Trends That Have Changed The Media Sector

There are many ecosystem, consumer and technological trends which are leading to serious changes in the media sector. In this article, we will take a closer look at each one of them. 

1. Demographics

The middle class around the world is growing. In 2030 it is projected to grow to as many as 4.9 million people whereas in 2009 the middle class was made up of only 1.8 billion people. As a result of this, there is greater demand for media services that provide education, entertainment and convenience. There is a great demand for premium content and video in demand especially in countries that have emerging economies. The group of persons born between 1981 and 1997 (Millennials)are also demanding more technology that offers great experiences, ease of use and easy access to information. The world's population is also growing older which means that there is even a greater demand for health services as well as education and entertainment that is suitable for this aging population. Due to urbanization, this has caused a high surge in demand for media that can be consumed during commute and work. 

2. Expectations and behaviors of consumers

Due to the shift in demographics, there is now a change in what people expect from media companies and technology. It has also changed overall technology familiarity, consumption and navigation. 

These behaviors are always changing. Younger people are very eager to access content from different countries and cultures. They expect instant gratification and want easy access to content at all times. The lines between different industries are now blurring. So, customers don't just look at the service from competing companies but also compare them to services from other companies in completely different sectors. 

People are much more adept and capable of figuring out PR and marketing strategies that are hidden in editorial content and advertising. More people are using ad blockers while surfing the internet and now, marketers have to change their strategies and learn new ways to interact with customers. This is typically now done through providing important information as well as telling stories. 

Creating a beautiful experience through content curation. Many people now enjoy having others curate content that are relevant and important to them. This is in a similar fashion to what magazine editors do. Now, mobile devices offer very easy mobile reading capabilities which has allowed native ad platforms to access new audiences. This has enabled publishers to get premium fees from advertisers who want access to their audience.

Trust, security and privacy. More consumers now are aware that their information online is being collected and deeply analyzed then monetized by other companies. So, customers now want extremely clear privacy policies and are more likely to change to another service that offers better protection of their private data and overall transparency. 

3. Challenges in the ecosystem

Due to the extreme change in the habits and actions of customers, the media industry has had to adapt quite significantly. 

Disruptions in startups. Due to more people wanting to change the world in addition to better technology and accessibility, startups are certainly expanding and growing worldwide. This has resulted in the creation of completely new business models or adapted models. When these companies grown, they typically improve their content quality and start to offer more services which certainly stresses the more traditional media organizations. There are so many more broadcasters and companies now that are vying for the same consumers. One example of this is Intel and Unilever since Intel has now partnered with Vice Media. 

Finances. More people are finding more imaginative ways to get the finances necessary to launch various new products as well as services. There are now many content creators that don't even need to work with typical media companies and they source their own businesses using methods such as crowdfunding. Work is also quickly transforming which has certainly had a huge impact on jobs and employment. There is a much greater demand for digital roles. The digital economy is only growing and the workforce is now forced to adapt. Due to how quickly technology is changing, learning needs to be continuous. 

Regulatory issues. The current laws for intellectual property are not up to date for the new technologies and media consumers. These consumers now expect immediate access to media from anywhere in the world. Due to this need, most are avoiding the typical methods of getting this content. For example, many people now use VPNs in order to access the US version of Netflix while in another country.

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