Media 6 Blog Post Week Two
Chris Lederer and Megan Brownlow – A World of Differences
A World of Differences looked into the media industry and where the potential areas of growth and opportunity are for businesses.
The rhetoric we have been hearing since the beginning of our degrees and any experience we have had with technology of how the younger generations adapt much faster to new technology was a core part of this reading. One of the biggest parts is that older consumers struggle with constantly changing technology and get left behind. So, as an entertainment and media company, the best way to keep the older demographic of consumers is to maintain some of the more traditional media sources. If you quickly throw them out in preference to online or digital media you will lose that part of your consumer base.
Different media and entertainment companies based in various countries will have to think of the demographic of the country they are in. As the reading looked at, Pakistan is completely different to Australia. Because in Pakistan 70% of the population is under 35, whereas in Australia there is a much older demographic who are all still consumers. In Pakistan the growth of E&M will be a lot higher, whereas, in Australia, the growth will be a lot slower due to the differences in consumption of media. In Australia, there is also a high preference to watch local content over global content, this is also the case in countries like India, Nigeria and China where they have big movie production businesses.
This International business perspective in terms of the entertainment and media industry is very helpful to me as I hope to work in this industry overseas.
Klaus Schwag – The Forth Industrial Revolution
This reading was interesting for me and took me out of my comfort zone. There were a few aspects that I have no knowledge of. Topics such as robotics, various new materials and biological mega-trends went straight over the top of my head. However, looking at platforms for business and income as well as human inequality.
Schwag looks over physical, digital and biological mega-trends. The physical megatrends such as robotics investigates how they can be integrated into society, potentially replacing household chores and mass production. My main issue with the growth in this industry is the limitation of human contact and interaction. This also joins in with inequality in terms of skilled labour, as labour is now decreasing in numbers of workers and only the best are getting the jobs. This could potentially raise unemployment rates and create social unrest. Schwag develops some ideas around wealth and the middle class, claiming those with middle class jobs will no longer be able to live a middle class lifestyle and education is becoming a luxury in both the US and UK.
However, technology is providing a myriad of platforms in which people can make money. For example, driving with uber and hosting air b’n’b. This relies on people having access to connected smart phones or devices. A lot of people don’t at the moment. The tipping point table shows the growth in populations having access to the Internet and personal devices. Technology is also empowering some people who are in dire situations, Schwag used the example of Syrian refugees using google maps and facebook to escape the country.
There are many advantages and disadvantages discussed in Schwag’s reading. But these are the points that appealed to me and where I am hoping to go in my career within the media industry.