The media-consuming environment has drastically changed over the past 20 years, with digital media emerging as a powerful competitor to television media. The internet and technological developments have led to the emergence of digital media, which has thrown off established conventions and put print, broadcast, and other television media's control at risk. This change has a significant impact on the production, distribution, and consumption of knowledge. Digital media expenditure surpassed television's continued supremacy in 2023 and upgraded in 2024 taking the lead. At Substance Digital, we are well connected with digital media, and with this blog, we are making you aware of the trending news of the surpassing of television media by digital media.
We are a digital marketing agency, therefore the growth of digital media matters for us digitally. With a current contribution of 32% (Rs 29,836 crore) from television, print media comes in second at 20% (Rs 18,652 crore) and digital media is on the top with 44%(Rs40,685 crore). As a result, digital media experienced the greatest increase in growth of 36.6% over 2022, rising from 35% in 2022 to 44% by the time of 2023 in terms of ad spend dominance. This noticeable shift in the percentage of advertising expenses has been primarily driven by the ongoing development and expansion of online circumstances, which benefits both the usability and demand sides.
There are so many saying such as “embrace marketing for the era”, “harness powerful”, “your powerhouse of digital marketing solutions”, etc. Digital media has grown into the most accessible, reliable, and used medium by consumers, with the entire user base gaining from this spectacular expansion in numerous sectors such as OTT, e-commerce, online banking, networking sites, playing games, and e-sports apps.
The rise of digital media against other media can be linked to its unmatched availability, engagement, and promptness. The foundation of digital media has made knowledge more accessible by giving anybody a platform to produce and distribute material. With the continuous reach of audiences around the world, social media platforms, video-sharing websites, and online news portals have emerged as the new attention-grabbing arenas for people and organizations. Digital media's interaction is one of its main advantages. Using digital media you can “digitalize your message for maximum impact.”
In contrast, television media frequently serves as the one-way route for communication through digital media and encourages real-time conversations that are made possible by social media platforms, which let users share, remark, and take part in debates. Digital media “craft your brand’s distinctive voice”. This degree of engagement strengthens the bond between users and increases the power of the information.
Additionally, there has been a significant movement in advertising spending from television media to digital channels. Comparing online advertising to television means, advertisers find it more appealing due to its affordability, continuous monitoring, and accurate targeting capabilities. Due to this change, television media now have to revaluate their business strategies and come up with fresh ideas for how to stay relevant in the digital era.
Even though digital media has grown quickly, there have been difficulties along the way. Concerns over the reliability and caliber of content have arisen as a result of the internet's democratization of information. Concerns about the accuracy of digital media as a means of information have been highlighted by the ease with which false information may spread online. Because of their well-established editing procedures, television media is frequently seen as more dependable and honest.
Additionally, people find it difficult to navigate the enormous sea of information due to the vast amount of content accessible through the digital environment. When people consume content that is catered to their interests, "echo chambers" that confirm pre-existing opinions can cause segmentation and polarization as a result of information saturation.
The Hybrid Future: The rise of digital media doesn't necessarily signal the end of television media but rather a transformation and coexistence of both. Many television media outlets have embraced digital platforms to extend their reach and engage with new audiences. Newspapers have online editions, television networks offer streaming services, and radio stations provide podcasts, showcasing a hybrid approach that combines the strengths of both worlds.
Moreover, emerging technologies like augmented reality (AR) and virtual reality (VR) are reshaping the way audiences interact with content. These technologies provide immersive experiences that bridge the gap between digital and television media, offering new possibilities for storytelling and engagement.
The rise of digital media against television media represents a seismic shift in the way information is produced and consumed. The accessibility, interactivity, and immediacy of digital platforms have propelled them to the forefront of media consumption. Television media, while facing challenges, has adapted by embracing digital strategies to remain relevant. As we navigate this evolving media landscape, it is crucial to strike a balance between the advantages of digital media and the enduring credibility of television media. The future likely lies in a hybrid model where both forms complement each other, offering audiences diverse and engaging content. The rise of digital media is not the end of an era but rather the beginning of a new chapter in the ever-evolving story of media evolution. In 2023, digital media surpassed the persistent dominance of television media spending, securing the largest share of 44% (Rs 40,685 crore) in the Indian advertising market.
Television’s contribution now stands at 32% (Rs 29,836 crore), followed by print media at 20% (Rs 18,652 crore). This significant shift in the advertising spending share has primarily been facilitated by relentless enhancement and developments in digital infrastructure, benefiting both the supply and access sides. This has the growth in segments like OTT, e-commerce, online payments, social media, gaming, and e-sports applications across the entire user base, establishing digital media as the most accessed, utilized, and trusted medium among consumers. Consequently, digital media witnessed the fastest growth rate of 36.6% in 2022, increasing its ad spending share from 35% in 2022 to 44% by the end of 2023, and it is yet on the top in 2024.
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