With 2020 being the year that the millennium child will be on the threshold of becoming an adult, they are certain to make their presence felt in various decision-making processes by then. As such, the year 2020 promises to be an indicative watershed of behavioural shift of media consumers and business practitioners need to be ready to face that shift.
Jehil Thakkar, Partner, Head - Media & Entertainment, KPMG India, pointed out that one of the things that is driving change in India is increase in income and wealth. Some studies have shown that as wealth of a nation goes up, the percentage of copies of newspapers sold also goes up since each person now instead of sharing copies is buying their own copies, consuming the newspaper in an individual manner.
The challenge for India is how do print players continue to make value proposition to advertisers and explain to a client about the benefits of having a wide and increasingly high income readership.
Empirical studies prove that there exists a positive relationship between the wealth of a nation and newspaper readership. However, there also exists a strong positive correlation between growth of economies and adoption of technology, which, according to Thakkar, has significant potential to disrupt media consumption. India is observing a trend of growth in premium household, along with which, media consumption is witnessing variable growth across categories.
On technology disrupting media consumption, Thakkar pointed out that a recent study stated that two crore mobile Internet users in the country have reduced their newspaper consumption significantly, with 40 per cent of them preferring to access newspapers and related content on digital media.
“The technological developments alter the way of doing things with the help of coverage, collaborations, speed, flexibility, security and interactivity,” he observed.
Jehil Thakkar was expressing his views at the 6th International News Media Association (INMA) South Asia conference, held in New Delhi on August 7 and 8, 2012.