FUTURE OF MEDIA 2007 - THE SUMMIT, THE REPORT, THE INTERESTING BITS
The Future of Media Summit 2007 was held on July 18 in Sydney to explore the critical issues confronting the current and emerging worlds of media.
The Future of Media Report 2007 was presented and is available here. A few highlights include:
- Annual growth rate for advertising spend is 5%, which exceeds GDP.
- TV and newspapers are losing advertising market share to new media, primarily because of new media's ability to personalise content.
- TV usage is on the rise, but average time spent watching a particular channel/ program has dropped.
- Fastest growth and highest usage of digital advertising over the next few years are forecast to be paid-search, mobile and video.
A few highlight statements from the summit:
- McKinsey Research finds that the most effective way of keeping users coming back to your site is to engage interactively with them. User created content is now an engagement strategy.
- Sometime soon the novelty of user generated content (UGC) will wear off and users will want to be paid for content.
- Today consumers are 5 times more likely to purchase a product if they are referred by a peer than if they get that information through traditional channels.
- Advertising over the internet was first touted as being next to useless in the steam-driven internet days however, it is now a $31 billion business. The challenge is that the creativity is not there yet - but advertising assets will have to do more work. The mobile phone should be the best place to deliver advertising and marketing strategies but no one has ever been good at developing it.
