Three Latest Digital Trends That Will Reshape The Media Industry

This article takes a closer look at the three most important technology, ecosystem and consumer trends that are reshaping the media industry through digital innovation.

1. Demographics Shift

With the global middle class currently on the rise, the demand for new media services is expected to grow, particularly in emerging markets, as more and more people will seek for premium content, convenience, video-on-demand services and education opportunities. Furthermore, the generation born between 1981 and 1997, also known as "the millenials," is generating demand for instant access to content, convenience and excitement. At the same time, the global world population is ageing, the result being an increased demand for health, education, information and education services that target seniors. Last but not least, urbanization leads to the increase of the demand for services designed with commuters and busy people in mind.

2. Consumer Behaviors And Expectations Shift

The shifting of the demographics structure has a tremendous impact on the way people consumer media and on what they expect from it. Also, it brings to the table different navigating habits and skills. The media industry needs to adapt to the navigation abilities of the mainstream consumers, in order to enable them to get satisfaction out of their experiences.

Shifting consumer behaviors and expectations: Younger generations want instant access to global content rather than local information. These generations are keen on getting instant gratification when it comes to accessing content online. Furthermore, as boundaries between industries start to fade out, consumers tend to evaluate their experience of service not only against other companies in a specific sector but against the best services overall, regardless of industry.

Editorial content, propaganda and digital marketing: Consumers are better and better at disseminating between editorial content and marketing and PR materials. The number of internet users who install and use ad blockers is on the rise, forcing marketers to find creative ways to engage their audience. Brand utility (the ability to provide useful information to the consumers) is one of the most important assets of modern marketers and businesses seeking for potential customers online.

Content curation and rewarding experiences: Consumers seem to enjoy getting content someone else has already curated for them. As reading on mobile devices has tremendously improved over the past few years, user experience has skyrocketed, allowing publishers to earn more out of display advertising.

Security, trust and confidentiality: Consumers are gaining a better understanding of the intrusion into their daily lives that creates monetization opportunities for various companies. They seek for services that offer transparency and respect their privacy, so they start to shift away from services that lack clear privacy and cookie policies.

3. Ecosystem Changes

As the media industry makes the necessary adjustments to cater to their customers, the media sector as a whole also changes. We've identified a few of these changes.

Startups get a voice. Any startup that shows talent, creativity and a daring attitude can thrive and flourish. As they become successful, they find the resources to scale their services and to increase the quality of their content, putting tremendous pressure on the big players in the media industry. Everybody can create content and publish it online without the need for technical skills. Some of the big brands partner with media, trying to get a bigger share of the consumer attention.

Financial resources are easier to access. Funding new and creative products and services is now easier than ever before. Content creators avoid traditional medial companies and try their hand at attracting alternative sources of financing. Many of them find success on crowdfunding platforms.

Work undergoes an important transformation. Highly skilled digital roles are now in great demand, as the global pandemic has sent all of us to work from home. At the same time, some job categories are on the verge of disappearance, as they are now redundant. As the workforce makes the transition to the digital economy, people may have to learn all their lives to keep pace with the technology progress.

Legal frameworks become uncertain. Legal frameworks become obsolete, as the new generation of media consumers expects instant access to content from regions other than their country. They make use of VPN networks to bypass any rule that might forbid them from getting the content they want.

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