This post explores the increase of social media, internet streaming and user produced material in worldwide media consumption.
In the virtual economy, the rise of social media as key media and content platforms has considerably altered the way people are consuming media. In fact, social media channels have grown to become main sources of news, home entertainment and cultural trends, particularly for young audiences. Conventional media outlets are now relying greatly on social platforms and rebranding to website fit the digital area as a means for distributing content, interacting with users and remaining pertinent, as media consumption patterns continue to move online. Material such as short-form videos are currently leading the digital world and make the most of user engagement and algorithms for success. Moreover, self-made influencers and content creators are also becoming independent media figures, typically matching mainstream journalists and celebrities in their range. Those associated with the social media industry, such as the investor of ByteDance, would recognise the growing influence of digital networks in modern-day media consumption.
As media intake moves online, media trends and predictions are now heavily affected by algorithms. These algorithms now play a main role in shaping what content people see, while being driven by elements such as user behaviours and interaction patterns. This leads to extremely customised media experiences, designed to keep a visitor engaged for even longer. While this personalisation is successful in keeping the attention of a user, it has also raised concerns about the spread of misinformation, a loss of variety in perspectives and the psychological effects of material fixation. As a result of this, media business are reacting by buying data analytics and audience segmentation to better understand and retain users. In addition, to filter and maintain the stability of these platforms, companies are also introducing fact checking tools as governments and educators are pushing for better digital literacy. The activist investor of Sky, for example, would understand the importance of credibility when it comes to sharing information. Similarly, the owners of Euronews would acknowledge the difficulties posed by new media creators.
As internet-based media platforms continue to thrive, videos streaming has mostly overtaken conventional broadcast TV and cable. Streaming platforms are rising in popularity for providing on-demand viewing that lines up with the preferences of modern-day people, by offering both versatility and personalisation. As one of the top current trends in the media industry, this pattern has interfered with the traditional media models and has caused even the most successful media companies to release their own streaming services or collaborate with tech giants to stay in line with competition. Additionally, with the accession of paywalls and subscription-based media, there is a visible pattern where audiences are significantly ready to pay for content that supports free-lance developers. This trend of decentralisation permits reporters and creators to build direct relationships with viewers, bypassing the conventional media models.