Most Important Issue Facing Global Media Industries Today

GLOBAL MEDIA CHALLENGE
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Global Media Challenge
The Global media industry has received massive growth in the present years due to the influx of technology. Technological advancement has brought about numerous features in the media industry, positively affecting media coverage and consumption. New technology has created compelling opportunities for global media companies to communicate with audiences (OECD, 2021). In the past, people relied on television and newspapers to get information. Several channels and media outlets like social media have now emerged to give audiences content. The emergence of social media and other digital platforms has raised concern over the end of traditional media like radio, television, and newspaper since many people have shifted their attention to the internet and social media for news and entertainment (Flew, 2018). However, the fact remains that traditional media is making efforts to fight for its space in the digital era. These media companies air content online to attract users and increase their audience. These media channels aim to catch up with the growing technological trends. In other words, technology has brought about stiff competition in the global media industry. Global media refers to forms of mass communication that reach across the world. It includes both traditional media and mass media. Therefore, the most important issue facing the global media industry today is stiff competition because it creates both positive and negative impacts.
The global media industry is experiencing stiff competition caused by technological advancement. This competition has many battlegrounds, including news making, ratings, profits, circulation, and link hits with the spread of web media (Evens, 2016). The internet fundamentally changed the distribution and consumption of news and entertainment content (OECD, 2021). It substantially lowered the costs of publishing and distributing news content, allowing more frequent updates and increasing the geographic reach (OECD, 2021). It also reduced consumers’ costs of searching and accessing news and entertainment content (Gershon, 2013). These transformations have created intense competition for content, customer base, and profit in the global media industry. Currently, many media companies and social media content creators compete against each other to become top in news making, content creation, audience attraction and revenue generation.
Many media managers believe their companies face high competition in product markets (Essiz, 2015). This competition is intense depending upon the quality of the product and content offered. Every media outlet is battling for the best content to remain relevant and competitive. Content remains a significant attribute in the global media (Flew, 2018). Media providers and news outlets are forced to act quickly and present user-friendly experiences to gain a competitive edge. When it comes to news, viewers want updated coverage and will prefer one media outlet over the other if reports trickle in faster. According to (Wellbrock et al., 2020), the rapid development and adoption of new technology have changed the face of the global media industry. Innovation is the word of the day (Westlund et al., 2021). Professional journalists in print and broadcast media have to compete with amateur publishers and bloggers for readers’ limited attention spans (OECD, 2021).
Media companies that fail to keep current on communication technology may find themselves swallowed by other more agile organizations. Web-based and social media platforms are often the first places readers go when they want to break the news (OECD, 2021). Regarding entertainment, consumers want comprehensible interfaces combined with a plethora of on-demand content to ...