Media market analysis is the process of reviewing the media and entertainment industry for a specific purpose. Companies may engage in this activity for a variety of purposes, such as finding new consumers, discovering new market niches, or creating a new brand reputation. The different types of media market analysis include traditional media or entertainment avenues, social media, or international media markets. Companies can either conduct this analysis on their own or hire a third party to complete this entire process. Not all results will be the same depending on the preparer.
Traditional media market analysis includes those institutions that are longstanding media players. These institutions include television, radio, and newsprint, along with other types that may be in the market. The purpose here is to find who the major players are and how a company might leverage these institutions for specific benefits. Another way to use this media market analysis may be to discover the competition among several different types of media institutions in the market segment. Different regional analyses may be necessary to cover both national and local media institutions.
Social media market analysis is a newer form of market analysis due to the rise of technology and social media websites. Companies may engage in these market analyses in order to find which websites or new media streams are popular with consumers. This type of analysis can connect companies with younger consumers who may be more in tune with social media networks. Additionally, not all popular social media companies or websites provide good avenues for marketing or other business uses in the current market. Companies must ensure that the social media websites also have some longevity if chosen to help the business reach consumers.
International media market analysis may be different than those methods used for a domestic media market. Companies must conduct surveys of the media players in the international market so a business can discover how well the market works. This is important as a company most often needs at least one international media business to help spread marketing or advertising messages for the company. Additionally, not all international markets work the same, which can create major differences in the media market. This analysis can turn up vastly different numbers or results than a domestic media market analysis.
