WHAT IS MEDIA CONVERGENCE AND HOW IS IT AFFECTING THE INDUSTRY?
It’s 2018 and the term media convergence has been at the forefront of discussions within our industry. A once new and foreign concept to marketers, the term is having an increasingly significant impact on the industry in many different ways. Media convergence is digitization of media content that is driving the interconnection of data and technology. This breaks media silos and unhitches content from its original devices – to be accessible across device. Simply put, it is the coming together of traditional and digital media. This shift forces marketers and agencies to think about delivering narratives to audiences vs. media channels.
There are those who view it as a positive, revolutionary movement that will ultimately bridge the gap between advertisers and the audiences they are striving to reach. However, those who argue otherwise see the merging of mediums as a roadblock and clutter to the already complex space.
The rapid pace of technological development and the devices available today is remarkable. Between mobile devices, TV, tablets, laptops/computers, VR and many more, the amount of options for advertisers to take advantage of is endless. The theme that tech, data, and advertising companies seem to be honed in on as of late has been centralization. This has led to acquisitions across these spaces as the race to become the premium, go to choice. Data partners want advertisers to feel they can access everything they need with one partner to achieve their goals, while advertisers want their clients to be satisfied with results. With the vast amount of data that advertisers have access to, targeting and retargeting consumers across the many devices they use daily can greatly benefit marketers. As media convergence grows, it will be interesting to see how effectively advertisers can master the coming together of different mediums, and how consumer behavior shifts as a result.
On the flip side, advertisers can sometimes find themselves at a crossroad when planning and developing an overall strategy. With media convergence becoming more evident, marketers must keep up with consumer behavior and try to pinpoint the best media mix. As consumer behavior shifts – i.e. consuming print digitally and watching online video on mobile devices – marketers are attempting to keep up with their targeting strategies and selectively focusing on certain mediums to avoid getting lost in the clutter.