The world's media companies are failing to prepare for the digital market of the future, according to research by consultancy Accenture.

Of the 100 senior executives surveyed by the firm, half said they knew which technologies they need to use to secure their company's future development.

But two thirds of the respondents have less than 40 per cent of the required capabilities in place.

Digital advertising and multi-platform distribution were singled out as high-growth areas. Seven in 10 executives are already generating revenue from new media formats, such as downloadable content or TV-on-demand.

“It is great news that media organisations are developing a consistent strategic view of the key growth areas, but execution is slow,” said Gavin Mann, digital media lead for Accenture’s media and entertainment practice.

“There clearly remains a huge effort to put in place the necessary capabilities, and it is apparent that the size of the task is still not fully understood. I am not claiming it is easy to turn around some of the world’s greatest media organisations, but I do believe it is essential if they are to remain great.”

The respondents also displayed firm faith in emerging Web 2.0 technologies. Two thirds of those questioned said there was no likelihood of any so-called " bubble" bursting in the next two years, while 71 per cent saw no risk in associating their brands with social media networks.

Accenture spoke to 100 senior executives from media and entertainment companies based in Europe and North America.