12 Trends in the Media and Publishing Industry
12 Digital Trends in The Media and Publishing Industry
During the COVID-19 lockdown, everyone searched for ways to connect with friends, family, or neighbors.
As a result of the confinement, a barrage of media consumption trends could be observed, as online engagement went through the roof. From online publications and digital media to social platforms, it was all about staying connected and informed about global updates.
In order to gain a more comprehensive understanding of forthcoming developments, we will explore the digital trends that are shaping media consumption. This exploration will encompass trends that can enhance publishing strategies as well as those that are revolutionizing the newspaper industry. Additionally, we will analyze the impact of these changes on the advertising industry.
3 Digital Trends in the Media Industry
Let’s begin by exploring three digital trends in the media landscape and how they transform the methods through which we discover, interact with, and absorb information.
Over the last 20 years, the evolution of media consumption has been nothing short of fascinating. Today mobile-first consumption takes the lead position, as people prefer scrolling through content on their smartphones or tablets. Research found that around 70% of Internet users, aged between 16 and 64, spend more time on mobile-first content than anything else.
To meet this growing hunger for mobile content, websites, apps, and content needs to be tailored and tuned for mobile viewing and engagement. Who doesn’t appreciate a crisp, clean, mobile-friendly layout?
Curated Content Experiences & AI
Another media trend that has taken the world by storm is the rise of artificial intelligence and machine learning.
This game-changing technology can be leveraged to create more personalized content experiences, adapted to every individual’s taste.
Consider how Netflix, Spotify, or Instagram rely on AI-powered algorithms to tailor content for their users, based on their browsing habits and personal preferences.
As of today, around 55% of publishers are already using newsletters to dish out curated content experiences to their registered users. If you’re not already using AI in your newsletter creation, then consider looking into it.
There’s no denying that the wave of tech innovation has completely redefined how we consume media. Today, it’s all about integrations with multimedia experiences like videos, images, and games to amp up the entire reading experience.
As Kevin Systrom, founder of Artifact explains it, “News is only useful if you create a habit where [people] actually engage with it…unless we create that habit early, it’ll be useless for the long term.”
According to Twipe, gamification is a key driver for such habit creation. By incorporating interesting and entertaining content, particularly in a digital environment filled with competition, publishers can enhance their appeal and secure a loyal audience.
Those brave enough to take risks and invest in multi-media gamification are likely to grow ahead of the curve.
3 Digital Trends in the Publishing Industry
What are the killer digital trends publishers can harness to keep things flowing?
Let’s explore three digital trends that are rocking the publishing world and how they affect monetization strategies:
Older Average Subscriber Age
Across newspapers globally, one of the main observations is that the paying subscriber base is skewing older.
The young generation is less inclined to financially commit to a news source, preferring to hunt down their information from free sources. As an example, only a meager 8% of digital subscribers are under 30 in the UK
However, the fact that they’re not subscribing now doesn’t mean that they never will. Instead, these numbers indicate how crucial it is for publishers to cultivate and care for younger audiences until they’re ripe to subscribe.
Looking at Wan-Ifra’s playbook of the gaming world, one outlined strategy for news providers is to hand out games for free in exchange for sign-ups. Once the user provides first-party data, the user can be targeted and converted at key points of the game.
Inflation Affects Subscriptions
Here’s the challenging part. The cost of living is hitting people hard, and many subscribers are giving their commitments a second thought. In just the latter half of 2022, over a third of US subscribers hit the cancel button on a subscription.
In order to fight subscription churn, publishers need to think proactively about how to engage and retain subscribers.
Data-Driven Commercial Deals (& Subscription Growth!)
With a treasure trove of first-party data at their fingertips, publishers can reel in those big-ticket commercial deals.
With gamification in their arsenal, business developers like the ones at Dagens Industri can tap into their readers’ interests and net more sponsorships. To put things into context, let’s not forget that known or registered users are 45 times more likely to evolve into subscribers compared to anonymous users.
Sharing first-party data with your publication is the first step to long-term brand engagement. It signals that readers are already strapping in for the subscription conversion ride, making them far more likely to seal the deal compared to those who haven’t shared a byte of data.
3 Digital Trends in the Newspaper Industry
When looking at the shift of the newspaper industry towards digitalization, various strategies with different focuses have emerged amongst different players.
Let’s talk about mobile news apps, which have turned the industry on its head. These apps are the perfect bait to attract new users to news publishers’ websites, although converting users on mobile isn’t easy.
How can we overcome this hurdle? One of the answers may lie in a more enjoyable buyer experience built up around mobile-first consumption. This can simplify the purchase and give subscriptions a much-needed boost.
Interactive Reader Experiences
Another route you might want to consider is spicing things up with interactive ways to scoop up info and pump up engagement levels. And what’s one of the best strategies for reeling in the younger crowd? Stock gamification.
The youngsters are on the hunt for more thrilling ways to expand their financial knowledge. And that’s where gamification enters the scene, making news content both easier to digest and more captivating — especially in those typically hit-or-miss areas like financial news.
Live Coverage Platforms
Here’s another trend: live coverage platforms are hitting the scene and empowering small teams to pull off big feats.
As the media industry navigates turbulent waters of cost-cutting, live blogging lets small teams publish with the utmost efficiency and roll out top-notch content without draining resources.
3 Digital Trends in the Advertisement Industry
Many of the previously outlined digital shifts make up for richer user data and content customization, two key areas for advertisers who seek to place their ads in front of the right audience. Here’s how advertisers can profit from the new trends.
Contextual advertising is the rising star on the digital trend radar. It’s all about targeting users based on the content they’re devouring rather than digging into their personal data.
This is an area that is gaining traction thanks to the heightened attention on user privacy and data protection, letting advertisers roll out pertinent ads that grab their audience’s attention without crossing any privacy boundaries.
How does it work? Instead of leaning on personal info, the context of a webpage, article, or video gets a thorough analysis. Advertisers can then insert pop-up ads that are tightly connected with the topics being consumed.
Another big wave hitting the shore is about broadening your visibility across as many pertinent channels as you can lay your hands on. Just tossing in a sponsored link in an article or flashing a banner ad at the end won’t cut it anymore.
With dynamic tools like live chats, live content, gamification platforms, and other interactive content at your disposal, advertisers can widen their omnichannel marketing net in a broadened way.
With today’s currency being data, advertisers can deploy targeted ads to scoop up and manage first-party data. Each time a registered user visits a platform, clicks on content, signs up for a game, or responds to a poll, first-party data is being collected.
Armed with this data, advertisers can lay down more precise guidelines for audience targeting and showcase ads solely for the dream customer persona. The outcome? More ad views per page and a higher conversion rate.
Key Takeaways for Publishers and Advertisers
By getting the hang of fresh and budding trends in the media industry, both publishers and advertisers can ride the wave of the digital revolution. Tailoring these trends can pave the way for a future that’s more linked-up, captivating, and tailored to the end-user.
Are you ready to capitalize on these digital trends? Let us be your guide on the journey from a print-based revenue approach to a full-blown digital strategy. Discover what Norkon can do to attract, engage and retain new audiences.