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The demise of legacy media has been a constant and much-discussed topic. One such point of contention is when, exactly, will it breathe its last breath. There have been endless predictions about how newspapers, magazines, and radio stations will soon turn obsolete within the next five years or so, but nothing so definitive.
That traditional media is in decline is unsurprising. Consumers have steadily become less receptive to it because they can tune it out — skipping commercials, changing radio stations, and throwing away mail — after all.
The Slow Decay of Legacy Media
Data from Nielsen, a global measurement and data analytics company, reveals the target market of traditional media forms is shrinking. Paper ads, for instance, have experienced a massive decline: revenue for print advertising fell from $60 billion in 2000 to $20 billion in 2015.
On the other hand, statistics from Visual Capitalist, a media and news firm, predicts that the digital advertising industry will soon have the largest ad market by 2019.
Traditional Media Fails to Reach Millennials
The issue might lie in the fact that the original target audience of legacy media — Baby Boomers — are now in decline, as well as eclipsed in number by your generations. Millennials, as the age group entering their peak spending years, is the generation media needs to adapt to. As they thrive on instant gratification, however, plain text and non-digital elements might not be the best way to reach them.
Furthermore, HubSpot, Inc., a developer of software products, shares that 84% of Millennials do not trust traditional advertising. The age group watches 50% less TV that its older counterparts.
What could the advertising and entertainment industry do to appeal to future audiences, then?
Reaching Audiences with Innovative Video Content
Creating videos with fresh, creative content is not the only way to make the advertising experience an enjoyable one for promoters and consumers. While the sales of traditional media have been dwindling, companies can still preserve products of old media forms to keep up with the changing times. Professional legacy converter companies, for instance, can digitize old media to appeal to audiences of today.
Legacy media is not dead. Advertisers only need to adopt new methods of appealing to their target audience to create a lasting impact.