Respondents to the 2014 Media Growth Study express the challenges to new product development, including the recognition that they don’t believe their top selling product in 2017 has even been invented yet. This goes to the core of the product development conundrum: while media companies are keen to innovate, there are no guarantees and few clues as to what to develop with certainty that it will be embraced by the consumer. Trial and error is a key theme for media company product developers.
About half of the respondents say their long-term survival is linked to their use of third-party data and analytics providers. These data give product developers a glimpse into user preferences and habits, which inspire new product development.
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