The annual Burton-Taylor report into spending on media intelligence information and software solutions for public relations professionals reported that the industry grew by 5.50% in 2015 to USD2.99 billion.
According to Burton-Taylor’s press release, “Social Media management solutions and tools for Media Analysis led growth”, says Douglas B Taylor, Founder & Managing Partner of Burton-Taylor. “This is an expanding industry, though currency had a significant impact on 2015 numbers, notably for Media Monitoring, Contact Management and Press Release Distribution”, Taylor said. “The strength of the US Dollar robbed the market of as much as 7.00% of growth.”
The Burton-Taylor study shows how merger and acquisition activity is reshaping the industry, with Chicago-based Cision occupying the leading spot, at 11.64% market share. PR Newswire – owned by UBM PLC and being acquired by Cision – was the second-largest service provider in 2015.
The report really does prove that Cision’s acquisition strategy makes sense. Cision has been on a spending spree since its purchase by private equity firm, GTCR. The company has merged with Vocus, and purchased Visible Technologies, ViralHeat and UK leader, Gorkana. The addition of PR Newswire will cement Cision’s dominant position in the US. Future growth opportunities, however, are in Europe and Asia, where Cision’s position is significantly weaker. It’ll be interesting to see if Cision leverages PR Newswire’s Asian sales presence to sell into the market. In Europe, we might expect further acquisitions to bolster Cision’s position.
The product make-up between the US is radically different from Europe & Asia. In the US, social media and press release distribution tools make up more than 60% of the market. Outside the US, traditional media monitoring remains a core need from PR clients. There might be several reasons for the markets slow adoption of digital monitoring. Digital content control by copyright agencies in Europe and Asia makes it more difficult to source and deliver content. Social media tools are not yet smart enough to automate keyword translation, making them undesirable for multi-market monitoring. Finally, and most simply, print media remains highly influential among many consumers in Europe and Asia.
Finally, media analysis is growing. Regardless of what we call it – media analysis, PR insight, communications measurement – the need for rigorous, independent research of PR activities has been on the rise for some time. With marketing teams fighting for budget, the need to prove the value and impact of PR on an organisation has never been more critical. The output of media analysis has been in transition for some time, and it’s continue growth shows how the change is building.
The Burton-Taylor report acts as a timely reminder of the remarkable opportunities that still exist in the media intelligence market. It continues to be an exciting field, and as the role of PR continues to evolve the media intelligence market and its product set will continue to evolve. To read more on the report, visit the Burton-Taylor site. Contact firstname.lastname@example.org to learn how we can help your media intelligence organisation thrive in this fast-growing market.