of change has occurred in the media recently, leaving many industries in a state of limbo. And that’s exactly why it’s time to clear things up!
The team at Newsclip has examined the latest media trends and shifts in consumer behaviour that have taken the industry by storm.Here are four of the biggest trends in media right now:
1. The boomerang subscriber
No, a boomerang subscriber isn’t a consumer from Australia. Rather, it is when a viewer alternates between subscription-based services, like Netflix, to video on-demand platforms, like YouTube.
The trend of boomerang subscribers was accelerated in 2020, as many were forced indoors during periods of lockdown.
Now, more and more consumers are streaming from multiple platforms, with 84% of US Netflix subscribers also subscribed to Amazon Prime Video
, and 50% of those viewers also
subscribed to Hulu.
YouTube isn't far behind these subscription-based services, amassing two billion monthly users in Q1 2021
As consumers see these subscription-based services as interchangeable, with free options like YouTube, this continues to fuel the streaming wars.
This interchangeability also urged content aggregators to push for new customer acquisition strategies, like bundle deals in 2021.
The trend will help promote long-term success for all these platforms as it will avoid consumers being spread too thin with ‘content fatigue.’
2. Media and e-commerce convergence
During the pandemic, there was a major upswing in e-commerce. Currently, it is still one of the most popular ways for consumers to shop, with online sales accounting for 14% of all retail sales
As social media continues to influence consumers’ purchasing decisions, brands must have an omnichannel
presence online to urge their audience through the sales funnel.
More brands are using digital media to provide users with more information on their offerings, aiding them in any product research they do before taking the plunge and making a purchase.
Whether these companies use content creation platforms like TikTok, or choose to dip their toes in live-streaming services such as Amazon Live, online is the place to be if you want to reach your audience.
With this being said, the boom of e-commerce has resulted in a decrease in media ad spend. As more advertisers are choosing to go the digital route, traditional media outlets took a severe hit.
For this reason, it’s time to circle back to the importance of an omnichannel brand presence. This is because, when used together, social media and traditional retail media is a force to be reckoned with.
3. Infused analytics
Do you ever wonder if you’re getting the most out of your data? Well, wonder no more and give this trend a go!
As consumers have a plethora of options at their disposal, it has become increasingly important that media and marketing professionals optimise their strategies with analytics.
Firstly, utilising stats and numbers will help with gathering insights that will enhance short-term sales strategies. This includes campaigns and creative content; it will also help you to gather a better understanding of which platforms will resonate more with your audience.
How? Well, analysing your consumers will help you know what their likes, dislikes and needs are as well as what they want from your brand. This, in turn, will improve targeting, as you’ll see which customers prefer your products and services. It will also help you to engage with audiences on a more authentic level, as gathering some intel into their interests will allow you to alter your strategies for the better
Secondly, brands could utilise more advanced analytic tools to help them make more calculated investment decisions.
This means that media professionals can use these insights to reinforce their innovation, product and retail channel strategies and make them more customer-centric.
4. Seeing the world in 4K
Video continues to be one of the biggest media trends, and we are well into the age of 4K.
Whether you have a 4K television or enjoy streaming video in this type of resolution, this technology has surpassed any growing pains in implementation and is becoming increasingly mainstream. According to the Ultra HD forum, 4K is being deployed with 190 services online
8K is also making serious waves, although this technology is still in its infancy. The Ultra HD forum reports it is being trialled by the likes of NASA and YouTube
So, what’s the difference between these technologies? While a 4K screen has a resolution of 3 840 by 2 160
pixels, an 8K screen has a resolution of 7 680 by 4 320
. Essentially 8K has a four times higher resolution than 4K.
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