Strategic Challenges in a Global Market
Chapter 1: The Restructuring of the TMT Sector: A Ten-year Perspective
1. The restructuring of the TMT sector: a ten-year perspective 1.1 INTRODUCTION ‘Boom and bust’ is a well-known expression and has been used in the context of many industries such as the railways since the mid-nineteenth century. It inevitably implies that a fairly radical restructuring of the industry has taken place, in all probability leaving rather fewer companies at the end of the process than were present at its beginning. It is a process that is generally driven by technological progress – new and more eﬃcient ways of producing goods and services. In recent decades, rapid technological progress has been associated with anything digital such as computerisation, but it is fair to say that the one thing most aﬀected has been communications, broadly deﬁned. Communications is a diﬃcult term to pin down since it stretches from, say, the writing of a piece of software to the installation of a ﬁbre-optic network, so it is customary to narrow the ﬁeld somewhat for analytical purposes by restricting it to so-called technology, media and telecommunications (TMT) although it is still by no means easy to deal with the problem that arises when, say, a large company produces equipment for a variety of diﬀerent industrial sectors including one or more deﬁned as TMT. Furthermore, a media company may be intimately connected with telecommunications operators in so far as it provides the content that is supplied down their pipes while at the same time providing large quantities of independent material...
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