The Canada Media Fund announced today the publication of the 2024 Keytrends Report: Entering the Age of Experience, which is an in-depth look at trends affecting the audio and visual industry in Canada and around the world.
This latest edition of the Keytrends Report highlights the major trends that are shaping today’s screen-based industries and analyses their potential impact on the Canadian television and digital media industry. The latest edition explores the premise that the industry has entered into a new phase and gained a greater command of digital culture and technology, with multiple players benefiting from emerging opportunities.
Six key trends studied in this report:
*The next phase of hyperconnectivity lies in the Internet of Things (IoT) and this worldwide market will affect every industry. Creators will have to adapt to a connected world where devices, users and the Cloud continually interact.
*The Canadian market is now ‘mobile-first’ for online consumption. More importantly to the content sector, video on devices such as smartphones and tablets is increasingly popular.
*Virtual reality and augmented reality are poised for wide consumer release with Canadian innovators making remarkable forays in both technology and content to show they can be top industry contenders.
*The media consumption habits of Millennials and Generation Z vary markedly from those of their predecessors. The signs point to a generation gap, and the industry must quickly adopt new strategies to serve groups on either side.
*While the monetization of digital content continues to mature, the idea of online advertising as the dominant model has been seriously challenged. The result is more exploration and still greater fragmentation of revenue models.
*Digital niches (foreign content, anime, etc.) are proving to be a viable business model that smaller players are mining effectively, but these digital niches are increasingly attracting the attention of industry giants like Netflix, HBO or YouTube.
CMF Keytrends Reports are published twice a year and can be accessed on the CMF Trends website.