As businesses continue on their journeys to digital transformation, carriers are at a critical juncture of their own. Content is seen as key to customer acquisition and retention and many operators are well on the way to becoming fully fledged digital media and entertainment companies. There are several routes into, and business model approaches for, content. Operators may choose to pursue a multi-play approach, whilst others look to acquire content platforms, strike deals with content aggregators or even purchase rights themselves. Whichever strategy they adopt, operators will inevitably face a number of challenges – communicating the value of content to investors, building a strong proposition with content producers & distributors and educating customers are all potential hurdles. Re-positioning from a connectivity provider to an entertainment business requires significant time and investment, not least into the understanding of consumer audiences and their behaviors, but the payoffs can be great.