Digital media companies often struggle when it comes to keeping up with the perpetual onslaught of new channels to reach targeted audiences. However, for digital media companies, the most challenging task is reaching out to the targeted audience. Effective engagement with targeted consumers is the key to success as it communicates consumers’ preferences to content producers. Also, this can help media companies in gaining valuable insights to improve their offerings and user experience. Companies in the digital media industry can improve customer engagement by keeping abreast of the latest trends and technologies in the industry, which, in turn, can help in transforming their business operations. In this article, we have curated a list of emerging digital media industry trends that will dominate in 2020.
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Digital Media Industry Trends 2020
Changing Demographics
With the growth in globalization, demand for new media services focusing on convenience, education, premium content, and video-on-demand will also grow, particularly in emerging economies. Meanwhile, the emergence of millennials is creating demand for analytics services that offer better consumer experiences and provide instant access to content. At the same time, with growing urbanization, demand for media offerings that are designed, keeping in mind the busy life schedule of people will increase in 2020. To offer the best service in such a scenario, it is high time that companies in the digital media industry leverage analytics services that can offer insights into consumer activities and business performances in real-time.
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The Paradigm Shift in Consumer Expectations and Behavior
The digital media industry is going to experience a paradigm shift in the behavior and expectations of consumers. With the growing numbers of users turning to ad-blocking software, marketers need to change their strategies and engage consumers through storytelling and providing useful information through graphics. This, in turn, can also help in improving brand image and loyalty. Today digitally empowered consumers are increasingly aware that their interaction with brands on different platforms is being turned into data that can be analyzed and monetized by third parties. Therefore, companies in the digital media industry should get away with opaque and complicated privacy policies. Customized algorithms may prompt consumers to switch to brands that offer them more transparency and better data privacy.
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Technology Trends
With the increase in mobile and internet penetration, the life of consumers has become connected. This has presented companies in the digital media industry with opportunities to improve their engagement with consumers. Consumers across the globe now have access to content anywhere, anytime. Businesses should utilize this technological advancement to build innovative and relevant products. Internet of Things, a network of connected machines delivering smart services, offer the media industry a whole range of opportunities to create seamless, personalized services. With the help of analytics solutions, companies in the digital media industry can gain insights to deliver relevant and meaningful experiences to consumers. This real-time use of data analytics is particularly essential as media organizations no longer provide content, but experiential services built around that content.