Technology is changing the way media and entertainment industry operated by creating new opportunities and better revenue models. And 2020 is seen to be the year for the growth of online media industry. Virtually every online media company is looking to establish direct to consumer relationship. From purchasing a print newspaper to opening a news app on your palm tab, from purchasing a traditional recipe book to getting personalized recipe suggestions on your smartphone, from renting DVD’s to watching your favorite TV show on your Android TV, it’s definite that the digital revolution of the online media industry has already paced up a lot.
E-Media: Consumer Trends
The online media industry is driven by the changing consumer trends and perceptions, especially among the youth which demands immediate access to online content anytime, anywhere, thus posing a huge demand for constant innovations into the media industry.
Consumer trends are mainly driven by constant demographic shifts and technological trends which are having a dramatic impact on consumers’ expectations and demands from the online media industry. Increasing millennials are showing demand for services that offer convenience, instant access to the content, and everlasting expectations from that content. The younger generation is keen to have access to the prominent content from around the globe, from content creators like the Swedish “PewDiePie” and Indian “Bhuvan Bam”, among others. These young fellows have created a new kind of relationship with their audience. These amateur creators have become social media influencers and thus are somehow responsible for influencing the choices and preferences of consumers.
Additionally, a growing number of internet users have a paved path to ad-block techniques, which has led to marketers changing their ways of reaching their target audience. Online media companies are targeting their customer segment by analyzing their demographic data, thus enabling businesses to create more personalized data. Such factors have given rise to data analytics in the media industry which purely concentrates on evolving ways to create more engaging content. Consumers are also becoming aware that their choices and preferences are being recorded and their daily activities are being used by these analysts, thus consumers are keener to switch among service providers for data reliability. Startup disruptions also seem to be posing a challenge every day, there are several new entrants operating in the market.
Analyzing COVID-19 Impact on Online Media Industry
Online media industry is transforming and is clearly driven by impatient consumers for content, thus opening new avenues and opportunities for marketers. Moreover, owing to the COVID-19 pandemic, the thrust to online media is undeniable. A sudden increase in the number of people being affected and being indoor has changed the lifestyle of people, as they are spending more time on social platforms than ever before.
Almost everyone is stuck at a place now, and this has led to the rise of online media tremendously. Even education has also seen a shift in online educational learning sources.
People are looking for entertainment on streaming platforms like YouTube, Amazon Prime & Netflix. The biggest beneficiaries are news sites because people are keen to get the latest news and trends about the Coronavirus Outbreak and its effect on their lives. With the rise in digital platforms with the advent of the increasing use of the internet, marketers now have the opportunity to capture more customer attention by advertising on popular websites, and posting more engaging content as many readers are now available.