With the rise in technology has come an increase in choices. Consumers are now able to purchase and consume media on more platforms than ever before. While millions of consumers still watch television through cable providers and still go to movies in theaters, more and more are beginning to use the internet as a way of media consumption.
"We live in a time of instant gratification and the idea of waiting to arrive in the mail or actually driving to a store to get one is an idea of the past," Billy Hulkower, senior technology analyst at Mintel, said in a press release. "Increased acceptance of all intangible media, including music, photos, books and games is a driver with consumers increasingly acclimated to the immediacy of all digital formats."
According to the Mintel report, digital downloads, subscription streaming and video-on-demand sales are expected to increased tenfold within the next decade. In fact, within the past five years, those sales figures went from $1.3 billion to $5.5 billion.
Most of this may be because the practice of streaming movies is more popular among 18-24-year-olds. As this demographic matures, this method of consumption may become the most preferred option. Until then, traditional DVD rentals are still the most popular, while subscription services such as Netflix or Amazon Instant Video follow closely behind.
As more consumers begin to look toward the internet as a way to watch programming, companies could leverage the opportunity by providing high-quality digital videos for these viewers to learn information about the company, but to also seek advertising space on these mediums. By implementing this platform into their targeted internet marketing campaign, businesses can ensure they are not trying to reach consumers on "ideas of the past."