What do
you think is the most important trend that is cutting across all media
industries and having the biggest impact on both professionals and consumers?
*Note: For the final blog posting, you must still use
three readings to support your responses. They can be from any point in the
semester and they must be assigned readings for the class (no additional outside
article/source required). Limit: 9 responses
I think the most important trend cutting across all platforms is increasing advertising integration on digital platforms. Although this isn’t the number one trend being discussed across multiple platforms, it is the winning trend. As we have discussed in class, with more companies rolling out there own streaming services, and more companies requiring subscriptions for their services I think that the result will be less media consumption which is not the answer to developing technology problems.
ReplyDeleteAs discussed by Mollie Bryant, “Each of the three newspapers I worked at either had a paywall or simply didn’t put content online for free, in the case of the small-community daily I worked at. Paywalls did not save our newspapers. Paywalls did not improve the content. Paywalls did not stop staff from being laid off… A paywall didn’t stop the papers I worked for from favoring “quick hits”(Bryant). People don’t want to spend money for content, and consuming digital content is becoming expensive between paying for HBO, Spotify, Netflix, and other subscription services. People will find other ways to get their content for free. The answer is not to force subscriptions, but to find effective advertising methods to create revenue.
Take a look at Magazines, which are basically 50 pages of straight advertising and 3 pages of real content. Magazines have the largest return on advertising of all media platforms coming in at $3.9 billion (Magazine). And the general public considers magazines to be a dying media!
Specifically when we are discussing cord cutters in the TV industry, increasing OTT services that require payments doesn’t make a lot of sense business wise. According to Comscore, “Cord-cutters are more likely to have annual incomes of $75k or less, and the lower the income, the more likely to be a cord-cutter” (Rich). If streamers are from lower incomes why would they suddenly subscribe to as many OTTs as possible?
Because there is such an increase in subscription services, I think they are going to fail. The key to making money from content isn’t by forcing up front payments, but working with brands. Increased and integral advertising is going to be huge across all industries. Advertising doesn’t need to be disruptive and I think the mindset that it is disruptive is changing a lot. I think that finding creative ways to incorporate advertising will become more common. For example Spotify makes advertising money by allowing brands to create their own playlists for the discover page.
Works cited
Bryant, Mollie. "Why Paywalls Won’t Save Journalism," MediaShift 9 Feb. 2018. Web.
"Magazine Media Factbook 2017-18." MPA: The Association of Magazine Media. Accessed 7 Feb. 2018. Web.
Rich, Mike and Andrew Lipsman. "State of OTT." commScore. Accessed 14 Jan. 2018. Web.
The Television industry has been turned upside down and inside-out by OTT services. Whether you call it skinny bundle, or chord cutting, there is a significant trend of moving from standard cable to streaming services. I believe this is the most significant media trend of the 21st century. There are strong arguments to be made for the evolution of social media being seen as a more significant trend in society. But comparatively to television, social media is still relatively new. Television has been around since the 1920’s and OTT is disrupting the entire structure industry. According to “The State of OTT,” an article by Comscore, as of April 2017 there were 51 mm households streaming content for various services. What is also interesting to see is that the “prime time” slot of television still remains the same. Humans are very habitual and it seems that even with the ability to watch T.V. at anytime they still view the most between 7pm-11pm.
ReplyDeleteIn a very similar article by Comscore titled "Video Streaming Update: What We Can Learn from Hulu," the first sentence says, “The Hulu Audience: avid fans who represent the changing face of TV, Viewers motivated by choice and control, and young, affluent, active consumers. This truly represents the dominating trend of current society. With the many successful OTT business models, companies who represent the traditional T.V. mold have been pushing for their own OTT services.
These traditional televisions companies who are moving over to streaming is the largest indication that this trend will continue into the future. With Disney and ESPN transitioning to OTT services, I believe many other companies will follow. In the article "Can Disney Create a Netflix of Sports?" by Paul Bond, he says “It sounds simple enough, but investors are wondering first, if Disney will cannibalize its existing ESPN customers and second, whether this move by cable's most popular channel will hasten the demise of the cable TV bundle, thus damaging all of Hollywood.” With Disney moving to an OTT service he integrity of the television industry is slowly starting its demise. It will be interesting to see how consumers will interact with this new streaming service.
Bond, Paul. "Can Disney Create a Netflix of Sports?" The Hollywood Reporter 16 Aug. 2017. Web.
Rich, Mike and Andrew Lipsman. "State of OTT." commScore. Accessed 14 Jan. 2018. Web.
"Video Streaming Update: What We Can Learn from Hulu." commScore. Accessed 14 Jan. 2018. Web.
Today, we live in a “digitally run” world. Nowadays, the media has our lives consumed and we are surrounded by media and technology whether we may like it or not. Overall, moving from traditional ways to more digitals ways at this point in time is the most important trend that is cutting across all media industries and having the biggest impact on both professionals and consumers.
ReplyDeleteFor Musicians trying to produce music and find ways to get their work out to the public are now able to do so in more ways than before because of streaming services such as Spotify. Artists are able to produce music themselves rather than relying on a production team through a record label company, although help from a record label company could still help. “With the singles world solidifying, the discovery, marketing and promotion for labels changes as well. Artists are discovered based on songs' reactions and signed on a rapid- fire basis.” (Bromley). Streaming services are helping artists get noticed in ways that they would not be able to without the media.
News media is another industry that has greatly benefitted to moving more digital. With technology being so easily accessible it makes people more aware of what is going on in the world given that it is so convenient to find out information without needing to watch the news at a certain time. Given that people are able to receive news on a digital device, more people view news stories more than without a digital device accessible. “As of spring 2017, 45% of U.S. adults often get news on a mobile device, up from 36% in 2016 and 21% in 2013.” (Bialik). The digital world just keeps growing and doesn’t seem to be slowing down any time soon.
Lastly, social media platforms as a whole has been a huge impact in the digital world. As I stated earlier, musicians are able to produce music easier because of digital streaming services. Musicians are also able to market themselves to the public through social media. Also, news media sources that offer digital services also have social media accounts on some of the most popular social media platforms such as Snapchat, Instagram, and Facebook. Many people, specifically millennials receive their news on social media platforms. As stated by Dan Schawbel in the article “Millennials vs. Baby Boomers: Who Would You Rather Hire?” Millennials grew up texting and using Facebook and Twitter. Given that millennials grew up on social media it makes sense that social media platforms will continue to be the way that the next younger generations will use social media platforms as well as a way to receive news.
Works Cited:
Bialik, Kristen and Katerina Eva Matsa. "Key Trends in Social and Digital News Media," Pew Research Center 4 Oct. 2017. Web.
Bromley, Jordan. "The Future of the Streaming Economy: 5 Things to Watch," Billboard 23 Jan. 2018. Web.
Schwabel, Dan. "Millennials vs. Baby Boomers - Who Would You Rather Hire?" Time 29 March 2012. Web.
I believe that the most important trend that is cutting across all media industries and having the biggest impact on both professionals and consumers is the new digital age. The way in which we consume our media has been drastically changing with the advancements of technology in society. The traditional ways that have been a staple of our society for so many years are beginning to become a thing of the past quickly. An article from NBC News on the 2017 Emmy Awards reads, “This year, 22.2 million Americans will cut the cord on traditional cable and satellite services in favor of other ways to consume content, such as Amazon Prime, Netflix, Hulu, YouTube TV and Sling TV. That's up 33 percent from last year. Satellite and cable are still an important part of many Americans' lives, with 196.3 million people paying for traditional television service this year” (Newcomb.) This shows how real the trend of cord cutting really is and the exponential growth at which people are deciding to finally cut the cord. While cable still plays a large part in people’s lives today despite the increased cord cutting, the amount of subscribers is going down while streaming services are going up. An article on the future of digital platforms reads, “Time on the Internet has nearly tripled in the past seven years, led by massive growth in mobile usage… Millennials and Gen Xers now spend much more time on digital media than watching live TV, a sign of shifting media consumption dynamics” (Comscore.) With the dynamic rise of time people spend on the internet lead by mobile usage, the landscape of how media is viewed has been shifting drastically. Before smartphones, live TV was the most popular way of getting news and other things. It was also one of the very few ways that people could go for these such services. Now that it isn’t the only option, it has seen a steep decline. It doesn’t hurt that viewing digital media on your handheld device is so easy in today’s age. An article from the Pew Research Center reads, “For the first time in the Center’s surveys, more than half (55%) of Americans ages 50 or older report getting news on social media sites. That is 10 percentage points higher than the 45% who said so in 2016. Those under 50, meanwhile, remain more likely than their elders to get news from these sites (78% do, unchanged from 2016)” (Shearer & Gottfried.) Social media has become a huge source for news with younger generations, but now even people 50+ years old are even using social media platforms for some of their news. This shows that everybody is starting to adapt to this new digital age. The world that we live in is progressively changing and the digital age has a lot to say about it.
ReplyDeleteSources
DeleteFulgoni, Gian. "The Future of Digital Platforms," Local Online Advertising Conference 2018, 12 March 2018, New York City.
Shearer, Elisa and Jeffrey Gottlfried. "News Use Across Social Media Platforms 2017," Pew Research Center 7 Sept. 2017. Web.
Newcomb, Alyssa. "2017 Emmy Awards: Hulu’s Big Win Spotlights Future of Digital." NBC News 18 Sept. 2017. Web.
There are a ton of media trends emerging that are going to revolutionize the way we consume media. I think the biggest, most cutting edge trend is streaming services. Streaming services have almost taken over every aspect of media consumption, from TV to music to sports. With plans for major companies, like Disney, to create their own streaming services, I think this trend is already sweeping across the industry.
ReplyDeleteWe’ve discussed a lot in class about OTT services and how they are impacting the television industry. Almost anyone you ask will say they have an account or use an account with at least one streaming services. The most popular ones being Netflix and Hulu. Some will even say they have accounts on more than one service to have a wide range of television at their fingertips. Personally, I have accounts with Hulu and Netflix. I use them for different things which is why I have both. Hulu I use more for television shows whereas Netflix, I use mostly for movies (despite their horrible selection of films) and very few shows that are not on Hulu. If I did not have to pay for add ons on Hulu, I’d most likely use that one full time. Streaming services are taking over how we consume television. Disney announced in the past year that they were creating their own OTT service and pulling their stuff off of Netflix. While we have discussed in class that this is probably not going to be the most profitable move Disney could make, it just goes to show that even major companies are trying to get into the OTT game. With all of this competition underway some think Netflix should be worried however, in an article from Yahoo Finance, it said that “Netflix has already established itself as a pillar of the entertainment industry and shows like “House of Cards” and “Stranger Things” have shown the company is a major cultural force. The company’s name has also become a verb (“Netflix and chill”), a sign that while its position might seem available to disruption, it is actually an entrenched consumer preference” (Udland). It is clear that despite a huge company like Disney coming into the game that current streaming services should not be “scared”.
Not only has streaming services taken over the television industry, they have also infiltrated the music industry as well. There are too many music streaming services to count. The top three being Apple Music, Spotify, and Pandora. While most of these services all act in a similar way, their design and small differences appeal to almost every user. In an article from Billboard it said that Spotify opperates in 61 territories whereas apple music opporates in over 100. It also mentioned that 37 percent of Spotify users are from Europe and 32 percent in North America, Latin America at 21 percent and that leaves 10 percent for Asia, Africa and Australia combined (Hu). I think with more and more people using music streaming services we could see a rise in those numbers for Spotify, especially if they keep offering deals like their student discount and 3 months premium for 1 dollar. Music streaming have definitely impacted the music industry. An article from The Hollywood Reporter said, “It’s still a fragile recovery, but we’re cautiously optimistic this trend will continue as more and more fans discover these types of services that give you instant access to virtually any song or album” (Cullins). The music industry hit a low point in the last decade or so and now with streaming services, looks like it could make its huge comeback. While artists make very little from the number of streams their music gets, with people more likely to stream their music rather than buy a hard copy of the album, we could see those prices for artists change.
Streaming services have revolutionized media industries across the playing field. They are giving cable a run for their money and changing the way we consume music. This is a trend that is on the climb and it does not look like it will be slowing down anytime soon.
Works Cited:
DeleteCullins, Ashley. “Music Experts Discuss Why the Internet Is Now Saving the Recording Industry.” The Hollywood Reporter, 27 Jan. 2018, www.hollywoodreporter.com/news/music-experts-discuss-why-internet-is-saving-recording-industry-1078058.
Hu, Cherie. “Why Music Streaming's Greatest Hopes Are Spotify's Toughest Challenges.” Billboard, www.billboard.com/articles/business/8231963/spotify-biggest-challenges-music-streaming-greatest-hopes.
Udland, Myles. “Disney's New Streaming Service Shouldn't Scare Netflix.” Yahoo!, Yahoo!, 10 Nov. 2017, www.yahoo.com/finance/news/disneys-new-streaming-service-shouldnt-scare-netflix-174745047.html.
When we talk about the pace of media, we must talk about how fast it has grown and the technology that has come along with it. From a millenial standpoint, we as a generation started off with the very basics of streaming services like “streaming video on demand” and the budding popularity of social media. As we go further along the line, the growth of media has been accompanied by one trend that no professional really saw coming or thought it would not be a big thing: which is streaming.
ReplyDeleteWhen we look at the growth of streaming, it is this service that is extremely multi faceted and takes a part of every industry in media since its conception. Streaming plays a part of our everyday lives. Whether it is listening to music, catching up on your favorite shows on online cable streaming services, and/ or watching movies on movie streaming sites.
One industry I believe that streaming made a dent in was the music industry. Looking back on it, the core of music streaming at one point was downloading music onto different devices other than using cd players and music stereos. From there, we were introduced to services like iTunes,Pandora, and Spotify. So, let’s use Spotify as a prime example of the power that streaming has in the music industry. Founded in 2006, the company has over 140 million users globally. In addition to that, it is “the global market leader in terms of paid subscribers”. (“A Quick Guide to Apple Music, Spotify, and More Top Music Streaming Services”) Spotify has been able to find a balance with users that are willing to use a ‘free-mium’ service instead subscribing to the premium service with the use of Ads. Users can either settle or pay to remove that aspect from their user experience when using the service. Like other music streaming services, spotify has created an edge in the music industry that has it now considering streams as an artist’s success point.
When it comes to the whole idea of streaming, one thing that consumers and professionals alike are focused on is the rapid incline of visual content, but not on our home screens. Video content is growing fast right now as we speak, but it is transcending between different mediums. From television to the use of the internet to watch the various array of content. It has now come to the point that different video streaming services have now decided to produce and premiere their own content. One streaming company that is on the forefront of that is Netflix. According to infographic provided by The Hollywood Reporter, Netflix has been stocking up on original content and 13 of those contents are produced out of their own studios without relying on other media conglomerates to create the original content. (“Where Streamers Get Their Original Content – Comparing Netflix, Amazon and Hulu”) The strength of video streaming services was something that no one ever really expected.
With that being said, even social media is starting to take a stake in streaming. That shows the strength of what streaming has over consumers. Social media companies are using the idea of live-streaming to create a real virtual interaction between users instead of likes and comments. With that being said other companies are using the opportunity to put original content on their sites. For instance, Facebook and the introduction of the ‘Watch’ tab. In a way, the social media network has created its own streaming service. Shows vary in types, from unscripted to scripted programming. (“Facebook launches Watch tab of original video shows”) This shows that the power of streaming is vast and here for the long run.
Constine, Josh. “Facebook Launches Watch Tab of Original Video Shows.” TechCrunch, TechCrunch, 10 Aug. 2017, techcrunch.com/2017/08/09/facebook-watch/.
DeleteGoldberg, Lesley. “Where Streamers Get Their Original Content: Comparing Netflix, Amazon and Hulu.” The Hollywood Reporter, 4 Oct. 2017, www.hollywoodreporter.com/news/streaming-services-get-original-tv-shows-movies-1045444.
"A Quick Guide to Apple Music, Spotify, and More Top Music Streaming Services," Reuters 11 Sept. 2017. Web.
I hate to call this a trend but, I think the importance of diverse voices and people is sweeping all of the industries, its professionals and consumers. Again, I am wary to call this a trend as I hope and assume that this will have a lasting effect. Diversity cuts across all forms of media because as more people of different backgrounds join these industries, more people are able to hear stories like theirs. People pay attention to what is being made by the industry when it reflects them and they relate to it. During the Oscar’s Kumail Nanjiani said, “Some of my favorite movies are by straight white dudes about straight white dudes. Now, straight white dudes can watch movies starring me and you relate to that. It’s not that hard I’ve done it my whole life.” People have been forced to relate to “straight white dudes” for a very long time in all of the industries but, now people can begin relating to people who look and sound like them.
ReplyDeleteDue to a lack of diverse storytellers in Hollywood, many people in Asian countries were and are fearful of black people or people of color in general. Alan Jenkins wrote this excerpt about his brother when he went to Taiwan to teach English: “From the movies and television shows they’d seen, imported from America, my brother’s students had developed a harmful impression of him. Indeed, American film and television have long been among the United States’ most capacious exports, sending to overseas audiences a pernicious inventory of racial tropes, stereotypes and distortions. Those misperceptions arrived in Asia years before my brother did.” Movies like Black Panther could begin to ease the fears of these people. White, male directors and writers have had actors of color play these violent roles for so long that it seems like these stereotypes can only be reversed by bringing in fresh, new storytellers who can breathe humanity into these roles.
Women have also been snubbed in this category. Especially women of color. Only 2 out of 651 producers are women of color (Smith). There are people who will say that there just are not people of color who are trying to get into that industry but, why is that? Is it because a person’s zip code determines their opportunities in life? Is it because they were never aware of the opportunities presented because there was a bias? Is there no one who wants the job or is there no one sharing their experience with diverse groups? There are women of color who are incredible comedians like, Mo’Nique, whose artistry is snubbed in comparison to other groups of people. Mo’Nique was “offered a $500,000 deal last week to do a comedy special. However, Amy Schumer was offered $11 million, Chris Rock and Dave Chappelle $20 million” (Ramos). With pay disparities like this, maybe people of color do not want to go into the industry. This woman is an Academy Award-winning actress and even she is nearly unable to get the pay that she deserves and rightfully negotiates for. Thankfully, her voice found people and they were made aware of the issue.
Diverse voices are sweeping box offices, television shows, and even Spotify is providing workshops for women of color to perfect their podcasts. This will be a lasting “trend.”
Jenkins, Alan. “The Global Significance of 'Black Panther' (Guest Column).” The Hollywood Reporter, 23 Feb. 2018, www.hollywoodreporter.com/heat-vision/black-panther-global-significance-1087878.
Ramos, Dino-Ray. “Mo'Nique Calls For Netflix Boycott Over Alleged Gender And Race Pay Disparity.” Deadline, 21 Jan. 2018, deadline.com/2018/01/monique-wanda-sykes-netflix-boycott-pay-disparity-gender-bias-color-bias-1202265366/.
Smith, Stacy L., et al. “Gender and Race/Ethnicity of Artists, Songwriters & Producers across 600 Popular Songs from 2012-2017.” 25 Jan. 2018.
Harris, Aisha. “Watch the Oscars' Funny, Poignant Montage About the Importance of Representation.” Slate Magazine, Slate, 5 Mar. 2018, slate.com/culture/2018/03/the-oscars-montage-on-representation-featured-greta-gerwig-kumail-nanjiani-and-more-video.html.
DeleteI think there are a lot of different trends that have changed our media industry today. But, what I think the most important trend cutting across all media industries is the rise of Netflix and Hulu. Many people now and days are starting to become chord cutters. “1/3rd of OTT households are cordless and 52% of those are streaming-only.” There are many people who now only watch the shows they like on Hulu and Netflix since they both stream so many popular shows. “In the last three months, Netflix has continued to swell in size, with a market cap now at $83 billion, making it bigger than any media company besides Disney, including Time Warner. Just as important, the streaming service has signed deals with some of the most talented showrunners in Hollywood, Shonda Rhimes and Jenji Kohan, women who are on the cutting edge of where pop culture is going” (Waxman). All of the OTT services have figured out ways to make their customers happy by not only showing their favorite content but not having advertisements. Many people have gotten tired of watching commercials and have found an easier way to get the content they want to watch with no commercials.
ReplyDeleteWith the rise of Hulu, it has impacted both professionals and consumers. “Hulu could be up for retooling yet again, now that two of its owners, Disney and 21st Century Fox, are joining forces in a $52.4 billion acquisition. The combined companies will have majority control of Hulu, leaving Comcast-owned NBC as the odd media giant out” (Luckerson). Hulu has increased Disney and 21st Century Fox revenue. These two companies merging and owning Hulu will reshape TV. Many people and companies will say that Hulu, Netflix and Amazon will be the next big things in the media industry in the upcoming years. Television will still be popular because there are many people who still watch live television especially live sporting events. If companies start putting on
Work Cited:
Rich, Mike and Andrew Lipsman. "State of OTT." commScore. Accessed 14 Jan. 2018. Web.
Waxman, Sharon. “Hollywood in 2018: The Old Order Ends, a New One Rises.” The Wrap. Accessed 31 Dec. 2017. Web.
Luckerson, Victor. “Hulu Is Hollywood’s Last Line of Defense Against a Tech Takeover.” The Ringer. Accessed 12 Jan. 2018. Web.
A number of technological trends have emerged in recent years that are changing the ways in which businesses operate and advertisers target their consumers. As technology progresses into this highly digital era, expectations change and companies must adapt and evolve their businesses to fit these new trends. We have seen many examples of this the emergence of OTT services, and the consolidation of large corporations. All of these changes are resulting in a constantly evolving media world that will continue to change rapidly. This is what makes it difficult for companies to not only predict the future of digital technology, but to also commit long term to any specific plan. If there is anything that is clear from this digital age we are just at the beginning of, it is that it is dynamic and always evolving. This makes it increasingly difficult for companies to stay afloat, which is partly why companies like Fox and Disney are deciding to merge and work together to create an impenetrable company.
ReplyDeleteOTT services are the first product that comes to mind when thinking of a dramatic shift that is taking place that will impact a major American industry. Traditional television services involving a cable package are clearly declining with the emergence of streaming services. This was illustrated in an NBC News article in 2017 that determined “22,2 million Americans will cut the cord on cable and satellite services in favor of other ways to consume content” (Newcomb). This is a vital drop off traditional television is seeing, and cable companies should be worried that OTT and streaming services are simply offering a more convenient package and easier service to handle than they are. Television is not the only medium that has been severely impacted by the growth of streaming services. The Music industry has seen a massive shift towards streaming content, one that they are only now realizing how to take control of. Streaming through the likes of apps like Spotify and Apple Music are becoming the best option on the table. These services offer millions of songs for a small subscription price that is likely less than music lovers used to spend on .99 cent ITunes songs even just 5-10 years ago. Since then, Spotify has accumulated approximately 140 million active users, and 60 million paid subscribers. This makes Spotify “the global market leader in terms of paid subscribers” (Fortune). Just about 10 years ago, this statement would have seemed Ludicrous. Now, streaming music content is becoming the norm and companies are quickly scrambling to get a piece of the pie and make an OTT service.
These changing business models are, in part, why companies like Fox and Disney are deciding to merge their businesses. As Bob Iger, the CEO of Disney, phrased it, “The acquisition of this stellar collection of businesses from 21st Century Fox reflects the increasing consumer demand for a rich diversity of entertainment experiences that are more compelling, accessible and convenient than ever before” (Littleton). Iger sees the shift in multiple industries towards convenient digital content like streaming services. As the media market as a whole continues to transform towards streaming content and away from traditional means, increasing numbers of companies are likely going to consolidate in an attempt to compete with the others who have. To make a sports analogy, when the Golden State Warriors acquired Kevin Durant, the expectation level for the rest of the teams in the NBA was raised. The Disney merger signals a similarly aggressive shift in the media industry that will raise the bar for competing companies.
Works Cited
Delete1. "A Quick Guide to Apple Music, Spotify, and More Top Music Streaming Services," Reuters 11 Sept. 2017. Web.
2. Littleton, Cynthia, and Brian Steinberg. “Disney to Buy 21st Century Fox Assets for $52.4 Billion in Historic Hollywood Merger.” Variety, 14 Dec. 2017, variety.com/2017/biz/news/disney-fox-merger-deal-52-4-billion-merger-1202631242/
3. Newcomb, Alyssa. "2017 Emmy Awards: Hulu’s Big Win Spotlights Future of Digital." NBC News 18 Sept. 2017. Web.
The most important trend that is cutting across all media industries is the ability to broadcast and advertise across a multitude of social media and digital platforms. Social media platforms like Facebook, Twitter, Instagram and Youtube are consistently being used by advertisers and influencers in order to promote and sell products and services. While this type of advertising has been relevant in the media for quite some time, such as in television and radio advertisements that are executed by our favorite celebrities and media personalities, advertising through social media platforms has become increasingly popular over the past couple of years. When looking at ComScore charts that relate to the future of digital platforms, we are able to understand the influence that internet marketing has on the consumer world. In the chart that depicts the “U.S. Advertising Revenue by Media Category: Forecast ($ billions)” we are able to see that digital advertising leads over television and print with a total of $132.2 billion.
ReplyDeleteWhile endorsements may be more often executed by specifically social media influencers such as our favorite YouTube personalities, celebrities are thrown into the mix quite a bit. Celebrities obviously make much more for their advertising capabilities due to the fact that they have much more following and influence than the average person. In an article written by Kristiano Ang for Money-ish, Ang explains that “A plug from the “Lemonade” superstar on Facebook and Instagram now has the ad equivalent value of more than $1 million, according to a new report from D’Marie Analytics, which tracks social media reach. Queen Bey is now the most valuable personality on social media, a feat that’s even more impressive when you consider that she’s only the 22nd most followed person online.” (Ang, Kristiano.) That is a large sum of money for just one social media post online.
Besides one’s following, authenticity largely comes into play when working in terms of the advertising world. In the same article written by Kristiano Ang, it is said that “Mrs. Carter’s success is likely largely due to the authenticity she manages to convey to her fans. She rarely puts up posts that are overtly commercial, instead recently favoring pics of herself with daughter Blue Ivy Carter and informational pieces celebrating Black History Month.” (Ang, Kristiano.) Sincerity and authenticity create a more relatable sense of self and allow consumers to align themselves with celebrities, in turn allowing them to align themselves with the need for products and services being advertised.
This kind of advertising is crucial for professionals in the business world, but can also create adverse effects. In an article written by Kaya Yurieff for CNN Money, she writes that “Snap (SNAP) stock closed down 6% on Thursday after the reality TV star said she is no longer using the app. The plunge wiped about $1.3 billion off the company's market value.” (Yurieff, Kaya.) This was able to demonstrate that celebrities and media personalities have an incredible influence on their followers and can definitely create big changes, both positive and negative for any advertiser.
Works Cited:
Ang, Kristiano. “One Social Media Post from Beyonce Is Worth $1 Million in Advertising.” Money-Ish, 3 Apr. 2017, moneyish.com/upgrade/a-beyonce-social-media-shoutout-is-worth-more-than-1-million-more-than-any-celebrity-on-earth/ .
ComScore. The Future of Digital Platforms. quinnipiac.blackboard.com/bbcswebdav/pid-2460772-dt-content-rid-20830198_1/courses/MSS49502_18SP/The Future of Digital Platforms.pdf.
Yurieff , Kaya. “Snapchat Stock Loses $1.3 Billion after Kylie Jenner Tweet.” CNNMoney, Cable News Network, money.cnn.com/2018/02/22/technology/snapchat-update-kylie-jenner/index.html.
I believe that one of the most prevalent tends that is cutting across all media industries revolves around the rise of Generation Z and our proclivity to technology. Simply the way that we are consuming and delivering media has changed to cater to the adjustments and needs of the younger generations. Marketers are completely changing their ways of media. The generation is through and through technology natives as they are the first generation to be born into the digital world. Gen z’s can be defined as, ‘ consumers that range from ages 2 to 9, though the target range for marketers lies from ages 11-16. Gen Z is the most diverse and multicultural of any generation in the U.S. --- 55% are Caucasian, 24 % are Hispanic, 14% are African-American and 4% are Asian. The fact the technological communication runs in the blood of these individuals makes it paramount for marketers to pick up on that fact and use it to their advantage. ‘Gen z is the first generation born into a digital world, they live online, sharing details of their lives across dozens of platforms and dictating what they like and dislike with a tweet, post, or status. Gen Zers expects to virtually engage with their favorite brands in doing so.” (here comes gen z) Brands should transform into also being digitally native to create a strong brand experience and a two-way conversation through platforms like social media, film etc. Having a strong brand image is crucial to the success of a company when your consumers are Internet natives.
ReplyDeleteAnother trend that media consumers and other companies have began to adapt to is the interests of the Gen Z. Creating media to please this generation will result in a higher success rate because it is unlikely to not catch the attention of adolescents. A recent way in doing this, which has grown more popular throughout the past couple, years is through the use of social media influencers. Gen Z is all about social media, so what better way to advertise a brand than through the use of a famous social media user? This tactic has proven to actually be very successful. “As the power of social media continues to grow, it’s arguably fair to say influencers will continue to have a stronger impact on consumer brand awareness. In turn, brands will be required to shift their strategies, conforming this new norm as influencer-follower relationships expand (Social Media Influencers Add a new twist to advertising). This way of advertising products is very successful because Gen Zers see influencers, celebrities, etc., that they look up to, endorsing a product and it makes them feel inclined buy it so that they can be like their role model. The use of social media influencers has grown rapidly despite never being used before. “The influencer category is a $1 billion industry and its projected to grow $2.4 billion in just two years. In some ways, it’s just a throwback to integrated content at the dawn of television. But as one expert says, what’s different now is just who can be the pitchman and how much money they can make (Inside The big Business of Being a Social Media Influencer).
The media has done a good job attracting niche markets for their consumption, that being said, I do think they might have a harder time as technology becomes more advanced. The upcoming generations are going to be bred into a world of technological literacy and which is going to continue to affect how media is produced, delivered and consumed. As years go by we continue to make advances in the phenomenon and these advances will continue to play a huge roll in media.
DeleteMeltzer, Lauren. “Social Media ‘Influencers’ Add a New Twist to Advertising.” CBS News, CBS Interactive, 8 Feb. 2018, www.cbsnews.com/news/social-media-influencers-brand-advertising/.
CBS News. “Inside the Big Business of Being a Social Media Influencer.” CBS News, CBS Interactive, 23 Sept. 2017, www.cbsnews.com/news/business-behind-being-a-social-media-influencer/.
Copy & paste citation
Bernstein., Ruth, and Ruth Bernstein. “Move Over Millennials -- Here Comes Gen Z.” Ad Age, 21 Jan. 2015, adage.com/article/cmo-strategy/move-millennials-gen-z/296577/.
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ReplyDeleteIn my opinion, I think that right now, the biggest media trend is companies creating streaming services. Many companies have unlocked the doors to the consumer in a form that is customizable and convenient to them. In such a fast-paced and schedule-limiting world, consumers have found themselves having to prepare for leisure activities, including watching their favorite programs. The major broadcasting networks have seen a major loss of viewership since the rise of streaming services. “The shift is redrawing the hierarchy of the television industry, where all five broadcast networks saw a decline in total viewers last season while the streamers committed about $20 billion to programming delivered without a cable subscription” (Jarvey). Although primetime television still exists, the millennial generation is finding ways around this norm and breaking the old-fashioned broadcasting schedule.
ReplyDeleteAn example of a company that decided to switch to streaming services is Disney. For almost 2 years Disney has been toggling with the idea of taking all of their original content and placing it all in one convenient place for families and children to have. The service, which is set to be available for purchase in late 2019, has a ripple effect to other OTT services that have carried their content, including Netflix. Disney’s president, Bob Iger, said that in creating their own OTT service, their goal is “to be a viable player in the direct-to-consumer space, [a] space that we all know is a very, very compelling space to be in” (Udland). I think he is exactly right; it’s a game. Each of these OTT services are competing to see who can draw in the most subscribers and the most revenue. The streaming media services have turned into a competition, which also leaves consumers sometimes feeling lost and indecisive for just how much they are willing to pay for.
This trend of streaming has been growing even within the past 5 years, and is still in high demand from consumers. Because of this, professionals in the broadcasting and production field are being pushed to move to this media platform to keep up with the massive appeal. Not only that, but they have to be able to appease consumers with the accessibility and user interface of their streaming. In an article from comScore, Senior Marketing Insights Analyst Adam Lella predicts, “As the OTT market develops and households begin streaming content across an increasing number of OTT apps, user experience will likely become more important. When it comes to user experience, the streaming device hardware is secondary to the software platform” (Lella).
Streaming services aren’t just taking on television broadcast but it’s also transitioning to online platforms such as YouTube. I think that this media trend is at its peak today and probably will be for the continuing 5 years. Until media forms into something newer and maybe even more involved in the consumer’s life, streaming will be the best bet for companies’ success today.
Works Cited
Jarvey, Natalie. “YouTube Grows Up: Inside the Plan to Take on Netflix and Hulu.” The Hollywood Reporter, 4 Oct. 2017, www.hollywoodreporter.com/features/youtube-grows-up-inside-plan-take-netflix-hulu-1045443
Lella, Adam. “How Important Is the OTT Device Market If the 'Future of TV Is Apps'?” ComScore, Inc., 12 July 2017, www.comscore.com/Insights/Blog/How-Important-is-the-OTT-Device-Market-if-the-Future-of-TV-is-Apps.
Udland, Myles. “Disney's New Streaming Service Shouldn't Scare Netflix.” Yahoo! Finance, 10 Nov. 2017, finance.yahoo.com/news/disneys-new-streaming-service-shouldnt-scare-netflix-174745047.html.