The tech industry is eating the media industry for lunch. Have heard this statement before. And it couldn’t be more true. The media industry is currently fighting for its soul. The dawn of digital media and the exponential growth of tech companies is giving the media industry a nightmare.
The media have always strived on the back of the advertising industry through ad spending. And this is what keeps the media operational. However, at this moment technology and innovation are more important than ever.
Technology has brought more avenues for the media to distribute content on a larger scale than in the past. But it – technology – also has become a fierce competitor more than a supporter or partner.
Many tech companies are more than distributors of media content. They have also become advertising platforms which, in the past, was the job of the media industry.
How can the media reclaim its position of being the best place for brands to advertise?
Innovation is one thing that the media industry is failing to do. The media needs to stop talking about the problems that tech companies are posing to them and start coming up with innovative ways to be great competitors as well.
As for the tech industry, as much as they claim to be supporters or partners of the media industry. They must admit that they are competitors within the advertising space. Some even call themselves digital media tech companies.
It is evident from their actions that they are fighting with the media somehow. Companies like Amazon, Facebook, and Google are becoming the go-to advertising platforms for many multinational brands. This is the revenue that the media industry desperately needs in these difficult economic times.
For the media industry, it’s now or ever to start strategising and innovating to remain relevant and viable.
