The media industry has undergone a significant transformation with the digital revolution. The shift from traditional newspapers to digital and social media platforms has been immense, and media companies have had to stay current to maintain their relevance. The evolution shows no signs of slowing down, and keeping up with emerging trends is crucial. What are the key trends in the media industry this year?
The Rise of Artificial Intelligence
Artificial intelligence (AI) is here to stay. Its use in assisting various tasks has become common in today’s workplaces, and proficiency in AI is becoming a valuable skill across many fields.
News organizations are particularly interested in AI’s potential. Automating background tasks such as proofreading, summarizing, translating, and transcribing is seen as a significant application. For instance, Helsingin Sanomat has adopted an AI assistant named Hennitbot to aid in article writing by, for example, suggesting engaging headlines.
While AI can be a valuable tool for simpler tasks, it also comes with risks, such as information hallucination and reputational damage. News executives view the risk of reputational damage as a significant concern related to content creation. Thus, using AI for writing articles is not yet fully recommended, despite its undeniable benefits.
Changes in Social Media: The Popularity of Short-Form Video Content
The popularity of social media has shifted from traditional platforms like Facebook and X to short-form video platforms like TikTok. TikTok is growing rapidly and is already serving as a news source for younger audiences. Transforming traditional journalistic content into fast-paced videos can be challenging, but The Washington Post has successfully embraced comedic-style videos that summarize daily news. If your goal is to reach a younger audience, it might be beneficial to consider hiring content creators and developing video-based content.
WhatsApp Broadcast: A New Way to Reach Audiences
WhatsApp’s new “broadcast” feature is emerging as a channel for managing customer contact. This feature allows you to create a channel where people can subscribe to receive content. Followers of the channel can react with emojis and share content forward. According to the Reuters Institute, early adopters have reported stronger referral traffic compared to traditional social media platforms like X and Facebook. For example, The New York Times and Helsingin Sanomat have successfully launched WhatsApp Broadcast channels.
Evolving Funding Models for Traditional Media
As physical newspapers decline, attention is increasingly focused on digital subscriptions and paywalls that require an active subscription for access. 80% of publishers surveyed by Reuters Institute believe that subscriptions will become a more significant revenue source than advertising. Since the most engaged news readers have already subscribed, new models are needed to increase subscriber numbers. Publishers are experimenting with subscription packages, lower renewal rates, and customized pricing.
Summary
The media industry is in a state of continuous change due to the digital revolution, and this year’s trends highlight the importance of AI, social media, and new communication technologies. AI provides effective tools for background tasks, but its use, especially in content creation, carries risks. The social media landscape is shifting toward short-form videos, offering new opportunities to engage younger audiences. The new WhatsApp “broadcast” feature opens fresh avenues for customer engagement, and traditional media’s funding models are evolving toward digital subscriptions and tailored packages. Staying informed about these trends and adapting your strategy accordingly will help you maintain competitiveness and deliver relevant content to your audience.
Source:
Reuters Institute: Journalism, Media, and Technology Trends and Predictions 2024 by Nic Newman
Changes in Media Consumption – The Impact of the Digital Age
The Future of Local Newspapers: How to Thrive in a Digital World
