KUALA LUMPUR: Deloitte's recently published 2023 Digital Media Trends report highlights a significant shift in consumer behavior, with individuals increasingly seeking connection, immersion, and value from their digital media activities.
According to the report, half of Generation Z and Millennial respondents view online experiences as meaningful replacements for in-person interactions.
Meanwhile, almost half reported spending more time socializing with others on social media than in the physical world.
"Malaysia's online community of 26.8 million active social media users, representing 79 per cent of the total population, presents exciting opportunities for marketers.
"The budget shifts are very real, with digital advertising spend growing by 22 per cent to claim an impressive 68 per cent share of total advertising spend," it said.
With a plethora of choices, Deloitte Malaysia brand advisory leader Tania Tai said people are dividing their digital entertainment options more evenly based on the kinds of value they offer.
With frustrations around mounting costs cutting across all generations, she said consumers are reevaluating what they're getting for their time and money and adjusting accordingly.
"The report reflects a growing pressure on video streaming providers, as consumers are opting for cheaper ad-supported tiers, leading to slower subscription growth. "Citing current economic conditions, nearly half of consumers reported making a change to their entertainment subscriptions such as cancelling a service to save money, switching to a free, ad-supported version, or opting for bundling services," she said.
Moving forward, Tai said digital media will continue to become more interconnected and interdependent.
Beyond being trusted sources of information, she said digital media will continue to serve consumers' emotional, social, and informational needs.
"Industry players will need to understand how audiences move across different channels and develop the right strategies to optimize and add value in their offerings.
"The digital and physical world are becoming equally real and meaningful for many, highlighting the need for industry players to adapt to this new online-to-offline reality, and vice versa," she added.
Source: https://www.nst.com.my/business/2023/06/919969/consumers-looking-connection-immersion-and-value-digital-media-says-deloitte