57% of senior executives in the media and entertainment industry point to the rapid growth of user-generated content as one of the top three challenges they face today, according to the results of a research study released in April by Accenture. Accenture’s definition of user-generated content, for the purpose of this study, included amateur digital videos, podcasts, mobile phone photography, wikis, and social media blogs.
While those surveyed expressed concern about user-generated content, they are less apprehensive about the future.
According to the research,
- 68% of respondents believe that within 3 years their businesses will be making money on user-generated content, and
- 62% believe their companies will make money through advertising and sponsorships of social media.
The research also shows that
- 70% of respondents believe social media will continue to thrive,
- while only 3% say it is a fad.
When asked which content type has the highest growth potential over the next five years,
- 53% named short-form video,
- 13% videogames,
- 11% full-length films,
- 11% music,
- 9% consumer publishing, and
- 4% business publishing.