The media business is nearly as old as mankind. We started writing on tablets and scrolls millennia ago; the telecommunication business was then invented in the 18th century; and the computer business grew out of the 2nd World War, later popularized in the 1970s.
Media Linked As One
But as separate as these three media once were, they are now linked as one. The media industry consumes more computing power than any other industry in the world, and it continues to explode exponentially. Media dominates every conversation that is powered by more than just the human voice, and the industry is forever being cut into smaller and smaller pieces.
These trends will only continue – and interestingly, the vast majority of the human race does not seem to care.
Future Media Trends
What trends will form in the future? The following are a few predictions for the future, some of which also happen to be contradictions in their own right:
1. Virtually no one will personalize their advertising experience. Yet, as a consumer, everything that you do will be tracked, and your advertising experience will become highly targeted (and be heavily linked to data). 2. No one wants to see advertisements . Yet, it will become increasingly impossible to go through 60 seconds of any day without viewing some sort of advertisement (this may have happened already). 3. The world is increasingly global. Yet, advertising is increasingly local. 4. Consumers will help shape the future. How consumers utilize the various forms of technology available is what ultimately will affect the future of media. People seek immediate gratification and engagement, and need to trust that the brands they love and understand what they are looking for. Consumers are constantly connected to one another, to brands, etc., and are now in a place to help craft a brand’s story along with the brand or ad agency. Marketers must learn to adapt to this and take into account the voice of the target consumer.
The more advertising there is in the world, the less advertising consumers see — because senses are dulled by overexposure. The media business, as crowded as it may be, has always been data-driven, whether we’re talking about GRPs and CTRs, or psychographics and demographics. The ability to unbundle media from audiences has barely begun. New innovations in digital and advertising technology will continue to change the media landscape for both consumers and brands.
In my opinion, most forms of media will gravitate toward a subscription model. People simply don’t want to pay each time that they listen to a piece of music or watch a movie or television show. The true winners will be Amazon, Netflix and iTunes. Losers will include television stations, cable companies, newspapers, book publishers and music labels.
Moving forward, it will be interesting to see the true winners that emerge from this evolution – and the brands that are left behind in the dust.
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