Digital Media Trends

Deloitte’s 2024 Digital Media Trends Report highlights the ongoing transformation of the media and entertainment industry, driven by the convergence of streaming, social media, and gaming. Here are some key takeaways:

• Shifting consumer preferences: Younger demographics, particularly Gen Z, are increasingly turning to social media for video content, with user-generated content and recommendations from creators influencing their viewing choices. This challenges traditional streaming services whose content discovery features may be falling short.

• The power of fandom: The report emphasizes the importance of fandoms – passionate communities of fans – for media companies. These groups are highly engaged and represent significant growth potential across different platforms.

• Content fragmentation and discovery: With a vast array of content available, viewers struggle to find what they want. Deloitte suggests that media companies need to improve content discovery mechanisms, potentially by leveraging social media for recommendations.

• The need for holistic strategies: The blurring lines between different media formats necessitate comprehensive approaches from media and entertainment companies. Success may lie in creating unified strategies that encompass TV, film, social media, user-generated content, and interactive gaming experiences.

While the  report focuses broadly on media and entertainment, the findings hold implications for news publishers as well. Here’s how:

• Competition for attention: Social media and creators are becoming a strong influence on what people consume, including news. Publishers need to find ways to stand out in this competitive environment.

• Importance of community: Building and engaging with a loyal audience, similar to fandoms, could be crucial. This might involve fostering discussions and interacting with readers on social media platforms.

• Content discovery challenges: News publishers need to adapt to how people discover information. Partnering with social media platforms or implementing effective recommendation tools could be beneficial.

• Rethinking content formats: The convergence of media suggests experimentation might be necessary. News publishers could explore incorporating multimedia elements or interactive features to keep audiences engaged.