[New Wave] Content Consumption in the New Normal Era

Published 08 Sep.2020 14:18(KST)

The environment of industry and content consumption is rapidly changing due to glocalization and the novel coronavirus disease (COVID-19) pandemic. This can be seen as related to the so-called 'New Normal' phenomenon, a characteristic of the new world economic order that emerged after the 2008 financial crisis. This is because new standards based on the digital economy are being established, different from before, due to factors such as population decline, aging, low growth, strengthened regulations, and reduced consumption.

Several recent trends can be observed. First, regarding non-face-to-face purchases, there is an explosive increase in interest in digital content, which is connected to content consumption. As demand for non-face-to-face services surges, the transition to a digital economy is accelerating. The 4th Industrial Revolution based on '5G networks' is expected to accelerate, and due to the COVID-19 pandemic, the spread of the so-called 'Home Ludens' culture continues, leading to an increase in people who mainly play and enjoy themselves at home. More people are seeking to enjoy hobbies and various content such as watching movies, exercising, and cooking in their own safe spaces.

Along with this, in the content consumption market, a decrease in the influence of the U.S. market and increased active participation from emerging countries have led to greater diversity. Additionally, various goals such as sustainable growth, so-called sohwakhaeng (small but certain happiness), and quality of life are being raised rather than distant future prosperity. For example, the diversity of snack culture content represented by webtoons and TikTok. Content is gathered on platforms for users to select according to their tastes, structured to fit the internet environment, and as surplus time increased due to the COVID-19 pandemic, competitive content satisfying the preferences of the digitally savvy younger generation has grown.

Moreover, attention can be paid to changes in the characteristics of the value chain due to changes in the global industrial environment. The end of globalism and the resurgence of localism emphasize localization strategies as niche markets along with the universalization of the digital environment. For example, JYP Entertainment’s active localization strategy led to the success of the rookie idol girl group NIZIU in Japan. This provides an implication on how to target niche markets through curation strategies that match consumer preferences amid the impact of COVID-19 and the spread of untact culture.

Ultimately, content consumption depends on how well the needs of consumers are understood and how good content can be created. Attention can also be paid to the recent prominence of healing games like Animal Crossing. This is related to the so-called 'corona blue' phenomenon, where depression increases as time spent at home increases due to COVID-19. People find comfort through everyday activities such as decorating a deserted island, befriending animal residents, and fishing. Along with this, the 'Newtro (New + Retro)' phenomenon, where the younger generation uniquely enjoys retro culture anew, is an important indication of how consumer needs are changing. Previously, retro was something only generations who could reminisce about that era enjoyed, but nowadays, young people perceive it as unique and 'hip.'

What is important is that consumption based on individual tastes is rapidly increasing from collective consumption, and the timing has just come sooner due to changes in the digital environment and the coronavirus. How well personalized consumer messages are understood, and how content combined with future-oriented technology is planned, developed, and supplied in response to the new environmental changes represented by the New Normal era to enable smooth consumption will determine the success of the content industry.