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Over the next five years the global Entertainment and Media industry is projected to grow by 4.4 percent annually, according to PwC’s Global Entertainment and Media Outlook for 2016-2020. This expected surge is due to the increasing diversification of media companies as well as new technological developments and the increasing demand for fresh entertainment and media content. According to a variety of industry experts there are seven predictions for the media industry in 2017.
To learn more about Media Industry trends in 2017 take a look at this free report.
The concept of “fake news” has become a growing focus in this nation and the ability for fabricated stories to spread so quickly has become a major concern. “Among other things… in 2017, populist journalism needs to be reinvested,” states Juliette De Maeyer, an assistant professor at the Université de Montréal, and Dominique Trudel, a researcher at CNRS in France.
The advancement of new technology and machine learning has begun to enter the entertainment and media industry. The development of voice-activated personal assistants provides new opportunity for organizations and a new way to deliver credible and reliable news.
Virtual reality and video are starting to be leveraged in a more effective manner and are making media content come alive for readers. Some examples include that USA TODAY can lead visitors through a virtual ride of Universal Studios and ABC News used virtual reality to offer a glance into North Korea during a military parade.
Eric Jackson, media sector investor and Forbes.com contributor predicts, “Expect more mega-media deals along the lines of AT&T/Time Warner, as well as smaller Comcast DreamWorks content stockpiling deals this year.” This is due to the expectation that the Trump Administration will work with Congress to repatriate cash that has been stored abroad as a way to evade paying U.S. corporate tax rates. If this does occur, Wall Street observers predict that some of this cash will be put into new investment, specifically more corporate transactions.
Audience development and engagement are two huge components in order to successfully compete in the world of digital media. Publishers are learning more and more that they have to hone in on these aspects. Experts have predicted that in 2017 journalists will be challenged to find a balance between hitting on emotions which engages readers without crossing a blurry line into clickbait that unfolds into sensationalist content.
The virtue of freedom of the press has been a long discussed topic for foundations and major philanthropists. In 2017, we may start to observe some changes as more foundations are providing operating support to newsrooms that have the ability to generate community based journalism.
Experts have predicted that leading publishers will further commit themselves to the fundamental idea that journalists are capable or identifying what is newsworthy and what the public needs to know. According to Ole Reissman, founder and managing editor of bento, “We need to vaccinate the public with real journalism: explaining in detail how we come to a conclusion, how facts are gathered, what should be considered a fact and why- how journalism works.”
It is clear that the media industry has faced many changes over the past year and has been redefined in many ways. In order to face the future, it is important that journalists and editors anticipate the sharpening of business models in the new and expanding world of content distribution.
1. Download our free report to see the other trends influencing the media industry in 2017.
2. Check out LexisNexis tools for media professionals, including news archives, public records and company information.
3. Train your eye for spotting fake news and get some tips on how to react. Check out this blog post and guide for more details.