The Future of Media Challenges Opportunities Sarah Judkins
- Slides: 31
The Future of Media : Challenges & Opportunities Sarah Judkins Chief Strategy Officer - NZME
We are living in a time of rapid change
We are living in a period of rapid change Global Internet Users In 2000 360 m In 2012 2. 4 B By 2025, 72% of all shoppers are projected to conduct 25% online. Hon Hai/Foxconn (a major Chinese electronics manufacturer) plans to introduce 1 million robots into its manufacturing process by 2020 Building the infrastructure for Io. T
Some emerging technologies may seem far away and their impact is often difficult to imagine Customer Service Bots “Over time we want Oscar to become a virtual travel assistant with the ability to recognise who you are, inform you about your flights, make or change a booking, select seats, check you in, and offer to help sort you a taxi to the airport, ” said Golan, CIO Air NZ. Gartner predicts that by 2020, 85% of customer service interactions will be with a Bot Electric Vehicles Auckland Transport has been awarded $300, 000…for electric vehicle charging infrastructure around the city. AT intends installing 60 EV charging stations at park and rides and at various public parking sites. The mix of sharing, electric and driverless cars could disrupt everything from parking to insurance, oil demand retail. 6 6
Brands and technologies that were unheard of five years ago have become commonplace today Uber claims it has 300, 000 active users in New Zealand more than 4000 drivers, "almost double" what it had two years ago. Since the introduction of subscription streaming services in 2015 we have seen steady growth with Netflix & Lightbox reaching more than 2 m NZers $ My Food Bag grew from zero to $100 m revenue in three years 2013 -2015 & has over 50, 000 customers in 2017. Emergence of similar services in 2017 has pushed food delivery services into mainstream.
The media landscape has been disrupted over a long period of time Tectonic Shifts Video Mobile Social Media Data Tremors Distant Rumbles Artificial Intelligence Blockchain AR/VR 3 D Printing Quantum Access to mobile Io. T Computing broadband Crowd Co-Creation Brain Interfaces Music streaming Automatous cars Online retail Cloud Voice Now… Next… Coming… 8
Traditional value chains have been completely disrupted….
New technologies have the ability to transform how we interact with media ….
The tools available for journalists to tell stories are better than ever There is more news being consumed than ever before and the demand for news is growing fast The tools available for journalists to tell stories are better than ever: • Data journalism • Google Trends tools • Photography • Design • Video • Graphics • Virtual reality
Expectations of consumers are getting greater every day
The way people are consuming video content is changing rapidly Mobile has become the fastest growing device for watching video 175% growth in time spent viewing Video on mobile
But the next big thing may already have arrived?
Today media is in a constant state of innovation
How are media business adapting to these challenges ….
Trusted sources of news are becoming more important After Trump blast, 13, 000 subscribers and 10, 000 new Twitter followers in one day (subscriptions up 77, 000) Vanity Fair: ‘Quality journalism is at the core of what we do’ The New York Times: Added 276, 000 digital subscriptions post Trump (more in 3 months than all of 2015 combined!) The Wall Street Journal: Subscriber volume +300% on day after Trump election
Publishers around the world have struggled to balance the old with the new …. 1% Everyone else
Digital advertising was initially viewed as the obvious replacement for declining print advertising Digital advertising is growing at a consistent 20%. (US digital ad growth 2015 to 2016 was 19. 7% (Forbes, Jan 2017). Share of US digital advertising growth Q 3 2016 vs Q 3 2017 1% Everyone else 99% of this growth is coming from Google and Facebook, everyone else is fighting for the remaining 1%. (Forbes, Jan 2017).
In response media businesses began diversifying their revenue streams away from traditional advertising
New players have emerged who are moving beyond retail to challenge media players Amazon accounts for one in every two dollars spent on e-Commerce in the USA
What is NZME doing to address these challenges?
Becoming NZME …. .
Creating a new culture that reflected our values A NEW CULTURE THAT REFLECTED OUR VALUES :
Engaging our people …
… we are now focused on selling audiences
Creating innovative content …
Diversifying our distribution platforms …
Introducing new revenue streams …
Thank you Sarah. Judkins@nzme. co. nz
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