Recent research and findings, may not surprise everyone. Where print media is under the sunset and keeps declining for a very long period of time. Printed newspapers and magazines, or we use printed media to cover all, is less attractive for Gen Z. They expect to get anything by internet search, including getting news updates instantly and as you can imagine, mostly free of charge.
How do you want print media to operate under the challenges? They need to adapt to the changing environment, either to come out with something people will buy, exclusive content and target niche market segments who are willing to pay for it. The same trend is affecting printed books, as you can see from all the statistics reflecting the decline for the printed book consumption in the global market.
We need to exclude used books or second hand book markets, as this special market operates by unique context. Digital media and digital lifestyle, or digital-first become number 1 priority, for both consumer and business.
Since 1990, humans have officially entered the Internet or digital economy. A lot of physical objects that can be digitized, become digital objects to be shared via the Internet platform. We saw how the media industry transformed along the years. Music albums and CDs, replaced by the first mp3, then exist on the music store to sell either by song or album, and now stream every music under monthly subscription.
Now humans are in transit toward Fourth Industrial Revolution (4IR) Industry 4.0. A lot of emerging technologies make and reinforce the digital economy or digital-first workstyle and lifestyle for the entire planet earth. The Availability of 5G and higher wireless mobile network, make the smartphone become a very powerful tiny device we always carry with us, to receive all kinds of information, including news updates. It is available in the form beyond just the text, but also audio-visual in nature, and on demand when you want to receive and check for them. The past and modern printed media industry is failing, not just becoming a new generation of consumer is changing their habits, it has become an entire world transit toward digital-first workstyle and lifestyle. Unless you can come up with something with the digital value people are willing to pay for it. More and more media offer subscription services, and it again, competes with the existing media, from the traditional tv networks. Traditional tv networks depend on advertisers to fund the operation. Once the tv network operator fails to deliver a promising size of viewer, advertisers will shift their budget into other channels. Both the changes as challenges but also opportunity for those who possess a new generation of innovation to address the modern market. Are you ready for the new world?
Print media challenge Gen Z expects instant updates on news and culture. It reflects only one of the areas where the new digital economy shapes most of the traditional industry and sector.
E-SPIN Group in the enterprise ICT solution supply, consultancy, project management, training and maintenance for corporation and government agencies did business across the region and via the channel. Feel free to contact E-SPIN for your project requirement and inquiry.
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