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Over your lifetime, the consumption of media and entertainment has already changed drastically.
For Boomers and Gen Xers, the shift has been earth-shattering. Both generations will remember a time before mainstream computing when TV was dominated by the Big Three TV networks (NBC, ABC, and CBS), and newspapers and magazines were the main way to stay in touch with what was happening.
Even millennials have seen fundamental shifts in consumption of media. After all, they experienced the rise of social media, online news, streaming, and digital video firsthand. Many of them will remember their college getting access to Facebook for the first time, the death of Napster, and the funny sounds their 28.8k modem made as it struggled to successfully download a single image file.
The modern landscape of media is very different than it was back then â€“ and the coming years will see even more prolific changes.
Todayâ€™s infographic comes to us from Raconteur, and it showcases multiple sets of data that help to illustrate the direction that media is heading. This includes the growth rates of various media and entertainment sectors, TV viewing trends, and social media use.
Here are some of the key trends that we found to be compelling:
Annualized Media Sector Growth (Minus GDP Growth) from 2016-2021
|Media sector||Annual Growth (minus GDP growth)|
|Out-of home Ads||-1.7%|
Online video (6.0%), online ads (4.3%), and video gaming (2.7%) are the only sectors growing at a rate faster than GDP growth.
But while digital video use is growing, itâ€™s not going to takeover TV anytime soon:
Daily Minutes Watching TV vs. Digital Video
|Year||TV (Minutes watched)||Digital Video (Minutes Watched)|
Lastly, here are some figures on the future of media and entertainment that are particularly interesting:
Itâ€™s fair to say that in another decade, media and entertainment will be much less recognizable than what it looks like today.