Covid-19 Insights: Technology and Media (Part 1)

Michael Soileau, Vice President of Strategy and Planning, Comcast Cable

Technology and Media

• Current Status: We are obviously seeing a huge migration to online activities. Our homes are no longer where we simply live but have become our work place and learning centers. 62 % of employed Americans have worked from home thus far during COVID-19. Every state in the country has at least some of their public school systems closed. Museums around the world are hosting online curated experiences and opera and music companies are streaming concerts literally daily. Content providers have opened up their platforms to include thousands of hours of entertainment including releasing new movies online, education content open on almost every provider to enable in home learning, and specific COVID-19 related content to inform consumers from subject matter experts. Now more than ever, people are relying on technology to deliver what is most important in their lives.
• Longer-Term Concerns: I think everyone agrees that there will be a long-term economic impact around the world. To what is extent is still unknown. We are of course seeing early signs with unemployment approaching numbers not seen since the Great Depression. Questions remain as to what extent will this have on all parts of the economy — the commercial real estate vertical as an example — what if half or even a quarter of those working from home remain working from home? What will that do to supply and demand for commercial office space? However, what is really concerning is the impact of isolation on people. And it isn’t just people who live alone but the lack of socialization families and children are experiencing. This is a brand new dynamic that we will need to consider and watch closely.
• Noteworthy Aspects: I have been amazed at how well technology has stood up to the needs of this unique period in time. Given the massive increase in usage and the shift of that usage from evenings to daytime, our investments here in the US in technology infrastructure has proven wise. EU Officials have asked streaming services and individual users to ditch high definition video to avoid “breaking the internet” as their networks are built on different technologies than here in the U.S. And I will say that the resilience of our communities; our teachers, our students, our companies — in the way they have each and all quickly pivoted to change our daily lives speaks to the true ability of the Human Spirit.
• Ones to Watch: I think that our entrepreneurial, innovation and start up ecosystems are going into overdrive and will deliver on needs discovered during this pandemic. Ways to more deeply use technology to deliver experiences and learnings, retrofit work spaces to create PPE, participate in the discovery of a vaccine by facilitating quicker ways to research, materials to manufacture and even yes, potentials for mass production of a vaccine and innovative ways to distribute. What is certain is that the gig economy will change.
• Personal Note: I have been inspired by our small businesses around the world who have found innovative ways to continue serving their customers and delivering their services and products during this time. From restaurants who are now delivering and doing curb side pick-up to small mom and pop hardware stores who are taking phone in and email orders then packaging and delivering or enabling pick up. Something many small business owners would not have imagined a few months ago. Their innovation and entrepreneurial spirit is truly shining through and will serve as a basis for our new normal on the other side of this. Have they created a new gig work stream?