Media Future

The current distribution of generations is expected to have a significant impact on the media industry over the next five years. Here’s a quick look based on recent trends and data:

Generational Convergence: There’s a growing convergence in media consumption behaviors across different age groups. Technology adoption and user-friendly outreach by media and entertainment (M&E) companies have led to older generations mimicking the digital habits of younger ones. This suggests that M&E companies may need to adopt more granular and behavior-focused strategies rather than relying solely on traditional demographic segments.

Digital Transformation: The rapid advancement of technology has disrupted traditional business models and consumer behaviors. As a result, there’s a shift from traditional media to digital platforms, with online video and streaming services gaining a larger share of media time, especially among younger demographics.

Marketing Strategies: Stereotypical generational marketing is becoming less effective. A more comprehensive view of consumer profiles, considering factors beyond age, such as innovation, wellness, and convenience preferences, can lead to more productive marketing outcomes

Social Media Marketing: Understanding how different generations interact with social media is crucial for tailoring marketing strategies. The influence of generational cycles on social media marketing trends will continue to shape the landscape, requiring marketers to be agile and responsive to these changes.

The media industry will likely see a more integrated approach to content and advertising, focusing on behavior patterns and personalized experiences. This shift will be driven by the increasing digital literacy across all age groups and the need for M&E companies to engage with a more diverse and technologically savvy audience.

Adapt

To adapt to the generational shifts in media consumption, companies can consider the following strategies:

Embrace Technological Innovation: Companies should invest in new technologies to stay ahead of the curve. This includes leveraging data analytics to understand consumer behavior and preferences.

Focus on Behavior, Not Just Demographics: Traditional demographic segmentation is becoming less effective. Companies should analyze behavior patterns to create more personalized content and advertising strategies.

Adapt Business Models: Reflect on how behavioral changes affect the way value is created and delivered. Adjust business models accordingly, considering new trends and the potential need for different partnerships or customer targets.

Engage Across Multiple Platforms: With the rise of digital media, it’s important to engage consumers where they are, which often means across multiple platforms, from traditional media to social networks and streaming services.

Cultivate a Purpose-Driven Culture: Companies that align their mission with their customers’ values can foster a loyal and engaged audience. This involves building a strong, values-driven company culture.

Innovate Content Delivery: Addressable TV advertising and targeted social media campaigns can help reach specific audiences, like Gen X, with tailored messages.

By implementing these strategies, companies can better navigate the future media landscape and meet the changing needs and habits of their diverse audiences.

Will the Vinyl Revival Last?

In a world where digital convenience reigns, a surprising trend has emerged: the resurgence of vinyl records. This phenomenon, known as the vinyl revival, has seen a new generation embrace the tactile and auditory experience of analog LPs. But what’s driving this return to a seemingly outdated format, and more importantly, can it last?

The Rise of Vinyl in a Digital Age

Once upon a time, music was a physical experience. You’d walk into a record store, browse through the stacks, and leave with a tangible piece of art. Then came the digital revolution. Suddenly, every song ever made was available at our fingertips, stored in the cloud or on our devices. The need for physical media seemed to vanish overnight.

Yet, here we are, witnessing a vinyl renaissance.

The Recording Industry Association of America reported that in 2023, vinyl record sales soared to $1.4 billion, capturing nearly 10% of all music format sales. For the first time since the 80s, vinyl outstripped CD sales, marking a significant milestone in music consumption trends.

Why Vinyl? Why Now?

The reasons behind this revival are as layered as the grooves on a record. Some speculate that high-profile artists releasing special vinyl editions have spurred interest. Others suggest that listeners crave ownership and tangibility in their music collections, something streaming services can’t offer.

Then there’s the allure of the physical album—the artwork, the liner notes, the scent of vinyl. It’s a multisensory experience that digital formats simply can’t replicate. Collectors also point to the value of vinyl; unlike digital files, records can appreciate over time, becoming coveted items that hold both sentimental and monetary worth.

The Cultural Impact of Vinyl’s Return

The vinyl comeback has reinvigorated the tradition of Record Store Day, an annual event celebrating independent record stores with exclusive releases and deals. In its 17th year, Record Store Day showcased over 380 unique releases, highlighting the diverse appeal of vinyl across generations and genres.

Retailers have taken note of this trend, with stores like Target reporting record-breaking pre-orders for vinyl releases, indicating a robust market for physical records.

Sustainability of the Vinyl Movement

I believe the vinyl revival is more than a fad. It’s a response to our overconnected lives, offering a simpler, more focused way to enjoy music. The act of playing a record—selecting it, placing the needle, and savoring the sound—provides a respite from the digital noise that fills our daily lives.

The Future of Vinyl

As we look ahead, the question remains: will vinyl continue its upward trajectory, or is it destined to be a nostalgic blip in the timeline of music consumption? The answer may lie in our relationship with technology and our desire for authentic experiences.

Vinyl records, with their rich sound and tangible presence, offer a counterbalance to the ephemeral nature of digital media.

Bottom line: the vinyl revival is a testament to the enduring power of music as a physical art form. It’s a reminder that in our fast-paced, digital world, there’s still room for the classics. Whether this trend will persist depends on our collective longing for connection—not just to our devices, but to the music that moves us.

Marketing to Boomers

Perhaps the strangest facet of marketing over the last ten years is how few brands market to Boomers because they literally have all of the money.  

So, if marketing to this receptive group of consumers is part of your plan this year here are some best practices for targeting an older audience.  

An Enticing Offer

‍Because many seniors are on a fixed income, even though they have a lot of disposable income, they are always intrigued by a good deal.  Offers like Buy 1 Get 1 50% off are some of the top performing offers for seniors, but nothing works better than FREE.  

‍Testimonials

‍Seniors truly value reviews from their peers.  They want to know, just like other age groups, that people with a similar problem have found a solution with your product.  

Phone Numbers

‍Do Boomers prefer to call versus go online?  Every year there’s a new 65 year old who is more tech savvy than last year’s 65 year old, but we still see the majority of our attribution come from people calling a brand versus converting on a website.  So, being able to call, especially for more considered purchases, is critical so seniors can ask all the questions they need to ask before purchasing.  

‍Copy

‍Contrary to the younger generation, Boomers actually read!  They will take the time to read a longer advertisement so, within reason, don’t be shy about putting a lot of copy in your ads.  

Spokesperson

‍We’ve seen big improvements in results when brands incorporate a spokesperson.  

Comparison Charts

‍Use simple charts to explain why you are better than the competition.  

Ratings/Reviews/Awards

‍Seniors like to see credibility from organizations like the BBB or FDA.  They trust those unbiased sources.  If you have great ratings from these organizations or companies like TrustPilot, make sure that is incorporated in your ads.  

‍Money Back Guarantee  

‍Promises like “Risk-Free” or “100% money back guarantee” give seniors the confidence to try products, especially products like health supplements, knowing if they aren’t happy they can return the product without any issues.  

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Marketing to Boomers isn’t much different than marketing to other audiences.  With their preference to purchase over the phone, the attribution methodology may be slightly different, but if you apply these best practices, brands will have success by actively addressing Adults 60+ who account for 80%+ of total wealth in the US...

‍thanks to Eric Smith who is the SVP of Growth at Incremental Media