As the US economy struggled in 2008, the Newspaper industry was hit hard. Very hard. In the years that followed, we witnessed the bankruptcy, failure, or firesale of some of the most recognized and respected media brands in the world.
Media companies such as the San Diego Union-Tribune went from being worth over $1 billion in 2004 to being sold for less than $50 million a few years later. While the newspaper sector took the biggest hit, we can expect to see this theme continue as the media industry evolves to incorporate the internet as a primary distribution channel.
While we know that big change is coming, we were curious to know what would happen in the short term. So, we connected with 10 of the top media industry leaders out there and we proposed the question:
what will change in the media industry in 2017?
Here is what we learned….
Kevin Akeroyd, CEO of Cision
“2017 will be the year when influencers narrow their scopes in order to break through the noise. It won’t be enough to just be a “travel” expert, because the topic is so broad that anybody with a computer can enter the conversation – and if everybody is an influencer, then nobody is an influencer. Instead, a travel expert may become an expert on “Mediterranean cruise ports.” Consumers today are making decisions in real time “micro-moments,” and true influencers will be those who can capture their attention in those moments. This will warrant a shift in mindset for those in the media industry. Influencers will need to identify their niche and showcase that expertise, while other communicators must find a way to better influence the influencers. This will require leveraging technology to identify the right targets, deliver them compelling content and accurately measure the role they play in driving business outcomes.”
Elizabeth Giorgi is the Founder and CEO of Mighteor
“The media industry will expand to include more video capabilities in 2017, especially on mobile devices. In 2016 mobile video consumption increased and platforms will look to explore this opportunity more in-depth. You can expect to see videos being made specifically for mobile devices in 2017 and more traditional media companies trying to play catch up with the Now This! and BuzzFeed video chops.”
David Sable is Global Chief Executive Officer of Y&R
“TV will continue to grow in importance – in all its glory across all its platforms and devices (take a look at Apple’s new app icon for video entertainment). The trend of buying series from countries other than your own will continue, as Netflix has shown that subtitles do indeed work. However, the issue will not be content or what platform or device you watch it on. I see the real issue being how do I pay for it all? Everyone will keep producing their own unique content forcing audiences to buy in to their platforms or service, but 80% of their offering will be the same. Watch for the next cable-like consolidation offer. I’m ready to bet that advertising will play a key role in reducing the price.”
Amber Lee is CEO and Co-Founder of Visual Country
“Native video is booming and will show exceptional growth in 2017. Banner blindness among consumers and the rise of ad blockers are perpetuating its rise, along with the fact that native video can be extremely effective when done well. At the same time, mobile digital video revenues continue to steadily increase while audience attention spans decrease. We therefore expect much of the native video produced in 2017 to be short-form and designed with mobile and social in mind.”
Heather Taylor, Social Media Associate at MyCorporation.com
“2017 will be the year for putting meat on the bones of news coverage. Articles will feature more commentary from professionals in that field along with quotes from everyday consumers. Sites like Twitter, Instagram, and Tumblr will be mined for trending content whether that’s an interesting Twitter thread or a picture of a celebrity with a new hair color. It will be imperative to give the source of said content credit as well. There will also be — or need to be — a balance struck between discussing politics and placing a focus on other global/local news stories along with diversifying editorial staffs at digital and print publications. I think that after 2016, a disastrous year in journalism riddled with fake news stories, 2017 will place an emphasis on creating content with more thought, research, and passion.”
Christina Daves, PR for Anyone®
“Media is changing and it’s all about social media now. Less people are watching television. News anchors are going live on Facebook before they go on air to get people to switch and watch their show. They are encouraging people to follow them on Twitter and Facebook and react to their stories. Newsrooms are telling stories that are popular on social media and will work with experts who have large social media following to spread the word about their programming “
Mike Arce, CEO and Founder, Loud Rumor
“In 2017, video marketing will take over with live streaming (Facebook LIVE, Instagram stories, Snapchat), the progression from podcasts that are only accessible on iTunes and Stitcher to *video *podcasts that also have visual components on YouTube, and more. 2017 will see more raw, uncut footage than ever before because of the popularity that live streaming has gained. That being said, consumers will absorb information via video more than ever before.”
Craig Erwich, SVP Head of Content at Hulu
“2017: Redefining the “TV Season. With the growth of on-demand viewing, the concept of “watching television” content is being redefined. Some shows thrive on a weekly model, while others break out overnight as full, bingeable seasons. As the viewer gains more control over his or her own viewing experience, content owners and platforms will have to continue to adapt to different schedules – from early releases, to dropping a few episodes at a time – and different storytelling formats that are not confined to a traditional hour or 22 and a half minutes. Storytellers and distribution platforms must work together to realize that the viewer is in control in order for content to thrive.”
Dan Curran, CEO of Power Post
“Due to the constant threat of cyber fraud and questionable digital media ROI, brand marketers will accelerate their investment in owned media. In-house content studios will be a mainstay for progressive brands looking to control their message and build their own audiences via social, blogs, podcast and digital publishing. Brand journalism will be viewed as a logical solution in order to drive such audience growth, garner consumer insights and close sales. Marketing automation tools will be in greater demand, and required, as brands will struggle with the complexity of programming content across popular social and digital channels. 2017 will be the year where brands transform into power publishers.”
Katie Kern, VP of Marketing for Media Frenzy Global, LLC
“There are two major trends in 2017 that will aid in changing the media landscape. 1.) Fake vs. Real News. Fake news dominated 2016 so much Oxford dictionary announced “Post-Truth” as its 2016 International Word of the Year. As consumer’s media consumption increases, media outlets must continue to create compelling and real content to capture the attention of their audience, solidifying themselves as a credible source amidst this fake news era. Transparent, factual, shareable content will be what news outlets need to put the fake news stories to rest once and for all. 2.) Digital Continues to Rise. The next big platform is right in front of us: digital. Connectivity, now more than ever has a huge influence on how people consume media and make brand choices. Advertisers need use multiple media channels to reach and connect to their target. For example, it’s not guaranteed that a 30 second TV ad will have the same effect on Facebook or YouTube. Advertisers can’t be lazy in 2017; they must specifically craft messages differently on each medium for their target group.”