The Convergent Landscape
We are bearing witness to the end of the industrial age and the rise of the technological age. Structural convergence is the reorganization of business in response to technological disruption. As business seeks out efficiencies and new skill sets we are seeing increased focus on integration and synergy across business functions and increased merger and acquisitions activity both within the media landscape and the broader business community. We are seeing the rise of digital first businesses, who are unencumbered by legacy structures and assets. Facebook and Google represent the first wave but we will see many more in the years to come.
Technological convergence has fuelled globalization, and the rise of global media platforms. Moreover, technological convergence is allowing for experiences to be stitched together seamlessly across devices. Today we can start watching a movie on the TV in the living room, press pause and finish watching in bed on a tablet. Our expectations of devices, products and services have shifted fundamentally and permanently. Technological convergence has also created super powered customers. The ease of access to information means that we can know everything, cloud technology has given us infinite memory, faster and cheaper access to the internet means we are always connected. We no longer want to just be consumers but rather active participants with a contribution to make.
Behavioural convergence has shifted power from the supply side to the demand side. The uptake of technology has been the driver of the first wave of convergence; it is new convergent behaviours that will be the next great driver of change. At Carat we believe that the convergent landscape is rich in opportunity and that convergence has two critical impacts on our industry. First, media has become more complex than ever before; second, it has become more valuable. The contribution of media is more visible, immediate and measurable than ever before. This is why our mission is to create better business value through our command of convergence.
Over the coming weeks, we will be publishing our Top 10 Media Trends for 2015 that are driven by the bigger convergence theme. The trends discussed range from those that are at critical mass and should be acted upon now and those that are emerging and should be considered as part of your test and learn initiatives for the next 12 months.