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Why We Are All Media Companies Now

Source: https://www.wte.net/Blog/September-2023/Why-We-Are-All-Media-Companies-Now
Date: September 2023
Author: Eric Garrison

In today's digital landscape, the distinction between technology and marketing firms versus traditional media broadcasters has become increasingly blurred. The article argues that contemporary companies must recognize themselves as media entities to remain competitive.

Key Statistics Highlighted

  • Social Media Usage: Globally, 4.9 billion people engage with social platforms, averaging 145 minutes daily (127 minutes for Americans)
  • Mobile Penetration: 85% of Americans own smartphones; 99% use mobile devices for social exploration
  • Audiobook Market: Currently valued at $5 billion, projected to reach $35 billion by 2030
  • Video Preference: 80–85% of consumers prefer video over written content; videos receive twice the sharing rate of other media types

The Smartphone Social Video Surge

Mobile devices have transformed content consumption patterns. Real-time, mobile-optimized video content has become standard, with 70% of Instagram Stories ad users swiping up to access promoted websites. Advertising has evolved from one-directional broadcasting to interactive dialogue through social platforms.

Digital Marketing Challenges

Companies must maintain agility amid constantly evolving algorithms while producing quality videos for diverse audiences. The modern business model requires simultaneously selling products and telling compelling stories.

Case Studies: Red Bull & LEGO

Red Bull exemplifies video marketing excellence through high-production storytelling tied to extreme sports events, documentaries, behind-the-scenes content, and user-generated videos distributed across multiple platforms. Branding remains subtly integrated rather than overtly intrusive.

LEGO positions itself as a storyteller, using video to immerse audiences in imaginative worlds. Their strategy emphasizes connection over interruption, integrating video into e-commerce experiences and leveraging user-generated content for authenticity.

Conclusion

The article contends that success requires thinking and operating like media companies — prioritizing narrative, community building, and emotional engagement alongside product promotion. As noted in the piece, "People do not buy goods and services; they buy relations, stories, and magic."