As the media landscape evolves, so does the need for comprehensive media monitoring. The coming year promises significant technological advancements and new focus areas in the sector. Here are four key trends to watch in 2024:
1. AI and automation in media tracking
The integration of AI and automation for tracking, insights, and reporting is transforming media monitoring. With AI’s ability to conduct nuanced sentiment analysis, companies can benefit from gaining gain deeper insights into public perception. This shift allows for more accurate and efficient processing of data to provide a clearer understanding of the impact of media on business operations.
2. Sector-specific growth
Media monitoring benefits every sector and its impact will become more prevalent in the months to come. Take online retailers as an example. They can leverage media monitoring to understand buying patterns and target audiences virtually in real-time.
Speaking more broadly, by analysing consumer discussions and trends, businesses across industry sectors can tailor their strategies to meet evolving demands, showcasing the sector-specific advantages of media monitoring.
3. Customisation and targeted alerts
The total amount of data created and consumed globally is expected to reach 120 zettabytes by the end of this year, up from 64 zettabytes in 2020. The need for customisation in media monitoring to access relevant information quickly is more critical than ever.
An example of this is Novus Group recently introduced Telegram alerts that have become an important business enabler. Companies can set specific keywords and monitor selected media sources to receive alerts on relevant information to help sift through the noise to focus on what truly matters.
4. Cross-platform analysis
With 35% of businesses globally using AI and another 42% exploring its potential, media monitoring will also find increasingly innovative ways to integrate the technology. Take for example the increase of multimedia content, particularly videos across social media platforms. The cross-platform analysis will be vital for organisations to gain a holistic overview of what is being said about their brands.
The importance of voice, video, and image recognition will only grow in 2024. AI can be vital in this regard as the technology can help media monitors deliver a more comprehensive view of how brands are perceived across different media formats.
“These trends reflect a media monitoring landscape that is increasingly sophisticated, tailored, and integrated. By embracing these advancements, companies can more easily navigate the complex media environment. Ultimately, they need to make informed decisions based on comprehensive and precise insights. As we move into 2024, these trends will become part of the operational landscape for staying ahead in a rapidly evolving digital world,” says Joe Hamman, Director at Novus Group.