Results will be topic of key NATPE panel
Media companies and advertisers will have to cater to consumers' media-cluttered schedules if they want to profit on the digital future.
That's one of the conclusions in a new Price­waterhouseCoopers (PWC) study, The Rise of Lifestyle Media: Achieving Success in the Digital Convergence Era, which will be unveiled at NATPE this week. The fast-moving changes in media-delivery modes is the subject of a panel on Jan. 24.
The PWC study notes how fast this future is coming: Advertisers spent $3.1 billion on online advertising in third quarter 2005, fully 33% more than they did just a year ago in the same period. (That would indicate that the Internet grabbed almost as much ad revenue in one quarter as syndicated television did in a full year.)
According to the report, which B&C received in advance, AccuStream iMedia Research tells PWC that $321 million was spent on online video advertising in 2005, a number that's unremarkable except for the fact it's 175% higher than the year before.
The research and consulting firm pushes the term “lifestyle media” to describe a world in which consumers create their own entertainment and information menu by mixing “professional” content with their own—all within a limited time frame. Content providers will need to put consumers in control but also know instantly what they are doing, watching or creating.
“What were previously the ends (content, channels or devices) of media and advertising business models are now the means for empowering consumers to organize their productive, leisure and social time around converged media experiences,” the report says. The media consumer now is capable of “creating, finding, selecting and exchanging content and services.” For advertisers to capitalize on that new lifestyle-media user, it will take better and more measurement and tracking devices, PWC says.