The media and communication industry in India is one of the fastest growing sectors in the recent decades. Constituting of various segments such as film, television, advertising, print media, music and digital, the media industry is seeing a phenomenal growth. New trends and possibilities are emerging so quickly in the sector owing to the evolving technology and industry growth. While it could be difficult for executives to keep pace with these emerging trends, gaining some insight into these critical industry developments and trends can shed some light on their course of action in the upcoming years.
New digital technologies, shifting cultural behaviors, and the rising consumer expectations are upending the industry’s business models, making the media sector compete hard to adjust the ongoing deviations. With the increasing number of content players bringing in innovating offerings and the media and communication industry continuing to evolve, there are several emerging trends becoming apparent and taking hold of the sector.
Less ‘Mass’ Media Audience:
Media sector holds consumers in charge of things and it was the mass media audience taking the lead. But today, things have changed a lot. This era is all about less mass and more selective audience. This kind of audience fractionalization or segmentation leads to a reduced audience for any single media segment, as reaching the mass audience has become diverged through specialization. This is because today’s audience time has become a scarce commodity and there is an increasing number of media outlets and content convergence. However, the potential audience is still large and the organizational sector is getting more complex as it has to deliver the content to the diverged audience through several media segments at the same time.
Increased Audience Control:
Today, the mass audience is taking more control of what they want the media to present. This is because they have the control over what they see and hear, thanks to the recent technological advances that have increased the consumer power. For instance, if they are not satisfied with the TV media, they go for other sources such as online media and blogs to get the information they want. There are a lot more media outlets today and consumers choose the content they want in the way they prefer. Such an increased audience control would bring in either positive or adverse effects, depending on the appropriate indulgence of the media sector.
In this era, content consumption is no more a one-to-one transaction between a network and a customer. There are so many user-generated content and peer production possibilities through which people can share and collaborate on content. Everything from YouTube and Facebook to Wikipedia and blogs are paving way for user-generated content. It is estimated that more than 70 percent of the world’s digital data is created by individuals and not companies. Apart from being a platform for content generation, these online communities also facilitate active participation, sharing, collaboration, conversation and linkage of content and comments, which makes the platform more preferable and engaging.
Multiple platforms for Content Delivery:
The era of smartphones and web has created more opportunities for consumers to get their content delivered in a different medium. As a result, companies have started realizing the consumers’ preference and are making their content available across all platforms viz mobile, desktop, print media, etc. Since younger generation prefers mobile platforms for watching videos or reading news than on their computer screen, content providers are making use of the technology to bring their news and videos to the medium of choice and making their content accessible in multiple platforms through apps, websites or email subscriptions.
The Digital Advertising Ecosystem:
The changing digital landscape has ushered the era of digital advertising, which continues to unfold its presence in nook and corner of the world. Owing to the increasing online presence of consumers, corporate companies have started turning to online advertising system to market their business products and services. For everyone from business executives to politicians, it has become an effective, cost-saving, and time-consistent way to advertise things. It has become a reliable and effective way to deliver meaningful and track able results amid the present ecosystem. However, advertising frauds, ad blockers, and unwelcomed bots are challenging the digital advertising ecosystem by inflating prices and exaggerating the data for advertisers. It is necessary for the media and communication industry to take it as a matter of significant concern and explore the key issues to find solutions and overcome the risks.
Last but not the least is the social media. In the last decade, the social media has grown phenomenally and has emerged as a major marketing platform. Business owners today are making the most out of the World Wide Web to establish their online presence. Today, it has become mandatory to have not only a website but also a strong social media policy to attract consumers. Almost every business and media channels are having a dedicated web portal along with a host of social media platforms that connect them with millions of readers/consumers globally. Moreover, social media acts as the connecting bridge for viewers to express their opinions/views freely, making the content more sensational. The power of communication is what makes social media an emerging trend in the industry.
Overall, the media and communication sector, which is poised to see a tremendous growth in the upcoming years is transforming rapidly, and as a result, is witnessing notable trends that would propel the industry further ahead in the years to come. As of now, new technologies, social media popularity, and digitalization is what drives the media and communication sector into its growth trajectory. It is important that the major players in the media industry has to realize the potential of the emerging trends to change the industry and should make necessary counteractions that would help maintain their posture in the sector.
The evolving horizon of Mass Communication is luring the prospects of exciting careers and so the hype for education in this field is on a high. Among the institutions delivering degree and diploma courses usually the ones backed or initiated by Media houses have been found to be delivering impactful training but long standing private institutions have also started following best practices of inviting industry experts and providing simulation based learning experiences i.e. IMS Noida’s School Of Journalism and Mass Communication. It is one such institution in Delhi/NCR with a 20 year old standing brand that is hot pursuit for aspirants especially with their unique initiative “Salaam Namaste 90.4 FM”, the first community based radio station in Noida-Ghaziabad region