The media industry is constantly evolving, with new technologies and consumer behaviors shaping the way content is produced, distributed, and consumed. As we head into a new year, it’s important to stay on top of the major trends that are shaping the industry. Here are 7 major media industry trends to watch:
1. Streaming Wars: The rise of streaming platforms like Netflix, Amazon Prime, and Hulu has led to a new era of competition in the media industry. With the recent launches of Disney+ and Apple TV+, the battle for viewers’ attention is heating up. This trend is likely to continue with the introduction of more streaming services and the potential for content fragmentation.
2. Podcasting Boom: Podcasting has seen explosive growth in recent years, with more and more consumers tuning in to on-demand audio content. This trend is set to continue as major players like Spotify and Apple invest heavily in podcast production and distribution. As a result, podcast advertising is also expected to become a major revenue source for the media industry.
3. Artificial Intelligence in Content Creation: AI is increasingly being used to automate and enhance various aspects of content creation, from writing and editing to visual effects and post-production. This trend is likely to accelerate as AI technology becomes more advanced and accessible.
4. Rise of User-Generated Content: The popularity of social media platforms has led to a surge in user-generated content. This trend is expected to continue, with media companies increasingly relying on user-generated content as a source of engagement and authenticity.
5. Virtual and Augmented Reality: VR and AR technologies are becoming more prevalent in the media industry, offering new opportunities for immersive storytelling and interactive experiences. As the technology becomes more accessible, we can expect to see more media companies experimenting with VR and AR content.
6. Data Privacy and Regulation: With growing concerns over data privacy and security, media companies are facing increased scrutiny and regulation. This trend is likely to impact the way content is targeted and distributed, as well as how consumer data is collected and used.
7. Diversification of Revenue Streams: As traditional advertising models continue to face challenges, media companies are diversifying their revenue streams. This includes exploring subscription models, e-commerce, and other direct-to-consumer offerings.
In summary, the media industry is undergoing significant changes as new technologies and consumer behaviors reshape the way content is produced, distributed, and consumed. By staying on top of these major trends, media companies can position themselves for success in a rapidly evolving landscape.
Media is the communication tool through which information, educational, entertainment, data or promotional messages are disseminated. The global media market was worth more than $2 trillion in 2022 and includes revenues from TV and radio broadcasting; film and music; information services; web content, search portals and social media; print media; and cable and other subscription programming.
According to Media Global Market Briefing 2023 by The Business Research Company, the seven major trends shaping the media market include the following.
1. Digitization of Newspapers and Magazines
The newspaper and magazine industry is currently experiencing significant transformations due to digital technologies. Publishers of newspapers and magazines have changed their distribution approaches by introducing digital offers and services that can cater to consumers’ needs. Traditional newspapers and magazines publishers are offering their content on online platforms and mobile applications. Major traditional newspaper platforms offering news on digital platforms include New York Times Co, McClatchy Co., Gannett Co. Inc, The Guardian and The Sun.
2. Big Data Driving Growth
The rise in social media and the increasing volume of consumer data is driving growth in the book publishers industry. Book publishers can have broad and deeper visibility on their consumers, distributors and other stake holders. Publishers with digital first model are investing significantly in building in-house data and analytics team. For example, Next Big Sound’s, Next Big Book application provides a dashboard for the publishing industry which offers information on sales, publicity events, social media and web trends data regularly to offer a holistic view of the books’ performance. It will highlight factors that are the most influential such as social signals, book tours, prices and authors.
3. Growth of Audio Books
Digital audio book sales have increased exponentially over the last few years. Libraries are also offering audio books as part of their service. Some companies also offer a pay per usage plan that enables users to pay when they access a book title. 3M Cloud Library, Baker and Taylor, Hoopla, Overdrive and Audible are the major audiobook service providers. Consumer revenue from subscriptions to digital audiobook services and single purchases is estimated to rise to $4.8 billion in 2021, having surpassed $4 billion in 2020, according to Omdia’s latest Digital Audiobooks Forecast.
4. Motion Capture Technology to Reduce Production Costs
Film and music production companies are increasingly adopting motion capture technology to reduce costs associated with key frame-based animations. Motion capture is the process of recording a live motion event and translating it into actionable data that allows a 3D recreation of the performance. To achieve these, performers need to wear reflective markers all over their body which are then interpreted by a computer and turned into digital 3D models. Through this technology, real time results are achieved faster, and it also reduces the cost of key-frame animation. Some recent box-office blockbusters which incorporated motion capture technology include Avengers, Captain America, Beauty and the Beast, Guardians, Iron Man and others.
5. Stereoscopic 3D (S3D) To Enhance Viewing Experience
Film production companies are incorporating stereoscopic 3D technology to offer a three dimensional view of a scene. Stereoscopic projection technology is only marginally more expensive than standard digital projection systems. Stereoscopic 3D technology provides a more realistic depth perception to the audience than conventional 2D technology. Disney made the largest number of S3D animated projects to date, and the company is investigating the possibility of producing films in S3D natively. In 2020, there were over 122 thousand digital 3D cinema screens worldwide. This figure is over five times higher than that of a decade go, and marked an increase over five thousand from the previous year which indicates the rising demand for stereoscopic 3D technology.
6. Autonomous Drones Aiding Film and Video Production
Autonomous drones are becoming popular among mainstream and indie film and video makers as they enhance film viewing experience cost effective, light weight and reduce risks associated with cranes and cable cams during film making. Autonomous drones are flying gadgets equipped with multiple rotors, built-in high-resolution camera and algorithms for capturing videos and pictures. It offers 360-degree experiential recording experience with minimum human intervention. They are used to capture aerial shots, taking footages and images without having a cameraman on an actual helicopter. Major companies offering autonomous drones include DJI, Parrot, Yuneec, Kespry, Insitu and EHANG.
7. Increasing Use of MIDI Controllers to Reduce Production Costs
Music recording studios and controller artists are increasingly using MIDI (Musical Instrument Digital Interface) controllers to perform complex musical routines and minimize costs of production. MIDI is a standard protocol for inter-connecting computers with musical instruments, stage lighting and other media that produce and control sounds such as synthesizers and samplers using MIDI messages. MIDI controllers in conjunction with a DAW (Digital Audio Workstation) allows electronic instruments and tools to communicate with each other and also aid to alter a track substantially to avoid re-recording. Major companies offering MIDI controllers are MIDIPLUS, Nektar Technology, Alesis and Novation Digital Music Systems.
Additional Media Market Research
For more in-depth information, see the report Media Global Market Briefing 2023, which covers media market sizing and growth, regional comparisons, company overviews, and more.
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