Media Industry to Undergo Significant Shifts in 2024: Expert Predictions

The International Journalists' Network (IJNet) has projected major shifts in the media industry for 2024, indicating that substantial transformations in how news is created, consumed, and distributed are anticipated.

Media outlets are predicted to focus increasingly on subscriber-driven revenue, moving away from heavy reliance on advertising. Paywalls and membership programs are expected to become more common, with content personalization and exclusive offerings tailored to engage subscribers. Media consultant Jennifer Mizgata emphasised the importance of building direct relationships with audiences, as this strategy allows media companies to deliver more customised content experiences.

Artificial intelligence is expected to play a significant role in content creation, aiding journalists in tasks that boost accuracy and efficiency.

According to Matt Carlson, a professor at the University of Minnesota, AI will support journalists by handling repetitive tasks, allowing them to focus on in-depth, investigative reporting. This development is anticipated to reshape how news is both produced and consumed, as AI-assisted reporting enhances both speed and precision.

Media outlets are projected to expand their presence on alternative social media platforms, such as TikTok, Instagram, and Discord, while reducing reliance on traditional platforms like Facebook and Twitter. Mizgata notes that adapting to changing consumer habits and new technologies will be essential for media companies, particularly as these newer platforms gain influence among younger audiences.

Other Key Trends to Watch

• Growth in non-profit journalism, with a focus on investigative reporting and in-depth analysis.
• Expansion in podcasting, particularly among niche audiences.
• Increased use of virtual and augmented reality to create immersive storytelling experiences.

Key Statistics

• 70% of news organisations are expected to invest in AI-powered content creation.
• Podcast listenership is projected to grow by 50%.
• Funding for non-profit journalism is anticipated to increase by 30%.

As the media landscape continues to evolve, 2024 promises to be a transformative year, marked by greater focus on audience engagement, technological innovation, and adaptive content strategies.