Digital Media Trends 2023
Digital media can take users to new locations and connect them to people all over the world. Consumers can connect with content producers, reliable sources of advice, communities, and experiences, with just a click or swipe from any location. These virtual “places” are very real parts of many people’s lives that can help them meet their social and emotional needs.
The mixed online and offline realities of younger generations continue to be the driving force behind the changes reshaping the media and entertainment (M&E) industry, according to the report. A survey reveals five trends, that can guide executives through the shifting landscape of digital media.
Online is where Gen Zs and millennials find purpose and connection
Media on the internet is not just for amusement. Additionally, it can be useful and promote community. Younger generations are drawn to more social and interactive experiences where they can immerse themselves in other worlds, design their own adventures, and exchange ideas.
Streaming video services could face competition
There might be more difficulties for streaming video providers. Watching TV shows or films at home continues to be a popular form of entertainment for Gen Xers and older respondents.
Consumers of all generations express annoyance over rising prices. People are reassessing the value they are receiving for their time and money and making adjustments as necessary.
People value various forms of entertainment
People appear to be evaluating their digital entertainment options based on the types of value they provide now that they have more options.
Video feeds created by users, provide value, community, and trust
Executives can use social media creators, to develop communities, foster trust, and increase interest in brands and products.
For many viewers, content producers serve as trusted intermediaries and guides in addition to being entertainers. Their followers frequently look to them for product reviews and advice on purchases.
Brands can improve social persuasion techniques
Social media is a hub for buzz and can help motivate interest and viewing behavior for entertainment in addition to selling and influencing purchase decisions.
Smart media and entertainment companies are improving their social media engagement strategies to reach a wider audience and are providing more opportunities to pique fans’ interest in their favorite franchises or series—even during the off-season.
These feelings are particularly strong among Gen Z s and millennials, proving the value of brand-creator collaborations in cultivating connections with younger generations.
What survey says?
One-third of all consumers interviewed believe that meaningful in-person experiences can be replaced by online experiences. Millennials and Gen Zers make up half of those who hold this opinion.
Nearly half (48%) of Gen Zs and millennials claim to spend more time socializing online than in real life, and 40% claim to socialize more in video games than in real life.
About a third of subscribers intend to cut back on the number of services they subscribe to, and half of all consumers believe they over-pay for streaming video-on-demand services.
Because of the state of the economy, nearly half (47%) of consumers say they have changed their entertainment subscriptions by cancelling a service, switching to a free service supported by advertising, or bundling services, for example.
Nearly half of the consumers polled say they are more likely to trust a brand if they see a review of their product from an online creator they respect.
Nearly three-quarters of Gen Zs and millennials, as well as more than half of all consumers polled, frequently watch a TV show or a movie on a streaming video service after learning about it on social media.