According to Deloitte Trends, the media and broadcasting industries are ripe for change in 2024. The rise of AI, more advanced technology such as blockchain, and a flood of content availability means that change is coming.
One of the biggest changes will be consumer behavior. People now have access to a wide range of media and can consume content across numerous platforms. However, it’s unclear which media service consumers will adopt in the long term.
However, one thing is certain: media will become more digital and internet-based in 2024. Consumers will keep adopting new media and content platforms, and screens will be everywhere. Given this flood of accessible content, people will be more willing to pay for quality content. This will lead to the emergence of more pay-on-demand models.
And new technology will make it easier to measure the effectiveness of digital ads. This precision will be crucial for media companies to make money from their content.
What does it mean for my business?
To cater to long-term consumer demands, media and broadcasting companies should pivot to digital platforms as soon as possible. Because that’s where people are spending the majority of their time.
In addition, focus on creating top-notch content to stand out in the digital space and capture your audience's attention. If that’s not possible with your current team, seek out strategic partnerships to create better content or elevate your distribution strategy. And experiment with paid content or pay-per-use business models if your audience is open to that and you need the extra budget to create top-notch media.
Lastly, don’t forget to keep an eye on changing regulations as data protection and privacy issues will grow in importance in 2024 and beyond.
By embracing digital channels, creating high-quality content, seeking partnerships, and staying updated on new laws, media and broadcasting companies will better prepare for changes that will impact the industry for decades to come.