Reaching Trends: Social Media Adoption

Accenture, a global management consulting, technology services and outsourcing company, released some compelling survey results. Its poll suggests: while not all companies are engaged in social media, media executives are focused on it.

Almost two-thirds of media executives (66 percent) surveyed see multiple-screen short-form content as the largest growth area over the next five years. Even better news for ad-supported online networks, almost the same amount said such content will continue to be the prevailing business model. (Partial Source: Broadcasting & Cable).

Fifty-two percent said digital will drive all media and may even replace traditional advertising in five years. Even more amazing, 68 percent said social media will continue to be the leading growth area.

“It is great news that media organizations are developing a consistent strategic view of the key growth areas, but execution is slow,” said Gavin Mann, digital media lead for Accenture’s Media & Entertainment practice. “There clearly remains a huge effort to put in place the necessary capabilities, and it is apparent that the size of the task is still not fully understood.”

The discrepancy between perception (that social media has yet to hit full adoption) and realty (adoption is hitting exponential growth of the adoption curve) is apparent. If large companies are not talking about adopting social media today, chances are that they are planning to launch a social media presence in the near future. So what’s the hold up?

Simple. While many executives are already participating in social media on various levels, many are unsure whether consumers are ready. However, as we recently saw in the Universal McCann report, consumers are more than ready — with over 80 percent of the U.S. population already participating in social media on some level.

In addition, most companies are moving into social media at a much faster pace than they have in other adoption cycles like cell phones and desktop computers. But social media, in particular, has set itself apart from other technology-driven innovations in that it has a concept-to-implementation rate of 90 days or less. That is must faster than most companies can operate.

“This is just the beginning for a rapidly changing landscape where the media content environment grows more fractious and the user gains more control and power,” said Mann. “Traditional, established content providers will have to adapt and develop new business and monetization models in order to keep revenue streams flowing.”

More than half (57 percent) of the respondents identified the rapid growth of user-generated content—which includes amateur digital videos, podcasts, mobile-phone photography, wikis and social-media blogs—as one of the top three challenges they face today. In other words, media is embracing social media because they want to be part of it before it bypasses them all together.

Some of our own independent research supports the Accenture poll with one key exception. User-generated content will continue to expand, but consumers are likely to want more guidance and content support from the platforms company’s create. Only about one in four participants in the U.S. wants to be a content creator.