Digital Trend: Reshaping of the Media Industry
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Standing at this juncture of the 21st century, we cannot ignore or deny the influence of digitization. With every passing day, we are witnessing newer aspects and styles of the digital trend. This is getting more popularized by the younger generation and it has become a worldwide phenomenon. The changed habits, demands, and behavior of the general public are leading to the reshaping of the media and entertainment industry as a whole.
The keyword of today’s generation is speed. They need and demand instant and constant access to the relevant contents at any hour of the day literally from anywhere. Starting from tracking road maps to getting news updates on the smartphone instead of the newspaper, or treasuring a special book to exploring a sea of options on the internet our needs and demands have undergone a sea change when compared to the habits of the previous generation.
This essay will highlight the most noteworthy contributing factors that have lead to the initiation of this process of reshaping of the media industry.
1. Demographics
An increase in the world population is a very palpable issue, the effect of which can be witnessed every day. Without any shadow of a doubt, it can be said that the global middle class will rise to a considerable extent within 10 years. Therefore, there will be increased demand for user-friendly videos which will focus more on advanced technological services. At the same time as the global population is getting old, there will be increased demands for digitized health & wellness services, entertainment services, educational services, specially designed for the older generation.
2. Change in consumer demands and behavior
The younger generation seeks to remain connected with the globe and demands instant access to the desired content anywhere and anytime. With time, the software is getting constantly upgraded for the best interest of the users. As the number of users is on the rise, digital media has become a strong platform for business houses. Crystal clear internet content and showcasing newer advertising tactics are reaching new heights on a daily basis. The companies that provide better data security with a trustworthy approach wins the game in this age of cut-throat competition.
3. Challenges of Ecosystem
Startups have become the order of the day across the world. A diversified range of organizations and brands are functioning in the world market. This digital trend is creating work opportunities for some highly skilled digital workers whereas some types of employment are gradually becoming obsolete. The nature and profile of the work culture are changing. The digital workforce demands constant updating of the working methods and techniques to keep pace with the fast-changing demands and necessities of the public. The media and the entertainment industry need to keep a close watch on this transformation and adapt to it quickly to keep sailing with the trend.
4. Technological Trends
The increase in the usage of smartphones and the internet has fuelled newer methods of connectivity. This has presented the businesses and media houses to interact with the consumers in general with better efficacy. This improved connectivity has led to the instant availability of content. Such technological advancement has led to the birth of multiple free software and open-source software. These are getting more popularized by inexpensive sensors and of course cloud computing. Such a sort of complicated interconnectivity has led to the changed approach of the media industry to stay connected with the consumers.
5. Smartphone and Social Media
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The power of smartphones and social media cannot be ignored in today’s world. Continuous shares, likes, dislikes, comments possess the capacity of building or destructing a brand. The media industry is getting more industrialized on the whole on a global scale. Newer technological advancements are affecting the usage and creation of media content. Because of the changing demands of the consumers, several companies have automated and digitized their catalogs for the best interest of both the consumer as well as the business.
As it is said that change is the only constant, the truth of this saying has been redefined with the current digital trend and its effects on our lives. With the advent and advancement of newer technologies, our demands, necessities, and approaches have changed. To keep pace with such changes, the media also requires to get updated to ensure smooth running.