Digital transformation of the global media market: in search for new media formats

Olga N. Tomyuk () and Olga А. Avdeeva ()
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Olga N. Tomyuk: Ural State Law University named after V. F. Yakovlev
Olga А. Avdeeva: Ural State Law University named after V. F. Yakovlev

Economic Consultant, 2022, vol. 37, issue 1, 16-26

Abstract: Introduction. The relevance of the study is caused by the transformation of the media market in the context of global digitalization, where traditional media are dying off and replaced by new media formats and new opportunities. Materials and Methods. In the course of the study, general and special methods of scientific knowledge were used: systemic, structural analysis, analysis and comparison of quantitative data obtained as a result of studying the media market. The study of the digital transformation of the global media market through the prism of new media formats is considered from an economic point of view. The economic approach includes consideration of resource constraints that impede the development of new media formats, assessment of their efficiency in the context of global digitalization, pandemic threats and challenges. Results and Discussion. The media market in the 21st century, with the advent of new digital technologies, is actively developing in new media formats such as blogging and podcasting. Pandemic threats and challenges have formed new global trends in the media sphere, for example, podcasts are gaining popularity in the modern world. The growing popularity of podcasts is characterized by the development of streaming platforms and podcast clients (podcast managers). The media market combines information and resource markets that are aimed at promoting media content in the modern world. The article analyzes the market components of the media business: media market regulators, the specifics of media formats, media products and advertising services in the media sphere. The value of the digital transformation of the media market is important both for consumers of media content, which is associated with the ability to meet individual needs, and for the country as a whole and companies in particular. Conclusion. The authors came to the conclusion that today the high demand for new media products, new media trends, new media formats in the modern world among users of digital media content leads to the development of the media market and media business in the context of digitalization and transformation. Podcasting as a new media format provides new opportunities for the development and existence of podcasters, listeners, advertisers and other media professionals in a market economy.

Keywords: media sphere; media market; media business; digital transformation; advertising; new media format; streaming platforms; podcast; media content (search for similar items in EconPapers)
JEL-codes: L81 L82 L86 M15 (search for similar items in EconPapers)
Date: 2022
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