Streaming giants and social media platforms must constantly have a handle on the latest digital technology trends to ensure they stay ahead of the game.
Stakeholders must anticipate and capitalise on emerging trends while dealing with rising costs, subscriber churn and a never-ending stream of challenges.
Deloitte’s 2024 digital trend report equips them with the knowledge to understand their consumers better and make informed decisions.
The firm annually surveys over 3,500 consumers from ages 14 and upwards to understand the latest trends and get a look at consumer behaviour.
Read on as we explore Deloitte’s 2024 hottest trends in digital media and how stakeholders can use them to thrive.
Diversity is the Key
Consumers demand digital content that mirrors their lives, surroundings and experiences. They want diverse characters, creators and stories representing different ethnicities, sexual orientations and gender identities.
Per Deloitte’s study, audiences are looking for more inclusive content. They are more likely to spend money on media that reflects their identities.
The entertainment industry has made massive strides in diversity, but there is some way to go. For example, the iGaming sector is male-dominated despite the growing number of women playing.
This represents a golden opportunity for every online casino in Ireland where the market for female players is ripe for development.
Irish operators must ditch their dated marketing tactics to tap into the female demographic. Game themes could be expanded to be more inclusive for women.
They must also make the gaming environment more safe and secure to allow women to express themselves freely.
The Subscription Squeeze
Streaming video on demand (SVOD) services boomed when they first emerged. Viewers were promised convenience and affordability, and they flocked to the platforms.
True to their word, these only cost a fraction of traditional cable subscriptions, but that pricing scheme didn’t last for so long.
The rapid increase in SVOD services has led to subscription fatigue in customers. Consumers are constantly subscribing to one platform or the other, and the costs keep increasing.
When the SVOD platforms tried to hike their prices, consumers resisted, with many claiming they would cancel their subscriptions if prices rose.
SVOD providers have been forced to re-evaluate their models. They devised innovative ways to bring in revenue while keeping consumers glued.
One popular solution is advertisement-supported tiers. For example, platforms such as Netflix include commercials in their pictures in exchange for a lower subscription fee.
More SVOD platforms need to start adopting this revenue model if they want to stay competitive over the next few years.
The Content Discovery Conundrum
Beyond price, another pain point for SVOD users is discovering content.
Finding something to watch on digital platforms can feel like finding your way out of a maze. Simple searches inundate customers with too many overwhelming options.
Deloitte conducted a study to gauge consumer response in searching for content, and almost half of the respondents admitted they spent too much time in search mode.
This tiring process ultimately leads to frustration. The frustration often gets to the point where consumers abandon the entire plan to watch something.
Even though SVOD providers are investing in new technologies, the data suggests they still fall short compared to social media algorithms, which are less clunky and easier to navigate for content.
SVOD must utilise better search algorithms if they want to improve the consumer experience.
Social Media is Still Thriving
Social media platforms have become hubs for entertainment, especially for the younger generations.
The platforms produce an endless stream of user-generated content (UGC), which is an alternative to traditional media.
Its algorithms are better at curating and personalising content for each individual. To top it all off, they are usually free.
Platforms such as TikTok and YouTube have mastered recommending the perfect videos for consumers. They feed users a stream of content tailored to their interests and preferences.
Instagram and X are beginning to catch up as they look to keep customers glued using content they are interested in.
Consequently, there has been a shift in viewing habits, with Gen Zs and Millennials reporting social media videos and live streams as their preferred form of entertainment.
The success of social media in content discovery and engagement is a lesson for SVOD providers. The key for them could be partnering with social media influencers and creators or integrating social media recommendations.
Social media has become a breeding ground for new talents. Creators who produce user-generated content are becoming more influential and are shaping entertainment trends.
These influencers cultivate a following of fans who trust their judgement and taste. This relationship presents opportunities for both sides.
Creators leverage social media to build sizeable audiences and land lucrative brand deals or production partnerships.
The entertainment industry can collaborate with successful social media creators to provide a direct line to engaged audiences and fresh perspectives.