Research from more than 500 worldwide data sets on digital media trends point to several opportunities for magazine media, according to Martha Stone, CEO of the World News Media Network and editor of FIPP’s World Digital Media Factbook 2013/14.
Stone indicated that opportunities exist in mobile and tablets, video, ecommerce, social media, cross platform publishing and data, with digital advertising and subscriptions being key growth areas.
Observing the data that shows the future of print and digital advertising and circulation, Stone said that “growth will come” via digital channels. However, “such innovation and development do not happen by accident. Consumers, publishers and advertisers all play a key role in the development of these channels. They work in a virtuous cycle to stimulate growth.”
One of the key areas for digital advertising growth, is mobile. However, Stone said there is stiff competition from market-leading global online players such as Google. To make an impact, the industry will have to work together.
Stone presented the eZ Systems-sponsored FIPP webinar to participants from 23 countries on 7 October (download Stone’s presentation and a recording of the webinar here). Chris Llewellyn, president and CEO of FIPP, moderated the webinar.
The FIPP webinar follows the launch of the World Digital Media Factbook at the recent FIPP World Congress in Rome, Italy. The report consists of 200 pages with data sets from 500 well-known research institutions worldwide, looks at digital revenue and usage trends and includes a chapter focused specifically on magazine media.
Key points from the FIPP webinar:
Stone showed how the data points towards an explosion in online video, including on mobile devices. She implored participants to “invest in the development of video content on all platforms, whether it is free or paid-for video,” depending on each unique market.
This is a category showing ongoing depth of penetration. Stone pointed towards the growth in mobile advertising, in some cases triple-digit and expected to continue on an aggressive curve, saying magazine media has to put an emphasis on this channel. However, given the nature of competition – large online players such as Google and Facebook – consideration should be given to the use of networks. “Don’t miss this opportunity, but I think the way to do so is by getting in on networks. We have to band together as an industry to make an impact. We cannot do it one by one.”
The report’s data indicates mobile purchases – lead by markets in South Asia – in categories such as books, fashion, travel, music, gifts and more. Whether magazines drive research into potential purchases, enable purchases or both, as far as Stone is concerned, this is a major opportunity for consumer and B2B magazine media.
“Any form of ecommerce is a huge opportunity. [For example,] click-to-buy can be a convenient, an easy, seamless experience for me, the consumer. The user experience works for my lifestyle, and will bring me back [to the magazine offer the option, time and again].”
Several charts in the FIPP World Digital Media Factbook show that magazine media lags behind others such as Google, Facebook and Amazon when it comes to the use of big data. “The most innovative companies are starting to experiment and implement,” said Stone. She believes over the next few years, “we will begin to see real case studies of media companies doing very real work” in this area.