One of the biggest problems facing the digital industry is the sheer number of sites and platforms that need to be upgraded, according to a new report by Cosmo magazine.
While the online advertising market is expected to be worth $1.4 trillion by 2021, this is just a fraction of the market for traditional media, which accounts for only about 15 per cent of total advertising revenue, said Cosmo editor-in-chief Chris Dickson.
Online content is a massive opportunity for advertisers and a major source of revenue for publishers.
This is because the internet has made it possible for many small and medium-sized businesses to compete against established companies in the traditional media industry, with more and more people using the internet for social media and the internet to make money online, said Mr Dickson, who is based in Ireland.
The biggest problem for traditional publishers is the slow pace of the update of their sites, which is largely due to the huge amount of data they have to manage, Mr Dison said.
He said the new issue of Cosmo is going to be full of news and features on how the internet is changing the way we live and work, and is being updated every two weeks.
Mr Dickson said the internet was also a significant source of income for many traditional media companies.
“The internet has given them the opportunity to get more value out of the digital space,” he said.
“It has also given them a lot of time to get their content out there.”
Mr Dison’s report, entitled The Age of Slow, said that the internet’s role in society was about to change, with many of us seeing the internet as a great place to live, work and play, and as a place to make a living, rather than a place that we are forced to pay money for.
“We’ve been living in a world where the digital divide is now becoming a real problem,” he wrote.
“This is the age of slow, and the time is now ripe to build a truly digital economy.”
Mr and Mrs Dickson are raising money for the publication via their website and by selling prints of the new Cosmo issue.
“I have been very surprised by the response so far, with people from all walks of life sharing stories and pictures of how the online world is changing their lives,” they said.
Read more about the issue of The Age Of Slow here:The digital divideThe internet is one of the most disruptive developments of our time, and has already brought about a number of economic and social changes, according the Cosmo report.
“For the first time in human history, the internet allows us to make direct and immediate purchases from retailers that have been largely absent in traditional retail,” it said.
It also has the potential to help us to understand the world in new ways, as well as offer new ways to connect with one another and to help companies and individuals connect with customers, the report said.
The online environment is changing and there are many businesses that will be affected, but the report suggested that the online media industry needed to start investing in upgrading their sites to keep pace with the speed of the change.
“Online content has a direct impact on the delivery of news, entertainment, social media, video games and other digital products,” it wrote.