Data has become a truly valuable resource due to its importance in marketing campaigns as well as product development, and telling visual stories based on data is useful for brands because it’s the kind of thing that could potentially help them engage with consumers. There are five major trends driving an increase in data storytelling, and visual capitalist succeeded in shedding light on them to contextualize their prevalence.
The first of these trends is the abundance of online data. All said and now dismissed, this huge amount of data has both advantages and disadvantages. For starters, such a huge amount of data can be overwhelming for consumers as it can create a lot of noise. On the other hand, it gives marketers and brands more opportunities to gain insight, although parsing useful data from less practical information is still a bit difficult. Having so much data to sift through could actually increase the work brands need to do.
Another major trend that can be noted in this report is that of a general distrust of the media among consumers. In 1997, about 53% of Americans felt they could trust the information presented to them in the media, but despite this being the case, that percentage has dropped to just 36% in 2021. About 76% of consumers who have who participated in this survey said they feared being fed misinformation from the media and therefore did not trust the information they received from them.
The third trend is that the winner takes all the momentum created by social media platforms. About a century ago, publishing any information and reaching a large enough audience would have been quite difficult with all that considered and considered. The New Yorker, one of the most important magazines in the world, had a total of 1.2 million subscribers. This is a number that low to mid-level content creators can easily exceed, all things considered and considered.
However, while publishers are no longer the gatekeepers of content, the algorithm of various platforms such as YouTube still limits what content gets pushed and what gets pushed aside. Anyone can upload a video to YouTube, but 90% of those videos receive less than a thousand views. Less than 1% of all videos end up getting over 100,000 views.
The fourth trend involves a significant drop in the value of text. Text information used to be the only thing people could access in the past, but now that there are so many video platforms, consumers expect more from a multimedia-like experience. Internet speeds have also increased, allowing media to show visual content to consumers. Additionally, smartphones have increased their average pixel count by 260%, further reinforcing the trend of visual stories that also incorporate text.
The final trend discussed in this report was that of the growing ecosystem in which data creators could operate. Jobs involving data science will increase by 31% over the next decade, and roles related to statisticians will increase by up to 35%.
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