Legacy Media and Social Platforms Can Peacefully Coexist (Really!)

NAB

Fresh research from Deloitte shows that younger audiences are increasingly gravitating towards long-form social media content compared with older generations.

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An NAB Show session, “A Return to Long-Form: The Convergence of Legacy Entertainment & Social Media,” led by Dennis Ortiz of Deloitte Consulting’s Technology, Media and Telecommunications (TMT) practice unpacks the research and highlights strategies broadcasters should deploy in order to capitalize on this trend. 

“The emergence of social platforms is driving a lot more competition for eyeballs but the crux of our debate at NAB is that legacy media and social media can coexist — provided the right strategy is in place,” says Ortiz, who leads all Deloitte’s advertising, publishing and social media platforms practice in the US.

One difference between the two from the consumer’s point of view is that legacy media tends to be more immersive. “It’s more about the experience whereas social media is really viewed as convenient but also driving connection and community. So there are different reasons as to why consumers or viewers gravity towards each.”

Legacy media can and should take advantage of these content consumption trends to effectively compete for the same viewers.

Deloitte will share pointers on this too. Drawing on its latest (18th) Digital Media Trends Survey published in April and the second edition of “The Creator Economy in 3D,” Ortiz shares insight into the intersections of legacy media, social platforms and content creators.

For example, its research suggests that more than 40% of Gen Zs actually prefer long-form over short-form content. “There’s this notion that Gen Z must love short-form because they are on Insta or TikTok but the reality is that they’re actually starting to prefer long-form content (defined as greater than 10 minutes).”

This dichotomy between short- and long-form content is not necessarily a competition. They coexist and serve different entertainment purposes in everyday consumers’ lives.

Ortiz will also highlight what these viewing patterns mean for advertisers and content providers with ad-led services. A key here is the role that creators play in driving connection to brands.

Deloitte research indicates that three out of five consumers are likely to engage with a brand or purchase from a brand if their favorite creator recommends it. That supports the idea of the strength of connection that viewers have with certain creators.

“Advertisers can target audiences with social and reach the mass audience with legacy media,” he says.

Ortiz will dive into this with speaking guests representing both legacy (long form) and social (short-form) and discuss the resulting convergence of legacy entertainment and social media.

His overall prognosis for traditional media is positive. “I don’t think legacy media is going to go away. It will coexist with social. For legacy media it comes to down to changing the strategy by really understanding how consumers use various types of media. With that insight they can create cross platform strategies. An example from our research is that 54 percent of consumers start watching new shows or movies due to recommendations that they get from social media. The relationship between social and legacy is symbiotic relationship.”