Internet Travel Monitor - Marketing, Research & Tech
July 18, 2018
Global, Mobile, Digital Ecosystem Adoption Paradigm Shift
Deloitte says “welcome” to their point of view about the rise of on-demand content consumption through digital platforms, to analyze the key market trends in the past, and expected developments in the near to long-term future, which are likely to have a significant impact on companies operating in this space.
The report provides a view on what may happen, what could likely occur as a consequence, and the likely implications for various types of ecosystem players. The objective is to provide a considered point of view on key industry trends and developments in key subsectors. Deloitte hopes that the reader finds this point of view a useful stimulant in strategic thinking and planning.
Media consumption in the US has shown tremendous increase, and has seen a significant jump from traditional media to new (digital) media, says the report. The rise of digital media players such as Netflix, Hulu, Amazon, Apple TV, Roku, and Boxee, etc. are challenging the traditionally maintained supremacy of the television as the main entertainment hub. The bigger challenge in identification of the future milestones about this evolving industry and ecosystem, says the report, is not about forecasting what technologies or services will emerge or be enhanced, but in how they will be adopted.
And, says the report, media consumption across the globe is increasingly happening in digital formats. The increase in the number of devices capable of supporting digital media, along with increasing internet access speed, has provided consumers with an option to access the media content of his choice, be it information, entertainment or social activity anytime, anywhere.
Online media consumption has shown tremendous growth over the past few years. Among the digital devices, mobile devices have taken over as the preferred medium of consuming online media, says the report. The smartphone market has seen an unprecedented growth in the last 5 years.
The devices used to access digital content have evolved in the last few years that have increased the array of platforms on which a user can stream audio and video content.
The increasing popularity of digital media has provided for a paradigm shift in the global advertising spends. Marketers are following the changing trend and increasingly allocating their budget to digital mediums. Spending on digital media as a percentage of total advertising spend is expected to increase from 21% in 2010 to 28% in 2015, and is further expected to reach 36% by 2020. This increase is mainly coming by cannibalizing traditional advertising mediums like print.
Concluding, the report says that more and more media consumption is happening on digital media, and people are spending more time on digital media as compared to traditional media. This increase can be credited to the improvement in mobile device technology and internet connectivity, which has provided the viewers with the option of accessing digital media content on the go. Audio and video have emerged as the leading online traffic generators and are expected to increase their share of the pie with increasing internet penetration and service adoption. Marketers are shifting budget spends in tune with the shift of viewer preference towards digital media from traditional media.
Copyright 2018 MediaPost Communications. All rights reserved. From https://www.mediapost.com.
By Jack Loechner, Staff Writer.
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