2023 has unfolded as a year of remarkable events within the media landscape, from the writers’ strike and influencer scams to the notable renaming of Twitter. Some of these developments were anticipated, while others took us by surprise. Given this unpredictability, making reliable forecasts for the coming year seems challenging. Nevertheless, certain trends have emerged, prompting us to consider what we might expect in the media environment for the next year. In this segment, we’ll explore these trends and discuss what the media landscape might hold in store for us in the coming year.
- Aftermath of the writer’s strike.
Let’s start by examining the impact of the writers’ strike. Throughout 2023, numerous projects were put on hold, casting doubt on whether the releases planned for 2024 will adhere to their original schedules. As a result, streaming platforms are increasingly turning their attention to local content, leveraging the enduring popularity of classic TV shows to maintain viewer engagement. In this context, the advanced capabilities of AI and the nuanced analysis of user profiles become more critical than ever. These tools can shed light on the types of local content these platforms should focus on to captivate their audiences.
Regarding the role of AI in media, its potential extends far beyond enhancing content recommendations for the upcoming year. The advancements in technologies like ChatGPT and Google Bard are testament to the rapid evolution and immense possibilities of AI. According to Kantar, by 2024, AI is expected to permeate every aspect of the media environment. This integration will significantly refine and transform numerous learning processes within the industry.
However, this progression raises pertinent questions. As AI plays a more substantial role not only in understanding the operations of media platforms but also in content generation, concerns about copyright emerge. How will copyright laws adapt to effectively manage and control potential infringements in this new landscape, where AI significantly contributes to content creation?
- Live streaming comes to understand
One of the most remarkable resurgences in the media landscape has been the ascension of TikTok, which has also spurred the growth of other platforms like Twitch. As trends evolve, younger generations are moving away from classic YouTube viral videos and heavily edited audiovisual content on their feeds. Instead, they’re gravitating towards what they perceive as more “natural” or authentic content, predominantly through live streams.
Live streaming has significantly gained traction this year and is projected to maintain its momentum into 2024. Notably, “commercial” or shopping live streams are poised to become a global phenomenon. Originating in China, these streams, like the recent sensation of 3-second live streams, have captured widespread attention.
In China, the trend has particularly flourished. For example, a live streamer named Zheng Xiangxiang reportedly earned $18.6 million in a week from a live stream showcasing products in mere 3-second glimpses. This trend has piqued the curiosity of a global audience, with more users becoming interested in these formats. Consequently, it’s likely that in 2024, there will be a significant shift towards commercial live streams.
The landscape of live streaming in entertainment has evolved significantly. A prime example is Amazon Prime’s acquisition of “Operación Triunfo,” a beloved singing competition among Spanish youth. This show not only features the standard episodes and behind-the-scenes content at a singing academy, but also offers a 24-hour live stream, providing an unfiltered glimpse into the contestants’ lives, reminiscent of a “Big Brother” environment. Its 2017 iteration set records in Spain due to this live streaming element, a formula Amazon Prime is keen to replicate.
Similarly, live streaming has revolutionized sports entertainment. International championships like the Kings League have gained prominence through live streams. Platforms like DAZN, offering global sports streaming, underscore this trend’s impact.
In 2024, live streaming is poised to make significant strides in both commercial and entertainment realms. While the commercial aspect might seem newer or more unexpected, it’s likely that both facets will garner substantial attention and growth in the coming year. This shift indicates a broader transformation in media consumption, where live, unedited experiences are increasingly valued by audiences worldwide.
- Avatars on media: the role of the metaverse.
Recent discussions about the metaverse have diminished compared to the initial buzz it generated in the media. However, this should not be interpreted as a decline in the metaverse’s relevance. In reality, the situation is more nuanced, with contrasting trends emerging about its future, particularly for 2024.A survey by Kantar revealed that while 61% of marketers planned to invest in the metaverse in 2023, only 12% actually did so. Conversely, Deloitte has highlighted a specific trend for 2024, predicting increased growth in the metaverse, particularly among technology and industrial companies.
Our perspective is that despite reduced media attention in the past year, the metaverse remains a significant underlying trend. Brands across various sectors, from fashion to video games, are gradually exploring its possibilities. The media is adapting too; as users become more accustomed to the metaverse, digital platforms are increasingly incorporating it into their strategies. Looking ahead to 2024, we may not witness substantial investments in the metaverse, but rather more targeted and strategic initiatives.
- The rise and fall of influencers.
In previous posts, we’ve explored the evolving role of BeReal over the past two years, the pursuit of authenticity through new TikTok influencers, and various scandals involving advertising on social media platforms. This evolution has significantly altered the landscape of influencer marketing, pushing a growing demand for authenticity and realness among users.
As we look towards 2024, the concept of an influencer is expected to shift more towards individuals with smaller followings. These “micro-influencers” and other alternative influencer types are poised to become the new norm in the realm of social media.
A key topic that arises in this context is the use of AI to create synthetic influencers, a trend gaining traction in influencer marketing strategies. Take, for instance, Aitana Lopez, a digitally generated influencer. The success of such virtual personalities’ hinges on their hyperrealism. However, as users grow increasingly discerning about the content they consume, the authenticity and credibility of these AI-generated influencers will be under closer scrutiny.
- The tune of 2024: music in media
The year 2023 has been a standout for live music, marked by Beyoncé’s Renaissance tour and Taylor Swift’s triumphant return to the stage. These events have highlighted the lucrative nature of live performances,especially for A-list stars. The revenue generated from these concerts dwarfs the earnings from media streaming. Fans, evidently, are more than willing to shell out over $100 on average for a ticket to see their favorite artists live.
This trend raises questions about the future of digital music platforms. While these platforms enjoy immense popularity, uniting millions of users worldwide, their long-term sustainability, particularly from an artist’s viewpoint, is under scrutiny. Artists find live shows significantly more profitable than relying solely on streaming revenue.
Looking ahead to 2024, the momentum for live performances is only growing. This shift could herald a new era in music consumption, possibly even leading to live-streamed concerts. Imagine the excitement if Beyoncé decides to live stream a concert on her next world tour—if she embarks on another. The landscape of music is evolving, and it seems live experiences are at the heart of this change.
Thus, looking ahead to 2024, we anticipate several key trends in the realm of streaming platforms. These include a heightened demand for locally produced content, a surge in live streaming events, an evolving role for influencers, the metaverse and the music in the media environment. Still, uncertainties remain. Questions linger about the direction’s platforms like TikTok and Twitter/X will take in the coming year. Additionally, there’s growing concern about how regulatory measures will adapt to safeguard users in this rapidly changing environment. Finally, another pressing issue is whether traditional media outlets can keep pace with these prospects and the evolving dynamics of the media world.