By Jordan McDonald
We know it’s been a crazy two years in general but has that changed our media consumption habits?
Traditional media was already fighting to retain its standing against the wave of user-generated content (UGC) rushing our way. Think YouTube, the evolving options on streaming services and the ability to choose when you watch and you can understand the interest in UGC.
A recent survey in the United States indicated consumers spend almost as much time streaming videos on social platforms as they do watching traditional TV. While traditional media still accounts for the majority of media consumption, the gap between those who most-watched traditional and those most-watching UGC is narrowing.
Leading the trend are younger consumers who have grown up in an entirely digital world.
Similar behaviours can be seen in Australian consumers. For news specifically, Australians choose the internet as their main source however TV remains the most trusted.
Streaming video-on-demand data shows record numbers of minutes consumed – the last Olympics being a great example of the change in user behaviour.
Streaming services have become household staples but the overwhelming selection means viewers are loyal to their favourites.
As time goes, and the online media offering evolves, it will be interesting to see how much longer traditional media can maintain the throne.
But the message for now is clear: TV shouldn’t be dismissed yet.
A survey of 50,000 Australians revealed consumers believe TV is the most trustworthy source of news.
The Covid-19 pandemic exaggerated this behaviour as daily press conferences became routinely the best way to obtain information about the pandemic.
Within the media world, TV is still a place of influence and clients still want and need the coverage, for both credibility and awareness.
Although social and digital media deliver content to our newsfeed in neat, bite-sized pieces, TV possesses a level of social credibility that continues to interest viewers.
This is seen in the US as well. The same survey that highlighted the closing gap between traditional TV consumption and user-generated video consumption shows a broader analysis of traditional media consumption versus UGC.
The results show traditional media still holds a convincing majority of consumers with 61 percent versus UGC’s 39 percent.
The unpredictability of the emerging metaverse means more uncertainty for the future of media consumption.
What will streaming look like in five-to-10 years? Will traditional media exist?
The metaverse is happening whether you like it or not and it’s certainly something a lot of traditional and digital media producers are thinking about.
The advantage certainly belongs to the digital creators because most are already operating in an entirely digital space. Traditional media will need to develop offerings that bring their content into that digital space. The metaverse could certainly mark a new beginning to traditional media.
Among the numerous publicised features of the metaverse is the understanding that it will be a digital social world. Imagine reality TV where viewers can interact in real time, or news where viewers can ask questions at the press conference that are heard via audio.
Although these are hypothetical, my outlook of the metaverse is to assume anything is possible and that limitless mindset is what traditional media outlets will need to adopt.