Month: July 2016

A World of Differences

The main concept I gleaned from this particular reading was that although the Media Industry is evolving and changing at an accelerating rate, by identifying the consumption habits of the youth market, companies have the potential to flourish. The other large area of interest was the necessity for companies to invest in data and the importance of it’s analysis. This also  feeds into the algorithms companies use to personalise the way in which people access content and interact with advertisements and marketing.

Younger generations tend to adopt new technologies faster than the older generations and the way they consume their media, on these technologies, is vastly different. The ability to consume media over multiple screens is more and more predominate. Having grown in a world saturated with screens, younger people tend to be better consuming content across screens, platforms and devices. Part of it, is that millennials are merely capitalising upon screen media’s Inherent dependency upon sound, particularly television (streamed or broadcast). Rather than fulfilling the role of passive audiences, consumers are also accessing secondary content to either enhance their primary form of entertainment or to satisfy their thirst for extra stimulation. Another aspect of this push toward gearing products and content towards younger markets is to capture business early in adult life. Rather than banking upon the wealthy and usually older consumers, companies can now look to young people who will remain consumers of a product that adapts and evolves to their consumption needs.

Looking to embrace technology and to adopt advancements is also central to how companies and content creators can sustain themselves financially. The accelerated rate at which the industry shifts suggests that companies need to be flexible and adopt new platforms to capture new and to retain existing audiences.

The Fourth Industrial Revolution

Schwab’s fascinating discussion around the social implications of our current habitual need for technology draws upon studies conducted on people who have slowly adopted new technologies. Although I’m speaking from no expertise or specialisation I don’t feel that these are entirely reflecting changes to human behaviour. I don’t believe that true analysis can be conducted until we have individuals who have been raised entirely in a technology dependent world. Children who are incredibly young now or primary school age will mature and reach adulthood with a far greater grasp on tech etiquette but also a far greater amount of their information readily available online.

Rather than adopting a cautionary stance or draw comparisons from dystopian fiction we should acknowledge that both legislation and attitudes towards online information will change and develop. Fear mongering and concerns about blind conformity should be replaced with education and confidence that people may take initiative to protect their information. With education beginning earlier future generations will be substantially better equipped to navigate a life that is inextricable connect to the digital world. Rather than viewing the Fourth Industrial Revolution from the exterior discussing its ethical implications to life as we know it, we accept that in time humanity will adopt a new code of ethics.

The possibilities of the digital age extend beyond escapism, entertainment and ease of information. In time the distinction between our online selves and what we consider ‘Real life’ will cease to exist or at least become irrelevant. People will no longer discuss social media as a tool to facilitate our existing social life but rather as our social life. Meeting with people face to face and interaction facilitated by technology will bear the equal significance. We should be excited by the prospect of integrated our digital existence with that of our flesh and blood. If implemented correctly (over time) our lives could become more productive and fulfilled, devoid of the concerns of our second ‘digital’ self.

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