CATEGORY
Global Media Monitoring
Involves tracking social and traditional media to understand feedback/comments from customers
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Savings Achieved
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The average annual savings achieved in Global Media Monitoring category is 7.40%
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(in days)
The industry average payment terms in Global Media Monitoring category for the current quarter is 60.0 days
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global market outlook
- The global media monitoring market size in 2021 was estimated to be $3–4 billion, with growth rate of 16.5% and an estimated value of USD 11.54 Billion by 2029.
- Regions such as Western Europe, North America and some parts of APAC such as Australia, Japan, China, Singapore have high market maturity.
- The increasing demand for digital technologies and social media platforms continues to be major growth drivers in industry across all regions. Also, the rising utilization of cloud-based solutions among various industries is expected to fuel the market growth.
- The top global players in the Media Monitoring are Cision, Meltwater, Burrelle’s/Luce, Lexis/Nexis News and Agility PR
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Global Media Monitoring Industry Outlook
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The global media monitoring market size in 2021 was estimated to be $3–4 billion, with growth rate of 16.5 percent and an estimated value of $11.54 Billion by 2029
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Regions, such as Western Europe, North America, and some parts of APAC, such as Australia, Japan, China, Singapore have high market maturity. Parts of APAC and Latin America are expected to be the future growth driving markets for media monitoring services
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The increasing demand for digital technologies and social media platforms continues to be major growth drivers in industry across all regions. Also, the rising utilization of cloud-based solutions among various industries is expected to fuel the market growth
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The high initial service and deployment costs may hinder the market growth
Global Media Monitoring Market Maturity
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North America is the leading market globally in media monitoring followed by Europe, APAC and Latin America
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Germany, UK, and France are the leading countries for media monitoring software market in Europe
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The media monitoring industry in Latin America and APAC are still in the evolution phase, with the presence of very few media monitoring suppliers
Global Media Monitoring Industry Trends
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The North American and European markets for media monitoring are mature, with ongoing mergers and acquisitions to increase geographic reach and widening the services across all the media platforms
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The PR industry in Europe is mature, but there are strong differences in culture and language. Conducting media relations and communications campaigns can be a big challenge because of cultural and language differences. Companies and agencies must be equipped to analyze media data in multiple languages, and multiple cultural contexts and costs also may be higher to account for the multiple languages
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As expectations increase for demonstration of return on investment for all communications spending, there has been (and will continue to be) an increased focus on measurement and evaluation, where most of the buyers are investing 5–7 percent of their PR budgets in media monitoring
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However, measurement and evaluation remains a weakness of the industry overall, and buyers are looking for improved methods for PR to be viewed credibly by other functional departments, such as marketing, sales and financial
Centralized Management of Media Monitoring
The need for coordination of the communication messages for Healthcare and Pharmaceutical Industries require that media monitoring especially related to Political and Business activities are centralized.
Media Monitoring at the corporate and product levels will be centralized and what will remain at local or regional level will be news specific to plants and other local operations.
How?
- For the sake of uniform communication and cost control, Healthcare and Pharmaceutical companies will try to have a coordinated platform that will manage media monitoring and its related analysis centrally
- In practice, all departments tend to add their own monitoring priorities, and most of the time, additional monitoring practice flourish
- Such situations are usually settled in times of crisis, when the company looks at global strategies for saving costs
- For the sake of uniform communication and cost control, Healthcare and Pharmaceutical companies will try to have a coordinated platform that will manage media monitoring and its related analysis centrally
- In practice, all departments tend to add their own monitoring priorities, and most of the time, additional monitoring practice flourish
- Such situations are usually settled in times of crisis, when the company looks at global strategies for saving costs
Why?
- The monitoring of media services has never been a priority for companies until recently. Healthcare and Pharmaceutical companies were not used to communicating beyond their product and their usual KOLs.
- This was amplified by the rise of new stakeholder landscape, the need for the Healthcare and Pharmaceutical Industries to develop and tell compelling stories, cost controls, Digital PR and fake news
- Now there is an evolving trend towards the need to centralize media monitoring services according to the level of maturity of the company
When?
- Many cross industrial Fortune 500s like Nestle, engage with one or more global PR agencies that either have an in-house Media Monitoring Team or an active contract with a specialized media monitoring agency thereby leveraging on the spend by bucketing of various services
- A few BFSI sector companies like HSBC engage with local specialized media monitoring agencies on a project by project basis
Challenges to move towards Centralized Media Monitoring
The challenges of moving towards a centralized media monitoring relate to:
- The capacity of the centralized entity to have a thorough coverage of the local news
- The willingness of the local business units to give up on the important tools for the benefit of the centralized task force generally located in the Head Quarters
Developing a Task Force
Develop a centralized analysis and monitoring task force (in-house as well as agency) that will tackle in priority the tier one media, key social media, the selected issues (i.e. pathologies, policies, etc.).This task force is responsible for driving analysis and recommendations related to these elements
Defining Priority Markets
Define the key priority markets and assign individuals responsible for dealing with the local agency if retained. The role of group of individuals will be to monitor and analyze local as well as social media activities. Local media translation is to be done based on the criticality of the analysis. This information needs to be sent to the centralized monitoring task force for inclusion in their report
Analysis and Reporting
A “Breaking News” system must be established in case a piece of news erupts outside the regular monitoring activities. Establish a clear list of the recipients of the monitoring and analysis, keeping in mind that the wealth of confidential information within an organization
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