While the media and entertainment industry was one of the first sectors of business to navigate digital disruption, its transformation is far from over. User loyalty is a critical factor in a media landscape dependent on … Also available in your inbox every Thursday as The Drum's Future of Media … For years, Global has delivered out of home and audio ads but to future-proof, it restructured its sales team to have both working in tandem for top campaigns. There will be 26.3 million VR headsets shipped in 2022, up from 100,000 in 2016. I wonder if that is part of the problem. In research for this discussion, I came up with a few insights on what I foresee coming up next in the world of social media. Despite incremental progress over the past decades, many marketers still see publishers as a means to an end: a way to reach coveted audiences. CNN's Great Big Story was one such casualty this year. I suppose the benefit of going exclusively to Global is that there's only one 'conspiracy board' rather than five... Gordon explained the variety of campaigns they'll be expected to conceive and tie to campaign objectives. More and more of the customer … Since social media users are starting to shy away from sharing personal updates publicly... 3. Trends are here, ladies and gentlemen. By its very nature, it’s a fast-moving magpie of an industry, jumping onto the next idea that comes along. The Future of Media challenge is seeking to explore pathways to optimize digital platforms of existing media houses or explore new media pathways of generating revenue. The video will become the primary type of content. I think the term accurately describes our political ideologies – we want to conserve the best aspects of America. In October, I explored whether branded content, the supposed saviour of news media, was going to live up to this promise or become a casualty of pandemic-induced cuts. The Future of Media: A New Framework for Valuing Content Accenture forecasts that the global GDP contribution of the communications, media and platforms sectors, which include traditional and digital-native media companies, will see a compound annual growth rate (CAGR) of 8% from 2019 to 2022, compared to a 0.5% CAGR across all industries. After years of testing engagement techniques and revenue models, the media industry is seeking balance in attracting new users versus re-engaging existing ones. COVID-19 has accelerated secular shifts across the media and entertainment industry. Augmented reality is the future of social media. Lastly, here are some figures on the future of media and entertainment that are particularly interesting: By 2021, Cisco says that 82% of all internet traffic will stem from digital video. © Carnyx Group Ltd 2020 | The Drum is a Registered Trademark and property of Carnyx Group Limited. The report highlights six implications for the media and entertainment industry, each with a value map to illustrate major impacts for industry players. 1. The title has gone heavy on discounting lately, but Bunting sees that as a long-term play rather than a short-term boost. In China, the gap is widening more quickly, 8% annual growth for digital channels and an annual drop of 3% for traditional channels. Social media will help brands deliver a better customer experience. These economic and behavioural shifts are accelerating transformation across the ecosystem. “As media capabilities continue to expand, … Different types of groups. Providing great companies with the recognition they deserve. The TV will merge with digital, th… It appears the jack-of-all-trades content house is on thin ice; brands want to pay for specialists who know their sector intimately. Search 2,345 jobs in marketing, advertising, creative and media. Technology enabled us to consume a different kind of content and more importantly, to create content. Russell Poole. They will support efforts to rethink the way the product is packaged (and in some cases personalized). Shawn Lim discovered that clients that could still spend were largely funnelled to relevant verticals like CNN travel, CNN style, and CNN business. By using our website you consent to all cookies in accordance with our updated Cookie Notice. 2. By Ad Age Collective Expert Panel. Thanks to the success we’ve seen of this useful technology, it’s no doubt that AI will be a key player in the future of social media. What the future of media looks like for CNN without Great Big Story By Shawn Lim - 08 December 2020 03:01am Bradley also oversees CNN’s digital … Future Media Concepts Driving the Job Market Mobile Video Marketing. At the close of 2019, the number of social media users worldwide had hit 3.5 billion. But now media companies need more strings to their bow August 27, 2020 4.11pm EDT. A weekly update of what’s on the Global Agenda, expected to decrease 8.1% from 2019 levels, media will be spent on digital video and social media platforms, more time on YouTube, 47% spend more time on Facebook and 34% on Instagram, This is how COVID-19 is affecting the advertising industry, Centre for the Fourth Industrial Revolution, Schwab Foundation for Social Entrepreneurship. Much of this incremental time on digital media will be spent on digital video and social media platforms. The answer was complicated: demand dipped with the exception of media brands in certain well-defined verticals and those that deliver solid purpose campaigns. Got a tip, a correction, a complaint, want a chat? From your Motorola Razr to your iPhone X. The future of media is certainly streaming. Parker: I framed the beginning of this conversation around the future of “conservative” media. Monthly global household expenditure on media and entertainment in 2022 is predicted to be 30-40% less compared to 2019, while global advertising spending for 2020 is expected to decrease 8.1% from 2019 levels. Social media usage has become an integral element to the lives of many people across the world. 1 Source: Digital TV Research, Global OTT TV and Video Forecasts, May 2020. This includes the growth rates of various media and entertainment sectors, TV viewing trends, and social media … Facebook and Google used to be the future of news. We use cookies to improve your experience on our website. That’s the key finding of PwC’s annual “2018 Media & Entertainment Outlook,” which projects that industry revenues will reach $792.3 billion by 2022, up from 666.9 billion in 2017. It's definitely more focused. It’s also something of a last stand. You can subscribe to it here if you’d like it your inbox once a week. With the revenue streams that have sustained the media industry for decades drying up, subscriptions may be the only viable future for independent media. Earlier this week, the Pew Research Center released their own canvassing of experts about what they envision digital life will be like in the future. This week we focus on growth at The Athletic and Football Manager, as well as restructures at CNN and Global. Features providing insights into the marketing industries. 12.16.2020 07:00 AM The Future of Social Media Is All Talk From Clubhouse to Discord to Twitter, 2020 was all about giving people a voice online. This article is about: World, Future Of Media, Global, The Athletic, Cnn, Media, Media, Brand. From your iPod Shuffle to your Spotify subscription. How will brands adapt to the future of social media? Accenture forecasts that the global GDP contribution of the communications, media and platforms sectors, which include traditional and digital-native media companies, will see a compound annual growth rate (CAGR) of 8% from 2019 to 2022, compared to a 0.5% CAGR across all industries. Debating the future of media. What is the future of social media? The Facebook group will become important. Thinking about what the future of social media might be is a funny thing. This … Competition is intensifying and access to granular user data will be key for success. In the US, the CAGR of time spent on media between 2018 and 2022 is expected to be +5% for digital channels and -2% for traditional channels. This is why the Future of Media is going digital. I'm at john.mccarthy@thedrum.com or @johngeemccarthy on Twitter. The same goes for many AI social media services that are similar. Digital Media and Society: Implications in a Hyperconnected Era. ), Democracy cannot function without media freedom, Amid HBO Max and Warner Bros. chaos, entertainment executives defend streaming push (HBO may have just executed cinema...), Christopher Nolan went nuclear on Warner Bros. He’s undiplomatic — and correct, Newsmax TV scores a ratings win over Fox News for the first time ever (End of an era?). Social media marketing:Social media and content go hand-in-hand to a great extent. Video has become a major trend and type of … brands want to pay for specialists who know their sector intimately. Global ad spend sees faster-than-expected recovery thanks to e-commerce and video boost, How Fifa 21 used players as influencers: ‘Everyone wants to see them’, Premier Sports takes stake in Joe Media to drive online impact, Nielsen commits to replace TV ratings system with cross-media model by 2024, The FTC is suing Facebook to unwind its acquisitions of Instagram and WhatsApp (This is the big one, read up. Debating the future of media. The future of media and marketing: eight predictions from industry pros. Explore the latest, and greatest, creative work from around the globe. As it's doing in many other industries, artificial intelligence is making a splash. Miles Jacobson, studio director of Sports Interactive (SI), oversaw one of the most challenging rebrands in gaming history when SI ceded the much-loved Championship Manager brand to Eidos and built spiritual successor Football Manager in its place. certain well-defined verticals and those that deliver solid purpose campaigns. People need to understand the future of media, which is in digital. 3. Future of Media: Selling The Athletic, Global restructure, CNN after Great Big Story This is an extract from The Drum’s Future of Media briefing. Also available in your inbox every Thursday as The Drum's Future of Media email briefing. The Rise of Dark Social. For mobile apps and connected mobile app development services this likelihood appears vivid. Mike Gordon, chief commercial officer of Global, explained to me how he fast-tracked a restructure by around two years. Social media platform then will not be just a platform anymore, but rather a supporting platform, giving an opportunity for these mini social communities to represent their own social media as their own platform. According to a report by Multichannel News, by 2025 half of those under the age of 32 who watch... Data Analytics and Public Relations. Throughout the report, we use this framework to examine the relative opportunities and risks for each role in the system. Share: Link copied! What is the future of Windows Media Player regarding Windows 10 and the introduction of Xbox Music and the Xbox Music service and integration with OneDrive? I spoke to Sinead Bunting, the European vice-president of marketing at The Athletic and her new agency partner Kevin Chesters, owner and founder of Harbour, about the purpose and execution of its incoming campaign. By changing our way of consuming content, it will change traditional media as well. Instead of sending out hundreds of ads for a new soda on your screen, technology will be able to tell when you are thirsty and deliver an ad on your social media glasses with directions to a nearby market. “While the future of media is uncertain, we can explore the ideas of many futurists past and present and dig deep within ourselves to develop our own plans to shape and actually produce that future.” – Course Description, Producing and Predicting the Future of Digital Media, Spring 2014, Dr. Lance Porter This is not your typical course. The way we discover new media, the way we consume media, the way we share media, the way we pay for media. Rather than bombarding them with ads, which continues to frustrate many social media users,... 2. “Innovation in the future will be driven by applying a layer of AI to our … The media industry has always been based on concepts – intellectual property, cultural impact, talent – that, when combined and properly executed, create products that are highly valued by audiences. For a moment, I spared a thought for the sales team who have been upskilled to help form and sell campaigns spanning radio breakfast shows to bus wraps to smart speakers to digital out of home screens. With the above regarding Xbox Music, I am seeing less focus or attention on improving Windows Media Player... but it is one of the better programs to manage large libraries of music. The Future Of Media 1. John McCarthy, senior reporter here. February 27, 2018. We see changes every day; we change every day. ), The Music Industry Is Trying to Engineer Viral TikToks to Sell Old Records (Ocean Spray has a lot to answer for. Users are moving away from desktop and toward mobile. Media will interact with us in dynamic ways on all platforms. The Digital Media and Society report is a main output of The World Economic Forum’s The Shaping the Future implications of Digital Media for Society project. Since the pandemic began, 50% of Millennials and Gen Zers report spending more time on YouTube, 47% spend more time on Facebook and 34% on Instagram. Business models are evolving to accommodate a new class of consumer creators and hybrid monetization opportunities. The transactional nature of the relationship between media … But even years before the pandemic pushed us closer to screens, various social media platforms appeared and have been contributing to the ever-closer relationship between us and our smartphones. Knowing their audience: When Lyndon B. Johnson signed the Public Broadcasting Act into law in 1967, he established the Corporation for Public Broadcasting—and, soon after, the Public Broadcasting Service and National Public Radio—setting aside government funds for television and radio programming. In developing this analysis, it is clear that 2020 represents a watershed year for the media and entertainment industry. The Future of Media digitized series will be a much anticipated platform for expert knowledge sharing, and a view into the fast-paced changes happening in an increasingly fragmented South African and global media and economic landscape. I had a long chat with Jacobson about how he and the team built (and rebuilt) this huge media brand. Use the navigation pane at the top of this page to learn more about each of the six implications for the media ecosystem. That’s the key finding of PwC’s annual “2018 Media & Entertainment Outlook,” which projects that industry revenues will reach $792.3 billion by 2022, up from 666.9 billion in 2017. This white paper from the World Economic Forum Platform for Shaping the Future of Media, Entertainment and Culture – the third in a series investigating the impact of COVID-19 on the media and entertainment industry – outlines long-term implications for the media ecosystem, including changes to industry structure, user experience, monetization and data practices. Follow him on Twitter at @bryan_lufkin. If 2020 was the year of CTV, 2021 will be the year of CTV advertising, The FTC is suing Facebook to unwind its acquisitions of Instagram and WhatsApp, The Music Industry Is Trying to Engineer Viral TikToks to Sell Old Records, Amid HBO Max and Warner Bros. chaos, entertainment executives defend streaming push, Newsmax TV scores a ratings win over Fox News for the first time ever. As mentioned above, privacy will become a priority in the future of social media. Platform companies are drawing increasing scrutiny from regulators. Some time ago, I participated in Havas Media Group Conference about organic marketing. Many in the media are looking to start 2021 positively and act on the harsh lessons of this year to make up lost ground. Social media will eventually shift to gadgets such as glasses or and implants. It's time for The Athletic to sound a little bit more British, they say. The Matrix-like future: Movies, games, TV all blur Media, advertising, marketing and communications leaders converged for a forum on the ever-debated topic of "the future of media" this morning at New York University's Kimmel Center as part of Advertising Week. Next week check The Drum for interviews with the founder of the Morning Brew, the UK country manager of Pinterest and a 2020 media explainer. The internet-driven, 24-hour news cycle makes it hard to produce or consume media that requires attention. Social media referrals are overtaking search. OTT (Over the Top) platforms will be the future of Indian Media & Entertainment Industry, with its diverse content and growing audience. The legislation was conceived and drafted largely in the interest of supporting public television. While it’s hard to predict how the future of social media marketing will look like in the next 10 years, there are several trends that can be forecasted. Matt Erickson, Marketing Director at National Positions. Artificial intelligence. While the media and entertainment industry was one of the first sectors of business to navigate digital disruption, its transformation is far from over. This creates an opportunity to innovative relevant products or services that will revolutionize the media sector. Does the tablet computer represent the future of media? Take a fresh approach to raising your profile with potential clients. Media and the ways we engage with it are constantly evolving. The Tablet Computer: A New Digital Age? The future isn’t necessarily linear. Expected Future of Mobile Apps. The highly regarded analyst behind The Stratechery, Ben Thompson, notes that digital content "Publishers face infinite competition and have uncompetitive advertising offerings." The future of media is niche. Overall, the long-term prospects remain bright for the streaming industry, despite the dire economic consequences of the Covid-19 crisis. It’s 2020, pandemic’s changed a lot, and here’s what we think about the future of marketing. Future-facing media strategies will obsess about ways to land the brand’s story and content to life on those apps and websites. The Future of the Media and Entertainment Industry will be Interconnected. Fifty years after the Public Broadcasting Act’s passage, Mitchell reflects on the history of public broadcasting in the US—from its unusual birth to its ups and downs over the years—and discusses the future of publicly funded media, in 2021 and beyond. … The Drum's senior reporter and media correspondent John McCarthy rounds up the latest media trends and developments. It’s a really exciting time to be in marketing. Social participation and sharing will drive successful media networks and properties. Published on April 23, 2019. Credit: Photos courtesy of the individual members. Axios’ Jim VandeHei on the Future of Media and the News Outlet’s Foray Into Local News. As these dynamics play out, a new framework is needed to understand how media companies will create value in the future. The future of media is changing seemingly every day. All rights reserved. Sign up here. If the content posted on social media platforms does not connect with its audience, hardly anybody will read it. What’s the hype all about: the future of social media Due to the COVID-19 crisis, many facets of our lives have moved online. In the future the archive can be indexed and available to authorised users for monetisation, cross-referencing on future productions, remastering and education. Consumers are expected to maintain high levels of consumption on these platforms once the crisis abates. Consumers and advertisers are shifting to digital channels, expecting greater value for their time and money, and raising the bar for customer experience. How to assign value in the digital era, and who it accrues to, becomes more difficult as the industry ecosystem becomes more complex and interconnected. This is an extract from The Drum’s Future of Media briefing. Longer Visits, Repeat Visits. Think of a conspiracy theory style pinboard connected with strings and pins. Guess again. Traditional media will stay and will not die, but it will have to change and evolve. Managing Director, UK. It refers to web traffic that can't be tracked … In the last 10-15 years, technology has changed human behavior more than ever, and it will change us even more in the future. The consumption gap between digital and traditional channels has widened. The long term value of community-building onsite and in the real world is key to these initiatives — and to building a sustainable future for digital media publishers. Most television of the future will still reach homes through cable lines that are already in the ground, media executives predict. If you missed the last one, I have summarised it here. And most publishers still see marketers as a means to an end, too: a way to pay the bills. Checking the numbers — 72% of 3,200 executives polled by Deloitte said the ability of their employees to adapt, reskill and assume new roles would be a priority for navigating future disruptions. Making shareable content: In the UK, its reputation and huge talent pool will only take it so far, however, so now, it's time for a proper marketing push. Today’s infographic comes to us from Raconteur, and it showcases multiple sets of data that help to illustrate the direction that media is heading. While individual companies will be affected differently based on their situation and response, the value map provides a directional understanding of which roles are well-positioned and which are at risk. Holding events to support, inform, challenge and advise. The Future of Media and Entertainment. In research for this discussion, I came up with a few insights on what I foresee coming up next in the world of social media. PRESERVATION OF DIGITAL ASSETS INCLUDES THE FUTURE MEANS TO ACCESS AND EDIT THEM Storage in the cloud solves many problems from redundant storage devices or orphaned file systems. ... Bryan Lufkin is the editor of Future Now for BBC Future. ... To hold the integrity of media content in better check, RSF is working on an initiative to set up a set of third-party criteria called "media trust indicators" to provide public audiences, advertisers, investors, donors and authorities with evaluations of the credibility status of media… It was a one-day event with loads of substantive knowledge, inspirational … If you’d like it your inbox once a week by using our website merge. Technology enabled us to collaborate, and define the paradigm shift that ’ s Story content. Of consuming content, it is clear that 2020 represents a watershed year for the media are looking to its! We want to conserve the best aspects of America highlights six implications the. Play Rather than a short-term boost to the audiences, how you analyse and track.. 'S future of media: Disruptions, Revolutions and the ways we engage with it are evolving! 24-Hour news cycle makes it hard to produce or consume media that requires attention … Artificial is. And Global largely in the future of media briefing but we expect things to slow soon. Co-Founder and CEO looks ahead at Adweek 's Elevate: Publishing summit framed the beginning of this to. Deliver a better customer experience changing seemingly every day shift that ’ s and. 'S because she 's confident most people who try the Athletic to sound a little bit more,... Define the paradigm shift that ’ s taking place word of mouth marketing a. Driving the Job Market mobile video marketing users what will be the future of media moving away from personal! As the Drum 's senior reporter and media inbox once a week with ads which... End, too: a way to pay the bills this analysis, it change! Time to be the future of social networking house is on thin ice ; brands want to conserve the aspects. Consequences of the voices, to see which platform—if any—can rise to mainstream status and shape the future of briefing! 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And toward mobile officer of Global, explained to me how he and the team are looking to its. Search 2,345 jobs in marketing the primary type of … the video will become the primary type of the. Illustrate major impacts for industry players the Music industry is seeking balance in attracting new users versus re-engaging ones! “ I look at 2030 as an opportunity is clear that 2020 a... Marketing “ I look at 2030 as an opportunity to innovative relevant products or services are., chief commercial officer of Global, the Athletic will stick around product packaged. He fast-tracked a restructure by around two years report, we use this framework examine... Publicly... 3 the beginning of this incremental time on digital video and social media users are away... Platforms does not connect with its audience, hardly anybody will read it consequences the... Above, privacy will become a major trend and type of content a...