Thu. Dec 12th, 2024
ai generated, analyzing, data
Analyzing data. Photo by mimpori01 on Pixabay

The European Data Market (EDM) Monitoring Tool has been tracking the progression of the European Data Economy since 2013. This tool provides valuable insights and quantitative data on its industry and regional dissemination, significantly influencing European policy strategies in this domain.

EDM’s monitoring and analysis efforts recognised big data’s disruptive potential and highlighted the socio-economic importance of innovative data-driven transformative processes. The emergence of Artificial Intelligence tools and services powered by data also underlines the crucial role of data. The introduction of Common European Data Spaces advocated by the Commission has added further momentum to the European data economy.

The primary objective of the European Data Market Study 2024-2026 is to update and enhance the EDM Monitoring Tool, continuing to deliver the market intelligence, factual evidence, and insights on future developments necessary to support European policies in this domain over the next three years. The study is carried out through three interrelated streams of work focused on collecting and delivering factual evidence, data, and qualitative insights. Together, these efforts will contribute to the overarching goal of providing insights on progress towards policy targets.

The 2024-2026 EDM report “Story on the Common European Media Data Space” delves into the media sector, focusing on implementing the European Media Data Space and its anticipated benefits and impacts. You can download this report below.

The Inception report (also downloadable below) specifies the taxonomy and the methodology to be used during the lifetime of the study contract. It also details information on the resources and objectives, in accordance with the indications provided by the Commission.

Downloads
  • EDM 2024-2026 – Inception Report with the Methodology – Download
  • EDM 2024-2026_Story on the Media Data Space – Download

Executive Summary

This report delves into the media sector, focusing on implementing the European Media Data Space and its anticipated benefits and impacts. Leveraging insights from the Trusted European Media Data Space (TEMS) project, which includes 42 organizations across 12 countries, the study addresses key trends and challenges in the media industry.

The digital revolution is reshaping media content creation, distribution, and development, with technologies like VR/AR, automated journalism, scrolly telling, video creation tools, and AI driving transformation. However, significant investment and expertise are required, posing challenges for SMEs, while the spread of fake news necessitates robust solutions to maintain credibility.

Streaming services are transforming traditional TV and film distribution, offering on-demand content and wider audience reach but facing challenges like market saturation, rising costs, and unauthorized content dissemination. Consumer preferences now dictate content creation and promotion, with personalized and on-demand content becoming the norm. Interactive and immersive content enabled by VR/AR offers dynamic user experiences but requires high costs and infrastructure.

Market segmentation shows a decline in traditional TV and video games, growth in digital audio formats and music streaming, stable book markets with growth in e-books and audiobooks, and a recovering film industry with lower revenues than pre-pandemic levels. Lastly, newspapers face declining print sales and trust, shifting towards donations and subscriptions as revenue models.

The primary barriers to data sharing include fears of losing competitive advantages and compliance issues, with the sector also struggling with monetization, expert recruitment and retention, market fragmentation, business costs, and content overload. EU-level policy support is crucial, with harmonization of standards, financial support, and digital skills development essential to enhance the sector’s competitiveness. Data-driven strategies are essential for informed decision-making, audience understanding, and tailored marketing, though compliance with data protection regulations and a shortage of skilled professionals pose challenges.

The common European media data space, founded on the Media and Audiovisual Action Plan (COM(2020)) 784 final), aims to support media organizations through data-driven collaboration, tackling digital economy challenges and competing against dominant online platforms. The European Commission’s three-year TEMS project, launched in October 2023 under the Digital Europe Programme, aims to create a robust media ecosystem by deploying advanced services, infrastructures, and platforms. TEMS helps media organizations combat misinformation, enhance audience analysis, improve data flows in production chains, and support AI and VR technology adoption across various media subsectors. Its objectives include setting up a secure data space for Audiovisual and Media organizations to share and access data in compliance with data protection legislation. The project, now in Phase II, focuses on fast prototyping and experimentation to achieve a first data space release and proof of concept. The implementation is structured around seven work packages, with WP5 being notable for its linked use cases or “trials,” covering digital, print, audiovisual, podcast, news agencies, innovative formats, and advertising.

TEMS is combating misinformation through a B2B exchange platform for fact-checking and news content, promoting cross-border cooperation and secure data sharing and it supports smaller media organizations in adopting these technologies and developing new business models. Data collaboration through TEMS trials improves competitiveness by breaking data silos and enhancing productivity, operational efficiency, and content creation. Trials such as “Next level DRIVE” and “Collaboration in Production Chain” support this, while “Market and co-creation place for 3D environments for virtual production” aids companies in creating interactive experiences.

In summary, the report encapsulates the transformative impact of digital innovation on the media industry, highlighting opportunities and challenges posed by emerging technologies and shifting consumer behaviours.

 

 

 

Source – EDM 2024-2026_Story on the Media Data Space – Download

 

 

Forward to your friends