information or permission to reprint,please contact BCG at .To find the latestBCG content and register to receive e-alerts on this topic or others,please visit .Follow BostonConsulting Group on Facebook and Twitter.