The media sector is gaining popularity as data has become
more affordable, along with the rising consumption of online content. Due to
diverse content creators and funding offered by multiple media houses, media
publishers are providing content on a daily basis. Moreover, due to the vast
consumer base and expenditure on smartphones, the development of mobile
applications is potentially driving the market growth. The rise of OTT
providers and the plethora of entertainment options significantly broaden the
industry's prospects. The market is also benefiting from a focus on customer
involvement and the presence of a significant number of users on social media
networks.
The digitalization of the media sector has been fuelled by
shifting consumer behavior and expectations, particularly among younger
generations who want quick access to the material at any time and from any
location. The fact that it is user-driven and material is available on-demand
is a major cause for this digital revolution. This dynamic is hastening the
sector's expansion. Moreover, the increasing availability of open-source and
free software allows start-ups to develop new businesses and create products
quickly. Also, as cheap sensors, connected devices, and cloud computing is
becoming more widely available, the sector is witnessing the emergence of the
Internet of Things, a network of connected machines delivering smart services
that will further provide the media industry with a plethora of opportunities
to create seamless, customized service.
Furthermore, major market players are increasingly investing
in and focusing on research in concept testing, new product innovation, and
delivery platforms to assure consumer-oriented product delivery. They are
increasing their spending on consumer research as the stakes rise. Also, many
players have a dedicated team within their business that focuses on research as
a continuous process, however, others rely on outside research organizations
for specific projects or concepts.