It is estimated that “The Media Industry” in all of its iterations is currently a $600 billion business. Digital publishing technology has yet to even reach its full potential and right now less than 20 percent of all ads are digital, which foretells a huge opportunity for all digital publishing companies far into the future.
We have passed the point of no return online. Statistics suggest that right now more than 50 percent of digital media is consumed on mobile devices, and for certain segments such as news consumption the numbers are even higher. To put things into perspective, and to understand exactly what the potential reach for digital publishing companies is, think about this: smartphones make up at least 30% of the 5.2 billion mobile phones in use worldwide.
Real opportunity exists because publishers have, (as they always have had) the power to create great content to influence people and the things that they do. The only difference being that with digital technology the potential reach is on a much, much larger scale than ever before.
The worlds of video (TV), audio (radio), and print are converging. Multimedia content is being created around topics users are passionate about, and being delivered in the format that suits the message – whether that’s video, podcasts, digital publications or any combination thereof. The web is a medium of media, and digital publishing companies are poised to take advantage of it all.
The touch points are staggering. Almost 2 billion photos are uploaded and shared on social media every day. 100 hours of video are uploaded per minute to YouTube, and over 700 YouTube videos are shared on Twitter each minute. The influence that visuals have in the current media landscape cannot be underestimated, and digital publishers must keep inventing new ways to engage their customers and to power their campaigns and provide a truly immersive digital experience for their constituents.
Digital publishing companies are now in the midst of a mature, thriving industry despite the growing pains that accompany any fundamental change. One unique and potentially very profitable feature that digital publishing offers that print publications can’t is the ability for publishers to form, curate and participate in special-interest communities where readers can share content with other like-minded people. No matter what topic you choose, from gardening to water sports, it’s now possible for readers to come together digitally to discuss the issues they feel passionate about and create and share content for their unique communities. The opportunity for publishers to use digital publishing to gain readership and create brand loyalty by using all of the features inherent in the new technology is limitless.
The outlook for digital ad spending remains strong for 2014 and beyond, and curated content is one item in the digital publisher’s tool box that is developing into a formidable medium unto itself. Magazine publishers must embrace everything that digital publishing technology offers. As advertisers recognize the value that digital publishing delivers, digital magazine publishers and consumers alike will reap the rewards.