Majid Al Suwaidi, MD of Dubai Media City, Dubai Studio City, Dubai Production City has stated that the new media market is expected to grow from $1.7 billion to $3.6 billion in the MENA region.
Majid Al Suwaidi, MD of Dubai Media City, Dubai Studio City, Dubai Production City has stated that the new media market is expected to grow from US$1.7 billion to US$3.6 billion in the MENA region. His comments came as part of a speech made on the opening day of the 13th edition of the World Association of Newspapers and News Publishers (WAN-IFRA) Middle East Conference, organised in association with Dubai Production City (DPC).
His Excellency Omar bin Sultan Al Olama, UAE Minister of State for Artificial Intelligence, was a guest of honour at the WAN-IFRA Middle East Conference 2018 that brought together more than 300 media experts, publishers, journalists, policymakers, and other stakeholders from around the globe for a series of industry talks and sessions under the theme Roadmaps for Transformation.
In his keynote address, HE said: Readers have always read, but with the internet and social media, the delivery of news has changed and the relationship with readers has also undergone a sea change thanks to Snapchat, Periscope and other apps. But Artificial Intelligence will have a bigger and more profound change than all three of the earlier revolutions. Through automation and Artificial Intelligence, news will always be customised and optimised for individual readers.
Majid Al Suwaidi, Managing Director, Dubai Media City, Dubai Studio City and Dubai Production City, examined the changing media landscape and the emergence of digital in the MENA region marketplace that is expected to ensure significant growth in the coming years.
He said: In the past four years, we have seen a compound annual growth rate of 16% in digital companies operating in Dubai Production City alone. In the MENA region, the market for New Media is expected to grow from $1.7 billion in 2015 to $3.6 billion by 2020. Furthermore, it is not surprising that more than 60% of the MENA media market is in the GCC region. We have all witnessed the change in the media landscape and how it continues to evolve.
Al Suwaidi urged companies to adapt in terms of content, business and distribution models, and said: Publishers must embrace a more collaborative and interactive media landscape. The UAE has preempted this shift and has taken the necessary steps to create new ways for content generation and content sharing to suit different types of audiences. Currently, the UAE has a mobile penetration rate of 193% – more than 16 million active mobile subscribers nearly double the population, according to the Telecommunications Regulatory Authority.
Publishers need to create content that is engaging and relevant. The industry has huge potential for growth. However, we need to evolve and to achieve that, simplification and content are two crucial components that can enable us to maintain a competitive edge. It is no secret that companies need to constantly innovate and be open to new ideas to reach wider audience segments and to stay closely connected with their current consumers.
He added: I personally subscribe to the view of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who said – Those who neglect the new will remain at the back of the line; those who wait for luck to make things happen will be disappointed.