While advertising relies heavily on media to communicate stories, broadcast serves as the connection between the two ends. When these two worlds collide, they produce a good starting point for futuristic exploration. The rapid growth of the internet has brought new and exciting methods of communication, including digital media platforms. This cutting-edge technology has paved the way for digital media to grow enormously, and have a profound impact on how brands create a relationship with their customers through advertising. We as creative production agencies have to emerge as problem solvers. We have to create stories for clients that are relatable and get broadcasted on most relevant platforms maintaining brand’s identity.
It is no surprise that media has become core to people’s understanding of the world. Media and broadcasting are continuously evolving, and the methods advertisers use to reach customers also need to change alongside it. The rise of virtual reality (VR), augmented reality (AR), mobile video, and more polished use of data analytics will all affect the future of digital media. Given how fast technology is changing, digital media and advertising will look different in a few years to come. Here are five trends shaping the future of broadcasting media and advertising.
The personalization imperative
Consumers are more than willing to share personal data about themselves in exchange for a more personalized content experience They respond better to tailored content that they can relate more to. More personalization comes in digital advertising, which is extensively contextual. For instance, ads are now selected and placed by algorithm systems, based on internet searches. With an increase in the use of mobile and location-based advertising, the personalization imperative has continued to grow.
Forward-thinking media firms set up to use this personalized personal data to their advantage. They target customers and drive significant revenues to their companies. Unfortunately, only a few companies have decided to invest in their people, processes, and technology to be able to successfully use this data at the necessary operational level. Broadcast companies either adjust their targeting methods to deliver more personalized content or risk losing customer engagement.
Development of AR and VR
AR technology enhances physical images of products and VR recreates environments through specific hardware and software. These two industries have gained a lot of popularity in recent years. They allow consumers to have plenty of experience with products before buying them. These technologies also help print media merge with digital and use real-time information to deliver strong, personalized customer experiences.
Consolidation gives rise to super competitors
Consolidation is good for growing shares, building scale, and achieving efficiencies. Along the same line, mergers and acquisitions affect online advertising platforms. With guaranteed programmatic, advertisers and media owners can buy both open auction and reservation using just one platform. This gives them a platform to manage their advertising campaign rather than juggling open auction and reservation buys separately. This benefits both media and advertisers from a much simpler, efficient workflow, and better results.
Visual search, a collaboration between Amazon and Snapchat allows you to point a camera app at a particular object. Then, you get a link showing either the object itself or similar products available for purchase.
This competition in visual search has driven development into overdrive. As these systems are used by more people, more information is fed back to the access list (AL) running them.
Advancement in technology, internet penetration, and increase in mobile has made connectivity a way of life. This has provided broadcasting media outlets opportunities to fuel the constant conversation that connectivity brings. Technology also allows people to access content anywhere anytime. A few technological trends are important to the digital transformation of the broadcasting media industry.
- Data analytics. The collection of data and analytics allow companies to get user insights across devices and channels, which enables them to convey meaningful and relevant consumer experiences.
- Mobile and social media. The increased usage of mobile and social media, which increases connectivity is transforming how media is perceived. Instant and continuous access, especially through sharing on social media platforms, empowers consumers to promote brands. Advertising on social media has become the new norm.
- Industrialization of the media sector. The creation, distribution, and monetization of media is changing with new digital processes. Traditionally, the media concentrated on content creation and optimizing distribution. Today, it focuses on automation and digitizing inventories and creating algorithms to create content.
In ten years, technology will be more feasible, advanced, and commercialized. It will be widely adopted and perhaps advertising directly to the brain will be a possibility. Media competition may be intensifying but the industry is priming itself to keep meeting the consumer changing demands that have no end. As it stands, the future of media and advertising lies in technology. The adoption of 5G technology will enable ads of much higher quality in 8K, 3D models, and 100MP images. The continued exploration of trends like AR and VR will be a game-changer; it will evolve how humans interact with the digital landscape. The way we find and consume content is changing and while the industry is ever-changing, the core value of broadcasting remains the same – to inform and educate viewers.