The media industry has seen a rapid evolution in the past decades, transforming from traditional print media to digital and now, with the onset of new technologies such as blockchain and AI, the future of media is bound to see massive changes that will redefine the industry. Here, we explore what we believe the next ten years will look like for the media industry.
One of the most significant shifts that the media industry will likely experience in the coming decade is the emergence of personalization. Over the past few years, media consumption patterns have changed as people have shifted towards on-demand content that they can consume at their own pace. With the increase in online streaming services, such as Netflix and Amazon Prime, people now have more options to choose from and can even skip ads on social media. Therefore, media houses will have to update their strategies to cater to this individualistic outlook by providing content that is relevant and easily accessible.
Additionally, the quality of the content will take centre stage. Viewers are now demanding high-quality content that is immersive, unique, and personalized. Therefore, media houses will have to invest in content creation if they intend to compete effectively. We already see an increase in video content that demands greater investments in equipment, venues, and post-production.
Blockchain technology promises to revolutionize the way content creators are paid. The technology is already doing wonders in industries such as finance, and its adoption in the media industry seems only a matter of time. Blockchain technology will enable fair and transparent compensation for content creators. Traditional media platforms, such as Facebook and YouTube, have been accused of underpaying creative content creators, hence, the integration of blockchain in media will help address these issues.
The future of media will revolve around creating value and building strong communities around brand content. Brands will have to focus on creating content that people can relate to, appreciate, and share. Social media platforms such as Twitter, Facebook, and Instagram hold great potential in building strong communities around particular brands and riveting content.
Artificial Intelligence is another aspect that is projected to significantly impact the media industry. From news reporting to ads, AI is set to take over several aspects of the media industry. News media houses could leverage AI to search for and curate very personalized news content for their audiences, while advertisers could utilize machine learning to create hyper-personalized ads that will attract and retain audiences.
In conclusion, the media industry has been experiencing tremendous changes in recent times, heralding the evolution of the sector. The changes in technology demand that media houses adapt and focus on individualism, high-quality content, and community building through personalized content. Emerging technologies such as blockchain and AI only add to the disruption. While many individuals in the industry may feel uneasy about these changes, those prepared to innovate and experiment with new models will undoubtedly prosper in the coming decade.