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Decline of Traditional Media Consumption
Transcript of Decline of Traditional Media Consumption
Television remains major news source
Online/Digital News is growing in prominence, especially with younger generations
Case Study 1
Monday, March 10, 2014
Men and women age 18-32 who are educated and make $50k-75k annually; all races and politically affiliated as democrat.
Men and women age 33-47 who are educated, white, make over $75k annually and politically affiliated as democrat.
Decline of Traditional Media Consumption
Niyankor Ajuaj | Holly Anderson | Allison Chowdhury | Kyle Corbin | Rachel Naden
"Even at a time of fragmenting media use, television remains the dominant way that Americans get news at home, according to new Pew Research Center analysis of Nielsen data" -Bibel
What are the strengths, weaknesses, opportunities and threats to different types of news media?
Can market directly to what target audience is most interested in
All have particular focus, whether geographic or special interest based
Those seeking information in specialized field can use magazine as resource
Publishing magazines is expensive
Because advertisers expect their message to meet a certain number of readers, it is difficult to increase subscription/issue costs.
Advertising in magazines is declining, which in the past accounted for 75% of cost.
Increased popularity in blogs & websites
More sources available for specialized information
Older generations still rely on daily newspapers
Deeper news consumption spurred by social media and word of mouth
Community newspapers provide local appeal
Newsroom cutbacks put industry down 30% since 2000, making it unmanned and under-prepared to cover stories
Newsrooms have shrunk, with under 40,000 full time professionals in the newspaper industry today
Diversification of news media through social media, online newspapers and internet, blogs and TV news
Lack of concern and time to read real newspaper--people get news in snippets
Listeners are attracted to certain stations because of host(s)
Top of the hour news
Speculation on whether news is actually being covered on shows
Many stations have filed for bankruptcy and shut down, especially in small towns
Listernership has decreased due to popularity of web-based listening, SiriusXM and iHeartradio
Internet Radio Fairness Act of 2012
At current rates, local and network news will not sustain profits as the Millennial and Generation Z demographic take up more volume in the American economy
Other network and cable news shows are by far the biggest threat
Digital ad revenues low comparative to print media
Second Screen Phenomenon
5 company domination
Search advertisements dominated by Googl
Decline in overall news consumption
Video advertising growth
Local digital advertising growth
We believe that the best mode of survival for all modes of news media is to transition each to an online or digital form. This will decrease printing and the cost of declining advertisement, as well as appeal to the growing generation of men and women ages 18-47.
Digital subscriptions via tablet devices
Active social media presence to create communication between publication and audience
Tours for journalists to portray positive view of cities (ex. Detroit, Michigan)
Buying space on web-based listening sites like Pandora, Spotify, etc. in order to incorporate top of he hour headlines
Radio stations creating apps for consumers to increase audience.
Utilize web as number one tool to accomplish task
Clips from shows as well as daily briefs uploaded
Easy navigation and viewing from Smart TV, laptop or tablet
Approach Netflix, Hulu Plus and Amazon TV with contract to stream live broadcast
Local digital advertising growth
Focus on content/design/appeal of news stories
Message to Audience
Our news content caters to your (the consumer's) individual needs so that you can choose what you'd like to read in an engaging and time-effective manner
Online, we provide the quality and attention-grabbing features you're looking for to give you the latest knowledge on key issues of your concern
Unique stories and features on magazine website; creative use of infographics and story packages
New technology that produces content with algorithms; no-human reporting
New industries producing news content around specific beats
Incorporating more news into radio talk shows since it is most popular
Splitting certain news to certain stations, i.e. politics, sports, etc. but having all radio stations covering breaking news
Manufacture new presence in political and news commentary with unconventional news commentary and new programming
Engage in unconventional means to deliver news
Has not faced as sharp of a decline as other news mediums have
Still the primary source of news for Americans
Multiple devices for consuming news (Mobile phones, tablets, laptops, etc.)
Social media advertising for news sites
To reverse the downward trend in consumption and revenue in traditional media, while at the same time increasing consumption and revenue among the corporation's online media holdings.
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Santhanam, Laura, and Kenny Olmstead. "Audio: Digital Drivers Listeners Experience."The State of the News Media. Pew Research Center, n.d. Web. 5 Mar. 2014. <http://stateofthemedia.org/2013/audio-digital-drives-listener-experience/>
Sasseen, J., Almstead, K., & Mitchell, A. (n.d.) Digital: By the numbers. Retrieved March 5, 2014, from http://stateofthemedia.org/2013/digital-as-mobile-grows-rapidly-the-pressures-on-news-intensify/digital-by-the-numbers/
"Top Statistics about Magazine Industry in the US-Statista Dossier 2013". Statista. 2 Mar. 2013. http://www.statista.com/topics/1265/magazines/