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Chart of the week: Americans' trust in media recovers from historic low Often referred to as the “Fourth Estate”, the media plays an important role in any democratic society. A free press is essential to hold governments accountable and inform the public, thus enabling voters to partake in political debate and make qualified decisions. The United States also has a long history of a free and independent press, with organisations such as the New York Times, Time or CNN renowned and respected around the world. however, in recent years Americans themselves started losing faith in their country’s media organisations. Arguably inspired by a president who makes no secret of his aversion to the press, the percentage of US adults having a great deal or a fair amount of trust and confidence in mass media dropped to a historic low of 30 per cent in 2016. While President Trump recently renewed his denunciation of the media as “the true enemy of the people”, the public view of mass media is gradually improving from its 2016 low point. According to polling company Gallup, 45 per cent of adults in the US expressed their trust in the mass media in a September 2018 survey, marking a significant improvement over the 2016 outcome of the same survey. Gallup reports that the level of trust in the media varies greatly depending on political preference. While Republicans have traditionally viewed the media more critically than Democrats, the divergence between both sides of the political spectrum has never been greater in terms of how the press is regarded – a trend mirroring a political climate that seems more hostile and divided than ever.
Chart of the week: Podcast listeners are young, educated and affluent The rise in popularity of podcasts hasn’t gone unnoticed by the advertising industry. According to estimates by IAB and PwC, podcast advertising revenue in the US will reach USD$400 million this year and grow to more than $650 million by 2020. One of the reasons for brands’ growing fondness of podcast advertising is the unique audience they can reach via the increasingly popular format. As the following chart, based on survey results from Edison Research, shows, podcast listeners in the US are younger, more educated and richer compared to the general population. For example, 51 per cent of monthly podcasts listeners have an annual household income of at least $75k, compared to just 38 per cent of the population. The same holds true for educational attainment: 61 per cent of podcast fans have completed at least four years of college, compared to 44 per cent of the entire population. Podcasts give brands a chance to get their message across to an attractive audience that is otherwise hard to reach and to do it in a way that is personal and feels less intrusive than other forms of advertising. Most podcast ads are read by the host, which has the positive side-effect of projecting the host’s credibility onto the advertised product/service.
Chart of the week: Subscriptions lead digital content spending Throughout the past decade, one of the key challenges for content owners and publishers has been how to get people to pay for digital content that they were used to getting for free. To this day, many people are unwilling to pay for access to a news website, while they have no problem buying print media. The lack of a physical, haptic product seems to diminish the perceived value of digital content, notwithstanding the fact that media is mostly consumed digitally these days. One way of getting people to pay for digital content is to create a product/service that takes advantage of its digital nature by offering something that no physical product could. Take music streaming services for example: for a modest monthly fee, subscribers get access to millions and millions of songs, creating a service whose advantages clearly outweigh the disadvantage of not owning an actual record, at least for most consumers. As the following chart shows, based on data from Statista’s Global Consumer Survey, subscription services are currently the most popular way of consuming paid digital content in the US and the UK. While digital distribution has become the new norm for music and video content, the willingness to pay for digital news content is still limited. Interestingly, Americans appear to be more open to spending money on digital content than Brits across all categories.
FIPP Asia speaker presentation: Jeong Kwang-Young, Korea Magazine Association Magazine media trends in South Korea
FIPP Asia speaker presentation: Liu Guangwei, Easteat Culture Industry Group Vertical Media and exploring new business opportunities
FIPP Asia speaker presentation: Olivier Burlot, Heart Media How and why this Singaporean publisher is tapping into blockchain and crypto-currency wealth
FIPP Asia speaker presentation: Yvonne Wang, Hearst Media Trends in luxury publishing
FIPP Asia speaker presentation: Zhou Dan, Duzhe Publishing & Media How to run a successful official WeChat account
FIPP Asia speaker presentation: Dr. Yu Xiao, Zhiwei Data Co Develop a deeper understanding of the social media ecosystem
FIPP Asia speaker presentation: Shi Quiming, Digital Communication Group Technology driven monetisation of digital magazines
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