The Future of Media

2024: Anticipating the Future of the Media & Entertainment Sectors

As we head into 2024, the media industry is set for a remarkable year, marked by a slew of exciting changes. However, we mustn’t lose sight of the many obstacles that surrounded the industry in 2023, including economic volatility, budgetary limitations, and increasing concerns over privacy.

In the next year, digital media will continue to occupy a central role in shaping industry dynamics. It is predicted that a striking 50% of Gen Z and Millennials will regard online experiences as meaningful alternatives to in-person interactions, with 48% dedicating more of their time to engaging with others on social media platforms than in the physical world.

Key Trends in Media & Entertainment for 2024:

The dominance of short-form videos: The human attention span is on an endless decline, a trend that is sure to continue in 2024. Short-form videos, embodied by TikTok-style clips and Instagram Reels, have enjoyed surging popularity. Businesses, in their quest to captivate audiences, are increasingly turning to these formats, providing consumers with quick and immersive content. As the coverage of 5G networks expands, video streaming and download speeds will surge.

The generation of streaming services: By 2027, the annual revenue from video streaming (SVoD) is projected to exceed an astonishing $139 billion. Consequently, a slew of media companies are eager to secure some of this. Paid over-the-top (“OTT”) streaming platforms have been developing strongly, intensifying the competition with established giants like Netflix, Hulu, and Amazon Prime Video, a trend that will persist in 2024.

Podcasting’s emergence as a mainstream medium: As of 2023, there are 464.7 million podcast enthusiasts worldwide. Each day sees the birth of numerous amateur podcasts, resulting in a total of over 3 million active podcasts. The industry is also witnessing a significant professionalization, with podcast networks aggressively acquiring and nurturing new series. Given the substantial investments pouring into this medium, we are confident the quality of writing, talent, and production in the average podcast is bound to reach greater heights.

Direct fan support for creators: While many individuals resort to streaming services to replace their television cravings, others prefer to consume content directly from individual creators on platforms such as YouTube. Yet, many creators struggle with the challenge of generating substantial revenue from YouTube ad earnings. Crowdfunding platforms such as Patreon have experienced explosive growth, offering fans a means to directly support their favourite creators. A select few are achieving remarkable success with this model, and this trend is expected to endure into the next year.

2024 holds great promise for the media and entertainment industries. While the challenges of 2023 are still fresh in our minds, the future appears bright with a digital landscape that continues to evolve and develop. Short-form videos, streaming services, podcasts, and direct fan support for creators are the key trends to watch in the coming year. There certainly are many exciting areas to consider in the future, even without considering any new trends that may appear!

In a rapidly changing industry, adaptability and innovation will remain key. As we venture further into 2024, these trends will reshape how we consume and interact with media and entertainment, offering both opportunities and challenges for businesses and creators alike. Stay tuned, because the future of media and entertainment promises to be as exciting as it is unpredictable.