Media can be used to effectively promote products and services. Traditional media such as television, radio and print advertising reach large audiences but can be expensive. Digital media such as websites, social media, and mobile applications are often cheaper and can target specific audiences. It is important to develop a well-planned media strategy in order to maximize the impact of advertising efforts. Furthermore, Media has this extremely powerful potential of influencing the society’s beliefs & habits, hence the importance of the ethical side medias.
Trends
- Increased Viewer Engagement: Media companies are increasingly focusing on viewer engagement as a way to capture attention and increase loyalty. This includes interactive content, such as polls, quizzes, and user-generated content, as well as interactive social media strategies.
- Streaming: Streaming services, such as Netflix and Hulu, are becoming increasingly popular for their convenience and wide selection of content. This trend is causing traditional TV networks to shift their focus to streaming platforms.
- Virtual Reality and Augmented Reality: Virtual reality and augmented reality are becoming more popular in the media industry. These technologies allow for more immersive experiences with content.
- Social Media: Social media is becoming an increasingly important part of the media industry. Companies are using social media to promote their content, as well as to engage with their audience.
- Artificial Intelligence: Artificial intelligence is being used to improve the accuracy of digital advertising and content delivery. AI-powered algorithms are being used to personalize content for viewers, as well as to identify user preferences and interests.
Stats
- Global media industry revenues totaled $2.2 trillion in 2020, a growth of 3.2% over 2019.
- Digital media continues to be the most dynamic sector of the industry, with revenues of $1.2 trillion in 2020, representing a year-on-year increase of 8.2%.
- The television industry remains the biggest sector of the industry, with revenues of $868 billion, a growth of 1.7% over 2019.
- Social media continues to be the fastest-growing sector of the industry, with revenues of $155 billion in 2020, a growth of 17.5% over 2019.
- The film and video industry’s total revenues of $128 billion in 2020, a growth of 4.5% over 2019.
- The advertising industry, which includes traditional and digital media, had total revenues of $624 billion in 2020, a growth of 5.5% over 2019.
Start-ups
- Slack is a communication and collaboration platform that helps teams stay organized and connected.
- Spotify is a digital music streaming service.
- Airbnb is an online marketplace for short-term rental accommodations.
- Uber is a ride-sharing platform.
- Dropbox is a cloud storage and file synchronization service.
- Pinterest is a visual discovery and bookmarking platform.
- Instagram is a photo and video sharing social networking service.
- Square is a mobile payment provider and financial services company.
- Stripe is a payment processing platform that enables businesses to accept payments online.
- WeWork is a shared workspace provider for entrepreneurs and professionals.
Key words
- Digital marketing
- Media
- AI
- VR/AR
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