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The Future of User-Generated Content
As user-generated content continues to expand in popularity, what does the future hold for traditional media and entertainment? Are consumers embracing user-generated content at the expense of tried and tested marketing methods?
In a recent survey (the ‘Global Content Survey 2007’ by Accenture), more than 50% of the media and entertainment industry expressed concern about the quality – and effects – of user-generated content, with many seeing it as a potential threat to their business. Although over 60% of those polled believe there is money to be made from user-generated content, only 75% have an idea on how this can be achieved within the next 3 years.
It’s clear that, with the recent surge in popularity, user-generated content is here to stay. Survey respondents acknowledged this, agreeing that the video format offers exciting potential for growth in the next few years. However, there are 2 grey areas over which no one can agree: how is it possible to actually make money from user-generated online video? And how can the quality be monitored successfully?
Industry experts are anticipating a the phenomenon to continue. A recent report in Screen Digest suggests that by 2010, 55% of online video will be user-generated – a figure 8% higher than 2006. Still the question mark remains: are consumers really switched on to the concept of user-generated video? In a study conducted by Clipblast! recently, many participants claimed they actually disliked the media, saying they disliked having to sift through so much poor quality content before finding what they really wanted to watch.
www.businessinberkshire.co.uk/onlinemedia
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