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Media Overview

The media industry is one of the most diverse and complex industries. Driven by recent technological advancements, this industry is constantly improving and changing the way people consume content. Media content is being consumed on a variety of different platforms but there is a huge emphasis on digital media platforms. The industry includes an endless amount of sub-categories such as video games, virtual reality, social media, e-learning, videos and more. Organisations operating in the industry have had to evolve and rediscover how to capture consumers to continue to enjoy growth. The biggest changes organisations have had to make was driven by the increasing importance of the user experiences and personalisation.

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The media industry has evolved immensely with technology but is now facing a new set of challenges alongside this evolution. Nowadays, there is an increasing distrust of media content. The access to personal data, cybersecurity risks and issues with a similar vein continue to worry about consumers which can limit the ability of organisations to effectively connect with consumers. In the media industry, content is king and the ability to personalise content to cater to every potential consumer is another barrier organisations need to come. The media industry is difficult as consumer preferences are hard to predict and competition is intense as media performs on a global landscape rather than local. Therefore, though the media industry has been able to increase accessibility for global expansion, it has also created competition within the industry. The media industry is valued at 2.1 trillion US dollars in 2018 and forecasted to grow to 2.6 by 2023. The industry is characterised by the diversity of customer preferences and the high fixed costs. Apart from that, success is highly unpredictable in the industry and organisations struggle as customer preferences & interests are rapidly changing. The industry usually gets revenue through either customers or advertising and has a large focus on personalisation of content.

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