Consumers use their mobile phones for accessing the latest news updates from their daily newspapers and magazines or by viewing news videos on their mobile phones. New media channels are replacing traditional media channels
MEDIA FIRMS LEVERAGING MOBILE TRENDSCONTINUE..The humble mobile phone that was once used for basic applications like SMSing and making voice calls has transformed into a mini-computer boasting the ability to run numerous applications today. Consumers use mobile applications for a variety of activities including video streaming, social networking and gaming. There are some windows mobile apps like Skyfire which provide a better mobile browsing experience for consumers, enabling them to view YouTube videos and stream music effortlessly. Many media firms are leveraging the changing trends in mobile technology to increase their subscriber base.
MEDIA FIRMS LEVERAGING MOBILE TRENDSCONTINUE..Consumers use their mobile phones for accessing the latest news updates from their daily newspapers and magazines or by viewing news videos on their mobile phones. New media channels are replacing traditional media channels. Books are slowly getting replaced by electronic books. According to eMarketer, in the year 2011, electronic books generated $2.9 billion or 13.4% of the book market in U.S. Mobile app developers need to build cross platform mobile apps like Google eBooks which can be used for reading digital books across multiple devices.
MEDIA FIRMS LEVERAGING MOBILE TRENDSCONTINUE..The media and entertainment industries will witness rapid growth through the adoption of new content formats, innovative advertising models and content monetization techniques. Media companies are developing a mobile strategy to improve customer loyalty and increase their revenues. Some trends that will shape the media and publishing industry are briefly described below.
INCREASING MOBILE APP USAGE:There is an increasing trend of people using mobile apps. According to a study by Morgan Stanley, the number of mobile app users will exceed the number of desktop users by early 2014. The mobile market is dominated by software platforms like Apple and Android. Reader behavior and trends are mainly influenced by the iPad and Android. Therefore, content publishers need to ensure that they have a mobile presence to tap this growing segment of mobile app users to increase their revenue.
MOBILE ADVERTISING TO OVERTAKE WEB ADVERTISING Advertisers are looking at mobile ads as an important channel to reach their desired consumer group. Mobile strategy has become an integral part of the marketing strategy of companies. Ad budgets are getting reallocated from conventional channels to digital channels. In 2011 mobile advertising spending in the U.S. was around $1.45 billion, according to estimates by EMarketer. Mobile ad spending is expected to touch $2.61 billion, with an 80 percent growth this year. Flurry has stated in one of its blogs, “US app inventory is not only growing at a staggering rate, but also poised to absorb the equivalent of the entire US Internet display advertising spend by the end of this year.”
ROLE OF SOCIAL MEDIA CHANNELSThe media and publishing industry can increase their audience reach by employing social media channels. Although the industry currently uses social media as a promotional tool for their content, this trend is about to change. Social media channels like Twitter and Facebook also have immense potential to serve as publishing tools, providing delivery of content and faster dissemination of content. Some examples of this phenomenon are Washington Post’s Social Reader and Guardian’s Facebook app.
CONCLUSION:In summary, the media and publishing industry should incorporate a mobile strategy as an essential tool in their business to reach their target audience. Some trends that have impacted the industry include the growing usage of mobile apps, increasing mobile ad spend when compared to online ad spend and the shift in the role of social media channels as publishing tools, rather than promotional tools.