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The Future of Digital Media

A client of ours rang me up today and asked what I thought the state of the digital media space would be in five years time. Instantly I thought this may take a while.

It’s almost impossible to judge where this industry will be in 5 years considering the pace at which it progresses. However we can try and predict where we will be in the next couple years.

Here are the things that immediately came to mind:

  • Co-creation will be central to brands (throughout the supply chain) as a result of the growth in online communities. This will result in businesses being more open which in the long run will enable them to really know their customers e.g. lifestyles and trends.
  • The efficiency of broadcast and paid for ads (e.g. click through rate) will drop even further as users begin to realise the effectiveness of recommendations and referrals from trusted sources e.g. Friends and Followers. In time individuals see this form of marketing for what it is - disruptive and archaic.

Tech

  • Mobile and location based services will aid the growth of peer to peer recommendations further phasing out the advertising model.
  • Social Augmented Reality will be used to enhance everyday experiences. For example: the contacts book in your phone links to Facebook and Twitter to show real-time updates on what the contact is doing before you put in the call, real-time reviews from friends and associates will appear in GPS-based mapping services as a standard feature, and socially enabled CRM will change the way companies manage business relationships.
  • Social TV as it is today (on computers and laptops) is likely to be built into all television sets and individuals will have the ability to communicate with friends all over the world whilst watching an episode of their favourite programme. From a brand perspective, opportunities will arise from the conversations individuals are having around topics in the programmes e.g. fashion and locations in The Hills.  Brands can learn more of their target demographic through these conversations as well as through their social profiles e.g. Facebook interests.
  • The ability to purchase items in real time and directly from social players is also an avenue that brands are likely to consider in the very near future.

If someone asked you the same question what would spring to mind? If I’ve missed any of your thoughts please do let us know.