Digital Information is doubling every 18 months. Much of this growth is driven by Social networking/community, Blogs and Video's, according to Michael Mendenhall, CMO at HP. The digital media also encompasses Search, Email/IM/SMS, Websites, and Podcasts..
- Social networking/community:
- 47% growth in unique visitors from 2005 to 2006
- There are over 200 million users on seven key social networking sites
globally- Blogs:
- 278% CAGR (Compound Annual Growth Rate)of total blogs from 2004 to 2006
- Estimated that there are 110 million blogs currently on the internet
- On average, two new blogs are created every second and users add more
than 1.6 million posts each day- Video:
- 38% CAGR of total videos streamed from 2003 to 2007
- Average “streamer” accesses 60-80 videos per month
- In July 2007, YouTube served nearly 3 billion video streams
worldwide
Mendenhall thinks the following are the opportunities that this new digital media represents:
1. Proliferation of new digital forms, forums and engagement platforms
2. Audience migration away from traditional media
3. Emergence of new digitally-enabled brand “influencers”
4. Shifting expectations around how customers interact with brands
Challenges are:
1. Dynamic and evolving influence ecosystem
2. Value chain and audience fragmentation
3. Lower switching barriers and “democratization” of media
4. Inadequacy of traditional “push” models, methods and measurements
This all bodes well for small, nimble consulting organizations that focus on the leading front of these changes. Large agencies will remain “agency of record”, but will have to rely on these thought-leaders to help clients maneuver through the ecosystem of the new digital media.
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