The last ten years have been marked by incredible disruption that has shaped the world of digital media forever. Media companies that haven’t embraced digital innovation have been swept under the rug as their more tech-savvy counterparts lay claim to their market.
Case in point: the world of streaming and Netflix, that has given cable – a once thriving behemoth a run – for its money.
From social media platforms like Twitter to digital encyclopedias like Wikipedia, digital disruption forces businesses to stay on their heels and keep up with innovation.
The Impact of Digital Disruption on Customer Satisfaction
Digital disruption almost always brings new opportunities for businesses that can be used to improve customer satisfaction. At its core, digital disruption is all about giving customers what they want in a convenient way.
There have been many examples of innovative products that didn’t see the light of day because they failed to solve user pain points.
At its core, digital disruption can allow businesses to enter new markets that were previously not accessible. This may be because technology makes it easier to enter new markets. For example, Netflix allows media companies to reach a global market of consumers, regardless of their location.
Digital disruption can also create new business models from scratch that are not only more effective but also affordable. This is beneficial because it allows media companies to remain competent and relevant in an ever-changing landscape. For example, a simple mobile app can create a new business model. PressReader is one such app that gives users access to thousands of magazines and newspapers from around the world.
Generating New Jobs
A negative connotation has always been attached to the term ‘digital disruption’ because it almost always coincides with a loss of jobs. While that is true to some extent, digital products almost always lead to the creation of new job opportunities. This is because businesses will need employees with relevant skills to operate the new technology.
Digital disruption is also beneficial for job seekers because it allows them to learn skills that are in high demand. For example, the rise of social media platforms has created a demand for employees’ skills in online marketing and content creation.
Lower Costs of Usage
Costs have always been the main sticking point in the consumption of media. For example, some users may find it inconvenient to buy movies, documentaries, and television series. However, a streaming platform like Netflix can lead to cost savings for businesses by making their products more readily available to users.
Streaming platforms make it more profitable for media companies to keep making more products and take advantage of a large consumer base that they wouldn’t otherwise have access to.
Cursory Look at Prominent Examples of Digital Disruptions
We’ve rounded up prominent products that have changed how media is delivered to online users.
Social Media Platforms
Social media platforms have allowed everyday users to participate in content creation, making it easy to become a celebrity on a shoestring budget. In fact, marketers are finding creative ways of using social media to reach consumers. Businesses are spending billions in advertisements to sell products and services.
It is worth mentioning that over 69% of US adults are now using Facebook. Over 75%% of US adults between the age of 18 to 24 use Instagram. These numbers have major repercussions for businesses, allowing them to reach audiences they could never hope to reach with traditional media.
Video Streaming
With over 232 million paid subscribers and counting, Netflix has changed the TV industry and completely disrupted its model. In the process, the company has generated billions in revenue and net income.
Businesses that miss the opportunity to capitalize on digital streaming are at risk of being less successful. In more ways than one, digital streaming is the primary reason why a retail giant like Blockbuster that once made billions came crashing down.
Instant Messaging Apps
Instant messaging apps like WhatsApp and Signal have changed how we interact with one another and, to a large extent, how we perceive news media. In particular, WhatsApp has emerged as a dominant instant messaging app that has allowed people to communicate individually or as a group through text messages, audio, and video calls.
The highly versatile platform is easy to use and uses encryption to protect user communication, making it a go-to solution for millions of users.
Online Encyclopedias
Scholarly and scientific information used to be (and still is to a large extent) hidden behind expensive encyclopedias and magazines that often require paid subscriptions. However, online encyclopedias have made it easier and more convenient to find content with a simple search query.
Perhaps more importantly, online encyclopedias have a greater capacity to process data as well as online traffic compared to traditional encyclopedias.
Wikipedia is one such example of an online encyclopedia that stays committed to online education. It is made possible by the efforts of thousands of contributors who create content on a wide range of subject matters.
E-Learning
E-learning, also referred to as online education, saw an incredible surge in usage in the past few years. Millions of students around the world now use e-learning platforms to acquire new skills and stay on top of their curriculum. E-learning makes it easier for students to acquire an education from the comforts of their homes.
Prominent examples of online learning platforms include Skillshare, Coursera, and Udemy. These platforms have access to thousands of courses that are designed by experienced professionals.
Wrapping Up – What’s Next for the Media Industry?
The use of augmented reality and artificial intelligence may continue to bring more innovative products, further changing media delivery.
The future of the media industry is only limited by the imagination of the people behind it. In its brief history, the media industry has undergone tremendous changes due to advances in technology and shifting cultural dynamics.
At the heart of all innovation is the human experience itself. Change and innovation are driven by human interaction. For any new product to succeed, it must accommodate the human experience and solve various pain points.
