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User-Generated Content Still Spooks Media Execs
Fifty-seven percent of senior executives in the media and entertainment industry point to the rapid growth of user-generated content as one of the top three challenges they face today, according to the results of a research study released in April by Accenture. Accenture's definition of user-generated content, for the purpose of this study, included amateur digital videos, podcasts, mobile phone photography, wikis, and social media blogs.
While those surveyed expressed concern about user-generated content, they are less apprehensive about the future. According to the research, 68% of respondents believe that within three years their businesses will be making money on user-generated content, and 62% believe their companies will make money through advertising and sponsorships of social media. The research also shows that 70% of respondents believe social media will continue to thrive, while only 3% say it is a fad. When asked which content type has the highest growth potential over the next five years, 53% named short-form video, 13% videogames, 11% full-length films, 11% music, 9% consumer publishing, and 4% business publishing.
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