Exclusive: Bain & Co names new head of Americas media practice
Bain & Company has named Daniel Hong as head of its Americas Communications, Media & Entertainment (CME) practice, Axios has learned.
Why it matters: The appointment comes with an aggressive revenue goal for the consulting firm's CME practice over the next three years.
Details: Hong will continue reporting to Herbert Blum, Bain's global head of CME.
- Speaking from Bain's Bryant Park office, Hong says his biggest challenge in the new role will be maintaining focus amid ambitious growth goals.
- The CME practice doubled revenue from 2020 to 2023, and Hong says the company aims to double it again from 2024 to 2027.
Catch up quick: Hong joined Bain in 2002, working out of the New York office. He primarily has been based there, with stints in Japan, South Africa, and India.
- Hong says he's long been interested in media. He worked at MGM for a summer while getting his MBA. At Bain, he started working more with media clients around 2008 when the practice began formalizing.
- Most recently, he served as sector lead of Bain's advertising sub-sector and worked with ad agencies, diversified media businesses and video game companies.
What to watch: Hong says "convergence is the next wave" in media after the direct-to-consumer boom. He says success could come from bundling media, like TV shows, video games and fitness, under one subscription.
- That trend is "intertwined" with Big Tech, which impacts the sector as competitors, customers and partners, Hong says.
- Hong says he anticipates large-scale M&A in media this year with expected dealmaking in the video game industry, B2B info services and location-based entertainment.
1 fun fact: Hong's wife, Tevia Segovia, is also a partner at Bain. She leads the payments practice within the Americas.