As quickly as the last decade introduced a wave of changes to news media, the upcoming decade is expected to produce even more. A recent survey of media executives and consumers identified a number of key trends that news media organizations should pay attention to and prepare for.
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The move to mobile is still ongoing.
As technology continues to progress, one thing is certain: People want even more information on the go. Mobility will continue to drive technological development and global competitiveness. Despite this shift, approximately 45% of publishers have yet to create content for mobile devices. Mobility is an especially key factor for millennials, as 94% of all 18-34 year olds own smartphones. Successfully reaching this audience requires a move to mobile.
Social media will dominate.
The impact and influence of social media continues to grow daily. Millennials have shown that news is consumed much differently than before. The advent of social media has introduced new avenues for publishers (and advertisers) to reach audiences. Most consumers agree that, over the next 10 years, social media will surpass television as the dominant advertising platform.
Related: What Every News Media Company Needs to Know About Millennials
Expect more of the unexpected.
Technological disruptions affecting news media organizations presented a number of challenges. From the digital transition to the impact of social media, publishers are still working diligently to get and stay up to speed with the changing times. However, just as quickly as these changes came, more are expected to come. This means publishers must be able to quickly adapt and adjust.
Expect government regulation of third-party data.
As more user information becomes available, a major concern becomes how this information is shared. Approximately 70% of all publishers supported government regulation of third-party data sharing.
Readers still won’t want to pay.
News media organizations must find better ways to relate to and engage readers. Building stronger relationships with readers means developing a better understanding of them. With a focus on reader satisfaction, organizations can find solutions that become more of a win-win for both parties.
Organizations must pick up the pace.
One of the biggest problems cited for news media organizations is their ability to quickly adapt. While printed newspapers still provide a number of significant benefits, it’s imperative that organizations find the best fit between digital and print. With the disruptions to come, organizations cannot afford to fall behind technologically.
Related: Advantages of Newspaper Advertising: Why Newspapers are Still King
Wearables are an untapped opportunity.
The buzz (and subsequent sales) of the Apple Watch highlighted continued consumer interest in technology. Despite its initial success, only 4% of news publishers have content created specifically for the Apple Watch. With the continued disruption expected in new media, the opportunities to become a leader in developing content for wearables are vast, and should not be quickly overlooked.
More data means more creativity.
Approximately 90% of the world’s data has been created in the past few years. This information can be used to provide more personalized experiences for consumers. Approximately 68% of publishers surveyed believe access to more consumer data will help them be more creative.
The decline of the banner ad.
The advent of native ads has quickly made banner ads a thing of the past for many organizations. While there are a number of challenges to address with native ads, organizations are finding ways to leverage them to better engage readers.
Related: Why the Apple Watch is Big News for Media Companies
Creativity outweighs technology.
Creativity will be critical to news media organizations. Approximately 69% believe that this is even more important than technology. While technological advances will be available to any organization, creativity will be what sets organizations apart from competitors in the eyes of the audience.
How do organizations prepare for the next decade?
Mediaspectrum’s end-to-end order management system is designed to help media companies increase revenue, by managing the entire lifecycle from proposal generation to billing and optimization. With features such as multichannel ad publishing capabilities and a loyalty and rewards program, our complete solution ensures that your organization is not only up to speed, but also ready to quickly adapt with technology and your consumers.
The last decade has shown news media organizations that time waits for no one. As technology advances, so do the expectations of consumers. In order to be prepared for the next decade, organizations must not only be ahead of the curve, but also anticipate any changes to come.
How prepared is your organization for the next decade?
To learn where you are, and where you can go, contact us today.
