The Change in Content Consumption

If I asked you 10 years ago, when was the last time you watched a video or video-related content, your answer might have been "Last night on the television". If I should ask you that same question today your answer might be "5 Minutes ago on my cellphone".

The way we have been consuming media has changed a lot in the past couple of years, and understanding where this change is heading will change the way you market your products or services to prospective clients.


In this article, we are going to take an in-depth view of how media consumption has changed and how easy it has become for people to get access to media content.

Satellite Television

For many years the easiest way for you to consume media was by watching satellite television in the comfort of your living room. There was a big increase in revenue for Sattelite television companies from 2001 up until 2016 where revenue started to decline.

This decline in revenue can be accounted for because online streaming platforms like Netflix, Hulu, Amazon Prime, Apple TV, Disney Plus, etc. have become more accessible to the majority of the public.

Data supplied by Statista.com.


These online platforms are easily accessible, do not require a big monthly subscription fee and enables anyone to watch television anywhere in the world, provided they have a data connection. I see so many people watching their favourite series on their phones, on the bus or the train, using these online platforms.


According to Variety: In the United States of America, a big Sattelite TV provider, AT&T, lost 1.16 Million TV subscriptions in the last quarter of 2020. This trend is not just in the USA, but worldwide. Combining the increase in Internet Streaming services and the decline of Sattelite TV subscriptions, it does not take a rocket scientist to figure out where the market in media consumption is heading.


Online Streaming Services

Online streaming has become the main source of entertainment in most households in the past couple of years. With more and more movies, series and music being readily available on-demand on one or more streaming services.

As you can see on the graph above, the number of subscribers to Netflix has increased each year and the number of subscribers at the end of 2020 was 203 million worldwide. If you compare the increase in subscriber count for Netflix with the decrease in revenue for Sattelite Television (This correlates to decrease in subscriber count) the change of media consumption speaks for itself.


YouTube

YouTube is an online Video sharing platform that was founded in 2005 with an average of 2 million active users per month. Each year this number has increased tremendously. The current number of active users on YouTube per month is a whopping 2 billion.

The biggest difference between YouTube and the Online Streaming platforms is that anyone can upload their videos to YouTube. If it is a funny cat video, playing video games or a professional production or series.


YouTube also gives you, as a business owner, the chance to advertise your business between videos to the users of the platform or in between the video itself. Advertising on YouTube has an advantage over advertising on Sattelite Television where you can set the target audience for your advertising campaign.


Social Media

With everyone being on Social Media, more and more people have realised just how easy it is to share information and media with their friends, family, or people who share the same interest.


Facebook

There is a big chance that your business has a page or group on Facebook, where you share information about your business, product or service. You can take those posts on your business page and promote them to other users on Facebook to attract more followers or clients for a few bucks.


According to statistics Facebook released: On average Facebook had 2.41 billion active users per month for the year 2020, this is an increase of 12% to 2019. If the trend keeps on growing 12% per year, your advertisements or posts on Facebook can reach 12% more prospective clients each year.


Apart from posting on Facebook, you also have the ability to start a live stream. This means if you have an event where there is a limit to the number of physical attendees, you can reach a bigger audience by streaming the event straight to Facebook. This gives your clients the feeling of being included in the event and will share in the excitement.

TikTok

In late 2018 a Chinese mobile application was rebranded and made available to the rest of the world, this application is named TikTok. The premise of the application is to watch 15 seconds to 3-minute videos in succession. Users can download the application to their smartphone and start consuming videos without creating an account.


As of the end of October 2020, TikTok had more than 2 billion mobile downloads worldwide, this is even with multiple countries banning, or trying to ban, the application from operating in the borders of that country in 2020.


Types of videos that are on TikTok:

  • Dance Videos

  • Food Videos

  • Tutorial Videos

  • Funny Videos

  • Advertising Videos

I have seen a few companies that started an influencer contract with TikTok creators. This means the company sponsors products to these individuals, and sometimes scripts as well, with the intention of the creator to endorse or promote the product. In some cases, these companies also entice the creators with a financial contribution.


In Conclusion

With the current shift in media and media consumption, the world is facing, your business cannot afford not to change the way you market your business or service. If you relied on advertisements on Sattelite Television, it might be time for you to start investing in other avenues of marketing (

Just consider that when changing your marketing strategy to new platforms, you might need to change the type of video/material for the specific market you are moving to).


And if you are not yet advertising in the digital market or your online footprint is small, it is time to have a look at changing your marketing strategy.

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