There is no secret that consumer media habits and patterns have fundamentally changed over the last couple years. Let alone media; consumer expectations have drastically changed with the evolution of today’s technology. A friend from Fredericksburg Towing Service once told me that today’s customers are tech-savvy and want to feel a personalized treatment when businesses are addressing them.
When it comes to media and entertainment, today’s consumers say they want to consume it via computers and smartphones, rather than accessing it via an actual TV. We have seen the rise of media companies such as Netflix, Amazon, Hulu, and Spotify have disrupted the traditional entertainment industry.
Here are some notable digital trends reshaping the media industry;
The digitalization of the media industry is all driven by the ever-changing consumer behavior and expectations, particularly among the younger generation, whose sole convenience is accessing content instantly, anytime and everywhere. When it comes to demographics, the emergence of millennials needs convenience when consuming media content.
New Consumer Behavior
The shift in demographics has led to the creation of new consumer behaviors and expectations. The change in demographics has a significant impact on what the consumers expect from the media and how this information is consumed. Younger generations expect to access content from across the globe anywhere, anytime. Their expectations are built on instant gratifications as they expect nothing less. This has led to the rise of editorial content, advertising, and propaganda. We have also seen an increase in amateur content creators on various social media platforms leading being YouTube.
Digital and streaming solutions are increasingly becoming dominant in the media industry. The role of data is gradually changing from just being critical to becoming important. As we speak, streaming has already grown to become the primary revenue driver for many media companies, both music, and video. This underlines the reason why utilization of data is significant in ensuring the success of today’s media companies. Many technological advancements continue to transform many aspects of the media industry. Though this industry continues to become unpredictable, we can only rely on data to predict future insights.
As the media industry reacts and adapts to the changing habits of its consumers, we have seen some significant changes. First of these is startup disruptions with startups coming up to disrupt the norm and using technology to create new businesses and lean models. Everybody has undoubtedly become a content creator. Organizations and brands are now adopting the role of broadcasters all competing for consumer attention. Startups now have increased access to financial resources. The legal frameworks concerning intellectual property and other regulations continue to be uncertain.
Rise of Streaming
Much has been written about the rise of online streaming services and the impact it has on traditional media. Studies have shown critical insights into the relationship between viewers on TV and those on online streaming. It has been proven that a high percentage of those who use their TV also have an extra online streaming subscription. Many media startups have come whose primary source of revenue is streaming. This underlines the reason why online streaming services are disrupting traditional cable services.