The Rise and Rise of the Internet

Most savvy marketers know the internet as a media and entertainment industry is on on the rise, but not everyone realises just how much things are changing.

There is a decided shift happening at the moment in the media and entertainment industry, and a new report by PricewaterhouseCooper, released last week, detailed just how much is changing. The Australian Financial Review on 1st of August reported the results, saying that “Profound social change is fragmenting media consumption”.

Here is a snapshot of some of the changes happening right now:

• The internet will become the second largest sector in the $23.7 Billion media and entertainment industry (behind newspapers), with $3.48 Billion revenue this year
• By 2011, the internet will be coming very close to newspaper revenue at $5.5 Billion
• The internet now accounts for around 25% of people’s media consumption time
• This year is the first time the internet attracted more new revenue than ‘old’ media such as newspapers and free-to-air TV
• PwC predicts a 29.9% increase in ad revenue on the internet this year, but most media executives are predicting a 40-50% increase

Basically, it has never been more important to have sound internet marketing strategies in place. Competition can only get fiercer, and too many companies still think that just having a website is enough. Online PR, SEO, website optimisation and getting involved with social media are just some of the things companies can do to gain a competitive edge.

Don’t get left behind online!