AI and social media to drive media industry transformation in 2024

 JournalismPakistan.com |  Published: 3 June 2024

Deloitte's Digital Media Trends report indicates that the media and entertainment industry will undergo significant changes in 2024. Key drivers include AI, social media, and the preferences of younger generations for personalized content.

Summary

The media and entertainment industry is poised for significant transformation in 2024, according to Deloitte's latest Digital Media Trends report. This comprehensive study reveals that the landscape is increasingly influenced by social media, user-generated content, and interactive gaming, while traditional boundaries between media formats continue to blur.

The report underscores a growing shift in consumer behavior, particularly among younger generations. Millennials and Gen Z, who together make up more than half of the U.S. population, are driving this change by favoring personalized and immersive media experiences. They prefer recommendations from trusted creators and influencers over traditional advertising, and many are turning to online multiplayer video games for social interactions and content discovery.

Generative AI is also highlighted as a game-changer for the industry, enabling new creative tools and experiences. Although a significant number of consumers still prefer human-written content, there is a notable interest in AI-generated media, especially among younger audiences. The report suggests that media companies should leverage AI to enhance content creation and delivery, catering to the personalized preferences of their audiences.

Social media's role as a primary platform for content discovery and audience engagement is emphasized, with creators and influencers playing pivotal roles in shaping consumer choices. The integration of AI, data analytics, and personalized algorithms is seen as crucial for media companies aiming to stay competitive and meet the evolving demands of their audiences.

In this rapidly evolving landscape, media and entertainment providers are encouraged to adopt holistic strategies that integrate TV, film, social media, and gaming. The report calls for a focus on cross-media storytelling and fan community engagement to drive discovery, engagement, and monetization of content.

As the industry navigates these changes, the importance of staying ahead of technological advancements and consumer trends cannot be overstated. The future of media and entertainment lies in the ability to innovate and adapt to the ever-changing digital ecosystem.

Sources:Deloitte Insights/Pew Research Center

KEY POINTS:

• Media and entertainment industries are transforming due to AI and social media.
• Younger generations prefer personalized media experiences over traditional formats.
• Recommendations from influencers are favored over traditional advertising.
• Generative AI enables new creative tools for content creation.
• Holistic strategies are essential for media companies to adapt to changing consumer demands.