The metamorphosis of content from print media and television to digital has been an interesting development in the past decade. No doubt, the increasing number of devices which support digital content along with access to high-speed internet have been the two major reasons behind this scenario. As digitalization seeps into the very fabric of our society, the demand for digital content is predicted to grow immensely.
Before analyzing the trends that are shaping the future of the?global digital content market, it will be interesting to gather some insights on the factors which have facilitated its demand in the first place.
> Popularity of the OTT content platform
The over-the-top (OTT) model of content distribution has broken the shackles of traditional platforms of content distribution by directly reaching out to the consumers. The entry of global players like Netflix, Apple TV, Hulu, and Amazon Prime has further boosted the popularity of OTT platforms.
> Scaling up of wireless infrastructure
The building of wireless infrastructure is one of the top priorities of governments throughout the globe. According to our industry analysts, the drive towards scaling wireless infrastructure is particularly strong among developing economies. As telcos realized that mobile data is the growth driver of the future, smartphones became the medium of choice for media consumption.
>?Size of Digital Content: Short is sweet!
Digital content is mostly consumed “on the move.” This explains why short, exclusive, and snackable content is in high demand. In countries like India, the average length of a video viewed online is less than 20 minutes.
These three factors have played a critical role in pushing the evolution of the digital content market globally. Our newest report on the global digital market predicts a positive growth for this industry in the next five years. The top three trends which have contributed to the evolving ecosystem of digital content are:
1. Death of the TV
Television, as we knew it, is dead. Since 2014 there has been a steady decline in the traditional TV market. The major reason for this is that millennials prefer online-streaming subscriptions over the usual TV content. And, with binge-watching being the new formula for relaxation, there has been an upsurge in the on-demand content market. Social media has also emerged as the primary news outlet across age groups, with Facebook being the most common platform.
This migration from the traditional TV soaps to online digital content is a major trend which is unlikely to die out anytime soon, thus pushing the growth of the digital content ecosystem.
2. Smartphone is home to all the action?
The major source through which digital content is being consumed today is the smartphone. The number of smartphone devices is expected to cross 4 billion by 2019. Keeping this development in mind, major media and entertainment houses have come up with content specifically tailored for the digital platform.
According to our report, Google’s Accelerated Mobile Pages (AMP) project is one of the major factors behind the popularity of smartphones for consuming digital content.
3. Shift of advertising spends towards digital media
There has been a paradigm shift in the global advertising spends. High budgets are being allocated to digital mediums, furthering the demand for digital content. No doubt, the increase in digital advertising spends is at the cost of traditional advertising mediums. And, with this trend refusing to die out soon, the global market for digital content is all set to flourish at an immensely productive pace.
Check out the Technavio report featured in this article :
Global Digital Content Market 2018-2022