The media industry as a whole is a vital part of human culture. We rely on it for news and updates about our world. But, with the rapid growth of technology, the media has changed and evolved. This means inevitable change in media institutions as well.
The ways of traditional media were effective in the climate it existed in but, as society further develops, the old ways won't work like they used to. This can be caused by many different things including, rapid technology advancements, change in audience, the competition etc.
Technological advancements happen exponentially, the more technology advances the faster and better it will, so with a rapidly changing factor like this it's bound to have many effects on the media industry. Media has been distributed in a multitude of ways traditionally, including T.V., movie theatres, newspapers, radios and such. Slowly these mediums are being outcompeted, instead of the television many people lean towards streaming services and video sites because the content they want is more readily available this way, it's just more convenient. Updates are found easier on social networks than in the daily paper, everyone has access to this at their fingertips since everyone has a smartphone now. Podcasts are now the streaming service equivalent to the radio, simply put it's more convenient. As the mediums that people choose to consume media shifts, so do the producers of media, since this is where the market is now it's an adapt or die situation for media institutions.
The producers of the media are directly linked the media consumers, the consumer is the one the producer is trying to cater to. As the audience changes their perception of what's interesting and their attention span is affected as well, this is something media institutions need to keep up to date on and adjust to. As the viewers interests changes (what's popular) the content and the way it's presented soon follows. If the viewers attention span changes, institutions should try to grab it sooner, this includes adding an interesting thumbnail or title on their website.
With the rise in popularity of digital media, competition like new innovators and self starters looking to get involved in this market with new ideas and inventions have started to pop up. They pose as heavy competition against the traditional media institutions. This just adds onto the pressure and importance of adjusting to the newly advancing digital media climate to help stay relevant.
The digital media industry that continues to advance everyday is tied with both media institutions and the media audience. As newer, better, more convenient options arise in the industry it's important that the institutions take their opportunity to get ahead.