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New media is an industry that is taking advantage
of the new digital technologies available including the Internet, CD-ROM,
interactive TV, kiosks and intranets. New media is by definition international
as consumers globally can access web pages, with the global Internet community
growing at between 50 percent to 100 percent annually.
Initially, the market concentrated
on creating website interfaces with content to attract surfers. As the number
of websites has grown, so new media companies and clients have sought to
improve their content and interactivity in order to better attract consumers.
On the one hand this has led to ever more creative graphics and content, as
well as incorporating methods of interactivity between consumer and client, and
data gathering methods to improve corporate databases.
The growth of
advertising on websites with banner adverts and 'click throughs' has led to the
development of media buying in cyber space, as well as additional creative work
for new media agencies.
New media agencies and the industry in general are
growing at a fast pace. Brand strategists now view a web presence as a vital
part of the brand's development, and new media designers must be aware of the
importance of branding. Industry analyst, Hambrecht & Quist, estimates that
by 2005, the market for global web-based consultancy work will be in the region
of $50bn, or over £30bn.
It is forecast that the rapid growth of
electronic commerce (e-commerce), online advertising and the growing
realisation that new media is a crucial component of the wider advertising and
marketing industry will drive growth in the industry into the next
century.
Text © 1999 Key Note
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Last updated by Jacob van Eldik 19th February 2000