New product development and expansion of market share are the top two growth drivers for 2014, according to Econsultancy’s 2014 Media Growth Study, conducted by the Jordan, Edmiston Group. This corroborates previous years’ survey results since 2009.
“There are signs throughout the study and interviews that companies are continuing to develop new products at a feverish pace, but that there is a high priority being placed on evaluation and upgrading of existing products as well,” the study states.
However, acquisition and geographic expansion also have proven to be key areas of growth for 2014, compared to 2013. The largest change is the investment in new IP/software/technologies, a move that has been driven by a variety of industry developments, such as a new emphasis on programmatic advertising buying and selling, and big data strategies, according to the study. In 2013, only 11 percent of respondents said IP/software/technologies was a driver for growth, while in 2014, 27 percent of the respondents said so.
World Newsmedia Network has published Global Digital Media Trendbook each year since 2006. The trendbook contains 500 data sets and 230 pages of analysis about digital media usage and revenue patterns, including this data set. To download a free executive summary, go to www.wnmn.org