Traditional media is fast falling behind online outlets as more people than ever before look to internet sources, social media and email newsletters for their daily news and information, according to a new EU report.
As news becomes more readily available online via the internet and social media platforms, readers are turning increasingly away from traditional news outlets, according to the latest European Media Industry Outlook report put out by the European Commission.
ONLINE NEWS: A FAST GROWING MARKET
The report shows that most Europeans consume news daily, with television on the top of the heap with regards to the source of information. This is followed by online media, radio, social media and the printed press. In real numbers, 42% of European consumers get their regular news fix from online media outlets and another 44% use social media.
Online media was the fastest growing sector in terms of usage, owing to factors such as better internet saturation, improvements in online offers, and younger audiences who use the internet for their primary source of information. The report found that 40% of young people aged 15 to 24 get news online, with 46% also using social media platforms.
Smartphones and near universal internet coverage have facilitated this trend, with 77% of the respondents questioned saying they got at least some of their news online via their phones. Consumers also stated that they like the interactive qualities online news offers, such as sharing links to stories and discussing articles with friends.
The digital news market has seen an incredible 60% growth in terms of revenue share, going from €2.5 billion in 2016 to €3.7 billion by 2021. Print press is still four times bigger, but its share is dwindling: total income in 2016 was €22 billion, but that’s now down to €16.1 billion in a significant 27% drop.
Furthermore, the online market’s revenues are forecast to grow by another 22% by 2025, which is considerably more than television or radio, who are only expected to see 11% boosts. Print is predicted to see a loss of 14% in the same time frame.
Advertisers are also seeing the benefits of putting their funds toward digital, with more and more buying space on sites to the tune of €2 billion in 2021.
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