The importance of diversifying your property with new media offerings has been reinforced by a new report cited in A Center For Media Research brief called "Communication Slumping Now, Growing 3rd Fastest Over Next Five Years". VSS put together the report that shows growth available to alternative media while declines in traditional media remain possible....
"Jim Rutherfurd, Executive Vice President and Managing Director at VSS, says "The prolonged economic downturn has accelerated changes already underway in the communications industry... driven by a confluence of factors... (including) the growth of digital end-user businesses and the shift from broad reach traditional advertising to targeted alternative advertising and marketing services..."
Over the five-year forecast period, 12 of the 20 major industry segments are expected to show positive growth, with the most challenged segments clustered in traditional advertising. However, the long term secular demand for information, education and entertainment will continue, and the bright spot for advertising going forward will be in digital and other alternative and targeted advertising businesses, concludes the study.
Growth Prospects
- Internet Media
- Word-of-Mouth Marketing
- Professional Information
- Subscription Television
- Business Information
- Mobile Advertising and Content
- Education
- Videogames
- Direct Marketing
- Business-to-Business e-Media
- Event Marketing
- Tradeshows
- Public Relations
- Digital Out-of-Home
- e-Books
Declining Prospects:
- Newspapers
- Yellow Pages
- Consumer Magazines
- Business to Business Magazines
- Broadcast Television
- Home Video
- Radio
- Recorded Music
- Traditional Out of Home
- Traditional Consumer Books "
Just because the report details Broadcast properties as declining prospects, don't let it become a self-fulfilling prophesy. LPG properties have escaped the declines for the most part as they diversify into alternative or new media offerings with Automalls, Community Web Portals, and E-newsletters, texting, and station web site programs.
Everytime I see a report like this I see an opportunity to diversify what we do and the solutions we offer our clients, like becoming Google Adwords managers for clients who need to use that as an advertising vehicle but don't know how to do it. Any time our industry can position ourselves as the expert and push that envelope than we can win.