Digital media is rapidly evolving, and younger generations are leading the charge. According to Deloitte's 2023 Digital Media Trends Report, GenZ and Millennials are seeking more connection, immersion, and value from their digital media activities. This shift has significant implications for the media and entertainment (M&E) landscape, and especially for startups and entrepreneurs looking to break into the market.
Digital Media Trends 2023
Finding Meaning & Connection Online
For many people, digital media is not just for entertainment. It can offer utility, foster community, and support emotional needs. Younger generations gravitate toward more interactive and social experiences, looking for places and spaces where they can escape into other worlds, find community, share inspiration, and co-create adventures. For startups and entrepreneurs looking to enter the M&E space, this means that they need to focus on creating more immersive and interactive experiences that foster community and bring people together.
Zeroing In on Value
With mounting costs, people are re-evaluating what they are getting for their time and money, particularly when it comes to streaming video providers. Watching TV shows or movies at home remains dominant for Gen X and older respondents, but younger generations are seeking alternatives that offer better value. This shift presents an opportunity for startups and entrepreneurs to create more affordable and innovative digital media solutions that meet the evolving needs of consumers.
Fostering Engagement & Trust
Social media is another crucial part of the media puzzle for many people, particularly when it comes to trust and engagement. Creators and influencers on social media can establish and build trust, grow communities, and drive awareness and excitement for brands, products, and content. For startups and entrepreneurs, this presents an opportunity to collaborate with social media creators and influencers to build trust and reach a wider audience.
Deloitte's 17th edition of the Digital Media Trends Survey offers an in-depth look at the changing digital media landscape. The survey, which was conducted in November 2022, polled 2,020 US consumers and was weighted back to the most recent census to give a representative view of what US consumers are doing. Startups and entrepreneurs looking to enter the M&E space should take a deep dive into the findings to gain insights into what consumers are looking for in digital media experiences.
Overall, the Deloitte report offers valuable insights into the evolving digital media landscape and the changing needs of consumers. For startups and entrepreneurs, it presents an opportunity to create innovative and immersive digital media solutions that foster community, provide value, and build trust.