The media industry has undergone a period of immense transformation. Changing consumer habits are driving increased demand and advances in technology are making it easier to access content. This growth has been matched by an oversupply of content from new market entrants, the consolidation of legacy media companies, and undifferentiated distribution platforms. As a result, an efficient digital marketing strategy is critical for media companies to cut through the noise and find their audience.
Consumer and Industry Trends in Media and Entertainment
Post-pandemic, consumers are spending more time online, particularly with mobile
The barriers to entry for content distribution have largely disappeared with widespread access to high-speed internet and free social media and UGC platforms
Gaming has grown as a content category, quickly becoming a way for the younger generation to socialize as well as create new tangential content categories (e.g. Esports and GVC)
Social media is seen as a way for teens to express their creative side as well as stay connected with the majority of teens using TikTok, Instagram, or Snapchat daily.
YouTube has incredibly high penetration (71% of the US population), with users favoring short-form content focused on Music, Entertainment, and Gaming
Digital Marketing in Media and Entertainment
Digital ad spending in Media & Entertainment has increased by over 300% since 2016, which is aligned with growth in digital content consumption
Legacy media companies are transitioning their distribution platforms and capabilities to mobile-accessible streaming apps with multiple pricing tiers. Most recently has been the addition of app-supported offerings that have been key to growing subscribers and driving profitability
Media companies are increasingly turning to paid partnerships with influencers and micro-influencers to create awareness for their content/brand amongst specific, highly engaged followers
With the growth in use and penetration of platforms such as TikTok and YouTube, video marketing has been seen as a key part of any digital marketing strategy
As competition increases, media companies are looking for ways to create value and increase their customers. One way this has been achieved has been through the bundling of streaming subscriptions with other offerings. This provides value to the customer while accessing a new group of customers
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