This report offers a complete analysis of the US media industry. Our expert dives deep into the past, present, and future of the media, with a focus on the consumer perspective today.
Find the scope of the report and key topics covered below, with free insights from the report itself as well.
Report Scope
For the purposes of this Report, media includes video (eg TV/streaming video), audio (eg podcasts, radio), written (eg newspapers, magazines, digital media (streaming/ downloadable content), and social media.
Key Topics Covered
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- Media market key players, landscape, and media segment performance.
- Market factors impacting the media industry and consumers.
- Physical media purchases, paid subscriptions, paid downloads, and use of free content services.
- Attitudes towards news and media.
- News media channel preferences.
- Perceptions of news media channels.
US Media Industry: Overview
Media consolidation over the past four decades has led to 10 companies controlling the majority of US media. This has had several negative consequences, including bias towards the owners’ interests, the morphing of news and entertainment, and a lack of diversity that perpetuates a dominant viewpoint. Consumers are increasingly distrustful of news sources, leading to a decrease in credibility for media organisations. Media stakeholders will want to focus on providing authentic messaging and tightening their targeting to their known consumer base.
US Media Industry: Future Outlook
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- 2023: The WGA (Writers Guild of America) writer’s strike means that new scripted material is sparse. So, brands continue to acquire existing content and optimize the user experience across touchpoints like apps and search functions.
- 2024-2025: Unless addressed, distrust in news will continue alongside polarising elections and increasing use of AI in newsrooms. Social media and other outlets will continue to draw attention away from traditional outlets.
- 2026-2028: More content hubs will mean more options for consumers as Congress takes an interest in legislating media to tackle synthetic media and other issues.
While the outlook may seem bleak, this report offers opportunities to respond to consumers’ views of media as it is today. See the Table of Contents (Market Opportunities) below for an idea. Alternatively, you may be interested in our Social Media: Spotlight on Content Creators Market Report, to provide a better view of how to adapt to the changing media landscape with social media’s surge.
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Expert Analysis from a Media Specialist
This report, by leading media analyst Jenni Nelson, delivers an in-depth analysis of the US media industry. Read their commentary below.
Consumers have more media options than ever before – both in terms of channels as well as the content available; and consumption is keeping apace. Getting – and keeping – consumers’ attention is increasingly challenging. News consumption is especially tenuous, as decades of ownership consolidation has left many distrustful of news outlets and less engaged with the news overall.
Jenni Nelson
Technology, Media and Entertainment Analyst
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Overview
- What you need to know
- This Report looks at the following areas
- Definition
- Market context
- What you need to know
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Executive Summary
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- Top takeaways
- Market overview
- Figure 1: Media Landscape outlook, 2023-28
- Opportunities and challenges
- Opportunities
- Challenges
- Key consumer insights
- Consumer thirst for media (content) is insatiable
- Physical media is still a vital part of media
- Free content is most popular, but media is acquired from a variety of sources
- Figure 2: Use of any free content, paid subscriptions, physical media, paid downloads – NETs, 2023
- Engagement with news media is low, trust is dismal
- TV is still the preferred channel for news, but many perceive the channel negatively
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Media Market Landscape
- Decades of media consolidation squeezes out smaller players
- Bias toward the interests of the owners
- News and entertainment morph
- Figure 3: Top five daily google search topics, by category, May 30-June 1, 2023
- Figure 4: Top five daily Google search topics, May 30-June 1, 2023
- Lack of diversity in leadership means a lack of perspective
- Decades of media consolidation squeezes out smaller players
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Segment Performance
- Watching trumps listening, reading, playing: TV, video, movies still #1
- Figure 5: Media NETs: Paid physical, paid download, paid subscription, free content, 2023
- Younger generations choose music and video games over reading
- Figure 6: Media NETs: Paid physical, paid download, paid subscription, free content, by generation, 2023
- Social media use continues to grow
- Figure 7: Social media – Daily use, by platform, 2017-23
- Watching trumps listening, reading, playing: TV, video, movies still #1
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Market Drivers
- AI paves way for “synthetic media” to proliferate unchecked
- Figure 8: Kanyegoescountry, TikTok; Pope in a puffer, 2023
- Print and cable TV continue to suffer as digital consumption grows
- Consumers are distracted and impatient
- AI paves way for “synthetic media” to proliferate unchecked
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Key Players
- Key players have vast holdings across channels
- Figure 9: Top media companies, revenue and owned properties, 2022
- Key players have vast holdings across channels
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Competitive Strategies
- Algorithms keep consumers’ attention
- Mergers and acquisitions allow for cross-selling at little to no cost
- Figure 10: Disney+ Hulu bundle and AT&T-HBO Max, Facebook ads, 2023
- Free trials are table stakes for paid subscriptions
- Video streamers employ welcome and onboarding email campaigns to hook subscribers as soon as possible
- Figure 11: Max and Netflix, email, 2023
- Algorithms keep consumers’ attention
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Market Opportunities
- Regain consumer trust
- Focus on a tighter target
- News by humans, for humans
- Pollyanna but possible: A news media ceasefire
- Double down on DEI
- Keep consumers’ attention
- Continue perfecting algorithms
- Increase subscription options
- Exclusive content
- Diversify content
- Regain consumer trust
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The Media Consumer – Fast Facts
- Consumers still crave a tangible media experience
- More income does not lead to more physical media purchases or paid downloads
- Households with children are top users of paid downloads
- Consumers love their subscriptions
- Free and ad-supported content is the backbone of consumers’ media consumption
- Engagement with news is low, and trust for news outlets is dismal
- Consumers have a love/hate relationship with TV news
- Consumers still crave a tangible media experience
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Physical Media Purchases
- Most consumers buy physical media; print is still relevant
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- Figure 12: Physical media purchases in the last three months and count of types, 2023
- Younger consumers buy the most physical media
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- Figure 13: Physical media purchases in the last three months, by age, 2023
- Dads buy more physical media compared to moms
- Figure 14: Physical media purchases in the last three months, by parental status and gender, 2023
- Consider what physical media purchases provide outside the content
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- Figure 15: Count of physical media purchases in the last three months, by household income, 2023
- Most consumers buy physical media; print is still relevant
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Paid Downloads
- Consumers supplement subscriptions with sought-after downloads
- Figure 16: Paid downloads last three months and count of types, 2023
- Satisfy finicky and obsessive children with paid access/downloads of select content
- Figure 17: Paid downloads last three months, by age of children in the household, 2023
- Like physical media purchases, paid downloads are not tied to income
- Figure 18: Count of paid downloads last three months, by household income, 2023
- Consumers supplement subscriptions with sought-after downloads
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Paid Subscriptions
- Stand out from the competition with exclusive and premium content
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- Figure 19: Paid subscriptions currently used and counts, 2023
- Widen access to subscriptions so more can take advantage
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- Figure 20: Star Tribune/Steve Grove Tweet, 2023
- Figure 21: Paid subscriptions, by financial situation, 2023
- Stand out from the competition with exclusive and premium content
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Free Content
- Infinite choice increases competition for attention
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- Figure 22: Free content last three months, 2023
- More channels are better than one; rely on media partnerships for guidance
- Figure 23: TURF – Free content last three months, 2023
- Second-screening is common among younger consumers using free content
- Figure 24: Free content last three months – Select items, by second screening frequency, 2023
- Infinite choice increases competition for attention
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Attitudes Toward News and Media
- Consider perspectives outside the dominant one to relay news
- Figure 25: Attitudes toward news and media – News engagement, 2023
- Bring the news to those who don’t have the luxury of time or money
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- Figure 26: Attitudes toward news and media – News engagement, by education, 2023
- Win audiences back by providing diverse perspectives and tackling false information head on
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- Figure 27: Attitudes toward news and media – Trust, 2023
- Reconsider how objectivity impacts news
- Figure 28: Attitudes toward news and media – Trust, by 25-54s and area, 2023
- Content monitoring is vital to the success of social media
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- Figure 29: Social media sentiment, 2017-23
- Consider perspectives outside the dominant one to relay news
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News Media Channel Preferences
- Remind consumers why TV news is the superior way to stay up-to-date
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- Figure 30: News media channel preferences, by news type, 2023
- Social media could position itself to be a major news platform of the future
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- Figure 31: Social media as a preferred news source, by news type, by race/Hispanic origin, 2023
- Remind consumers why TV news is the superior way to stay up-to-date
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Perceptions of News Media Channels
- Don’t waste effort on trying to win over everyone
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- Figure 32: Perceptions of news media channels, 2023
- Local media can speak to its strengths to attract more audience share
- Figure 33: Correspondence Analysis – Symmetrical map – Perceptions of news media channels, 2023
- Don’t waste effort on trying to win over everyone
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Appendix – Data Sources and Abbreviations
- Data sources
- Sales data
- Consumer survey data
- Abbreviations and terms
- Abbreviations
- Terms
- Data sources
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Appendix – The Consumer
- TURF methodology
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- Figure 34: Table – TURF Analysis – Free content use, 2023
- Correspondence methodology
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- Figure 35: Correspondence Analysis – Principal map – Perceptions of news sources, 2023
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- Figure 36: Perceptions of news media channels, 2023
- TURF methodology
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