The digital revolution
The digital revolution of the 21st century is largely driven by the changing taste of viewer consumption patterns with regards to entertainment. In last few years alone, over 20% of American households have reduced their spend on paid television packages. What started out as private viewing experiences between the viewer and the broadcaster has now shifted to the viewer as the broadcaster. Interactive mediums like mobile and tablet devices where consumers can create, customize and share content are the next wave of the future.
Social media platforms like YouTube and SnapChat, Facebook, enable more and more consumers with the digital technology to broadcast self-generated content quickly and easily. As more of these technologies emerge, the need to share this media across multiple platforms such as one’s mobile device will also increase.
In 2015 alone, one in three Americans were reported to consume digital content via their smart phones on a daily basis with another 100m reaching for their tablets.
The beloved PC is also being re-purposed away from an entertainment medium to a work one as more and more consumers reach for their mobile devices for entertainment. 20% of adults are said to have consumed digital content via their mobile devices compared to two thirds of millennials who consider their smart phones the number one source for video. The private viewing experience provided by the PC is being ditched in favor of the more social one provided by mobile. Consumers living and walking in the street, can easily reach for their mobile devices to record and or share content amongst loved ones, in a way that the PC simply cannot match.
The net effect of all these changes is the impact on Advertising spend. Digital will surpass print in 2016 and is expected to surpass traditional television spend in 2018. As it stands, 40% of millennials in 2015 will have never paid for traditional television services. And by 2020, half of advertising spend will be concentrated on digital media platforms.
In short, the revolution will not be televised instead, it’ll be digitized !