SINGAPORE - Digital circulation of newspapers in Singapore is expected to grow at a compound annual rate of 43.1 per cent in the next five years to US$52 million, as consumers in the country as well as worldwide increasingly willing to pay for premium content, a study by PwC found.
The study released on Wednesday also said that online paywalls are now making up for newspapers' lost print circulation revenues globally, as consumers lean towards flexibility, freedom and convenience for consuming their prefered content.
The island nation has one of the highest rates of digital consumption among developed nations in the world, although advertising budget for online lags behind countries like US, China and Australia.
Entertainment and media revenues are expected to rise in Singapore by 5.4 per cent over the next five years to US$6.8 billion in conjunction with worldwide trends.
Critical for these companies' success is the need to embrace consumption experience. The study suggest three steps: Innovate round the product, develop seamless consumer relationships across platforms and put mobiles (with video content) at the centre, to achieve that goal.
"Digital or non-digital, for consumers its all about content preferences," said PwC Singapore media and telecom head Greg Unsworth. He suggested companies blend data insights with consumer intuition to maximise the consumer experiences they offer.
The study is titled Beyond Digital: Empowered Consumers Seek Out Tailored Inspiring Content Expriences that Transcend Platforms.