Although content may be king, not all forms of content are equal. Dancing celebrities may have restored some of the sheen to terrestrial television but which aspects of the content universe will yield value in the long run?

The growth of pay TV has traditionally been driven by two genres: sports and movies. While free-to-air television has deployed a more diverse mix of programming, Sony's Kerstin Gühne sees a clear hierarchy: "There are the premium A-list products, and then there's a lot of B, C, D and E content. We've always seen a very high dependency of even the big broadcasters on the premium products."

In recent years, these premium products - exemplified by high-quality US dramas such as Heroes and Desperate Housewives - have strengthened their grip on the world's viewing. Yet much of the 'buzz' has come from event television: blockbuster reality and quiz formats such as Deal Or No Deal and Dancing With The Stars. These have rapidly migrated worldwide, providing opportunities to add local flair to a global template.

For many, such shows have limited value. Whilst they provide instant ratings and revenue boosts, they often add little to the archive. In David Elstein's words: "This type of content is short-term in its effect, as compared with high-quality scripted drama and comedy, which have longevity and repeatability built into their business model."

For major broadcasters, it's the ownership of a vast library of films, drama and comedy that presents the richest vein of opportunity, offering syndication and DVD opportunities, and the chance to adapt content of proven appeal to each new format as it arrives.

This focus on a durable bond with the audience led to 3i's investment in Chorion, which owns the rights to much-loved detective and children's properties, ranging from Poirot to Noddy. These characters have survived fluctuations in fashion for decades, and shown themselves to be capable of reinvention, as well as excellent at selling books, toys and other complementary products.

As Chorion's Chairman, Lord Alli, explains, the true value comes when video is "part of a much wider content consumption by the consumer".