The 2024 Digital Media Trends report by Deloitte highlights several key trends that are shaping the media and entertainment industry. Here are some key points from the report:
1. Streaming video services are facing challenges: The report indicates that 36% of Americans surveyed believe that content on subscription video on demand (SVOD) services may not be worth the money. This suggests that providers need to rethink their strategies and offerings to capture and retain subscribers.
2. Gender diversity in the video game industry: The report points out that the video game industry may be leaving half the population underserved, particularly women. This highlights the need for more inclusive and diverse content in the gaming sector.
3. Social media and creators driving engagement: Social media platforms and content creators are playing a key role in driving viewership for TV shows, movies, and games. Media companies should collaborate with creators to enhance engagement with their own content.
4. The power of fandom: The report emphasizes the importance of catering to segmented audiences of fans of various entertainment genres such as music, movies, video games, and sports teams. Engaging with fandoms can unlock significant opportunities for cross-platform growth.
5. Audience diversity and inclusivity: Audiences are becoming increasingly diverse, and they expect media content that reflects the world around them. Media companies should focus on inclusivity and diversity in their content to cater to evolving audience preferences.
Overall, the report underscores the importance of adapting to changing consumer preferences, leveraging social media and creators for engagement, and embracing diversity and inclusivity in content creation. Companies in the media and entertainment industry need to stay ahead of industry disruptions and lead advancements to stay competitive in a rapidly evolving landscape.
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