Even till today, television remains the most sought after medium for companies to communicate with consumers. As of 2013, television industry generated revenue of INR 420 billion. Television has been a strong front runner for almost three decades now, but it might soon pass on it’s baton soon to the fast growing Internet advertising industry. Not far off behind, with the internet access in India triggered due to the indulgence in smartphones, it’s no brainer that in 5 years the television and the internet will be fighting each other for position 1 in the revenue chart.
In a recent report released by PWC India, titled “India Entertainment and Media Outlook 2014”, there a few predictions that might soon become the “new normal”. The report brings out the shift in marketing mediums and the business attitude towards customers. Some key points.
In 5 years from now:
- TV and print media will still be running strong but will have a close contender for the highest revenues. US will continue to be the world’s biggest entertainment and media market.
- With mobile internet, the subscription to internet shows no signs of decreasing. Mobile internet connections in India are expected to increase at over 20% CAGR (Compound Annual Growth Rate) to reach about 543 million.
- Consumers spend share is expected to increase from about 69% in 2013 to 72% in 2018.
- The advertising revenues are predicted to see an increase of 13% with Rs. 632 billion from Rs. 350 billion.
These statistics do not merely forecast the shift of advertising mediums, they hint at the new marketing renaissance that is taking over the advertising world.
The report states, “Internet access and internet advertising have been the fastest growing segments with annual growth rates of 47% and 26% respectively.” Further it also worth noting that internet access is more than print media. In 2018, the advertising industry is sure to see some jump in the existing figures as shown below:
It is a known fact that internet has changed the way many things were done before and has brought out a different way of marketing. Today the digital IQ of businesses are evolving and there is a drastic change in marketing. The focus today is on customer personalization. The customers of today want to be able to drop into your store anytime they desire and internet gives businesses that advantage.
Marketing for the yester-year companies was to sell their product, well today it’s about selecting a target audience for your brand. This approach has proven to be very effective and popular with many business houses. Just as much as the R&D works on product innovation, the new age marketers are busy experimenting ways to get attention for the brand which can be simply called “relationship innovation”
SMAC routes ie (Social, mobile, analytics and cloud) are the new highways marketers choose to stay on to reach their prospective customers. We can all agree that the conventional marketing might be dying a slow death but the digital marketing is here to stay.
The report also focuses on the 3 behaviors that help in building a successful strategy like forging trust, creating confidence to move with speed and agility and the third one being empowering innovation.
Rightly mentioned in the report , “Digital success is not just about technology. It’s about applying a digital mindset to build the right behaviors”. The new paradigm of marketing has hatched and even if the TV will be the leading the way, the internet advertising will have more apples in the basket.