The main concept I gleaned from this particular reading was that although the Media Industry is evolving and changing at an accelerating rate, by identifying the consumption habits of the youth market, companies have the potential to flourish. The other large area of interest was the necessity for companies to invest in data and the importance of it’s analysis. This also feeds into the algorithms companies use to personalise the way in which people access content and interact with advertisements and marketing.
Younger generations tend to adopt new technologies faster than the older generations and the way they consume their media, on these technologies, is vastly different. The ability to consume media over multiple screens is more and more predominate. Having grown in a world saturated with screens, younger people tend to be better consuming content across screens, platforms and devices. Part of it, is that millennials are merely capitalising upon screen media’s Inherent dependency upon sound, particularly television (streamed or broadcast). Rather than fulfilling the role of passive audiences, consumers are also accessing secondary content to either enhance their primary form of entertainment or to satisfy their thirst for extra stimulation. Another aspect of this push toward gearing products and content towards younger markets is to capture business early in adult life. Rather than banking upon the wealthy and usually older consumers, companies can now look to young people who will remain consumers of a product that adapts and evolves to their consumption needs.
Looking to embrace technology and to adopt advancements is also central to how companies and content creators can sustain themselves financially. The accelerated rate at which the industry shifts suggests that companies need to be flexible and adopt new platforms to capture new and to retain existing audiences.
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