A few weeks ago, Business Insider hosted an event where leaders from the tech space shared their thoughts on the future of digital and how it may impact business going forward. I found the report fascinating and thought it worthwhile to share a few of the more interesting findings. Henry Blodget, CEO of Business Insider, kicked off the event with a slideshow highlighting a few stats. Here are some of the most compelling takeaways.
The Global Internet Population Continues to Grow─We’re All Online
Currently, there are almost 3 billion people online. That fact alone is staggering, but when you consider how fast the global Internet population has grown in just a few short years, it’s really fascinating. And with four billion more to join the ranks, there’s still a ways to go.
The digital movement is outpacing any other transformative time in business, and decision makers are starting to realize that staying informed, engaged, and involved is critical for survival. So what does the future of digital really look like and how should businesses respond?
Media Consumption Is Shifting to Mobile at Breakneck Speed
Data collected by eMarketer in 2014 revealed that consumer attention is indeed shifting to digital, particularly mobile. Consider this: In 2009, 45 percent of US consumer media consumption came from television. Five years later, that number dropped to 37 percent. Are folks losing interest in media? No, they’re simply turning to mobile. In 2009, only 4 percent of all consumption took place on a mobile device. Today, that number has increased to a staggering 23 percent.
As the Business Insider report shows, media consumption is indeed shifting, with television, radio, and print declining at the same time mobile is increasing year after year.
How does business respond? Ad spending has also shifted, with businesses allocating less money to print ads in newspapers and magazines, budgeting more for mobile and online advertising.
Here’s another way to look at it. In 2013, Google was bigger than all newspaper and magazine ad revenue. At the same time Internet ad spend is increasing, primetime household television ratings are dropping. Even pay television subscriptions are decreasing as most people turn to Internet platforms like Facebook and YouTube for entertainment, news, and socialization.
…And So Do Millennials
It’s true, television is still a preferred pastime, but the numbers drop significantly when age is considered. Millennials turn to a smartphone as opposed to watching television, listening to the radio, even using a computer. It’s a multiscreen world for sure and more than a quarter of Internet traffic is mobile
Mobile video is growing by leaps and bounds; social is mostly mobile and a third of all ecommerce traffic takes place on mobile.
So what are the key digital media trends? Well, according to Business Insider, ad growth is mobile, social, video, programmatic, and native. What about your business? How are you responding to the future of digital?
Interested in seeing the full report? You can sign up here.