Background
It is noteworthy that even before the invention of camera, images existed in the form of art and were cast on various surfaces. Images have played a significant role in the advent of digital technology, playing a key role in its boom. Besides videos and sound, some of the assets that dominate digital media are largely images or photos. From advertisement to casual posts on social media, images play a critical role in relaying different kinds of messages. Images go as far as being used as verification content for various platforms, just to portray the importance of images.
Dynamic use of images
The role of images has been dynamic over time; however, it is worth noting that images have become more and more critical in digital transactions. For instance, images are used in digital identity, digital verification, digital learning, digital image processing among other numerous use cases. As digital asset Images are critical in representing corporate images, advertising, and general consumable content online.
Digital image divide
Digital content divide is a reality especially as far as images and other digital assets are concerned. Availability of digital images for Caucasians on the internet is more rampant and widely available as compared to that of other race for example Africans, this goes as far as AI based image filters are tailored and optimized for Caucasian images as compared to African images and other races; the number of stock platforms from global north are more prominent representives of western cultures and nuances.
Afrocentric photos
There is a huge demand for Afrocentric stock image and platforms and despite integrations of APIs from various stock platforms to make sourcing easy for creators, the geographical disparity in the markets still shows that North American market still dominates others including Europe, Asia Pacific (APAC) and Rest of the World (ROW). Note that Regions like EMEA are not featured as such. This is according to the Global Stock Images and Videos market report 2018: Outlook and forecast 2017 – 2023 – Major players being Getty Images, Visual China, Shutterstock and Adobe.
Demand and gaps
The key challenge is production of images and videos in markets like Africa and dynamic platforms for creation for various purposes. With the upsurge in demand for digital content, there is need to streamline production of multimedia content for the promotion and development of Africa region in the global stock images and videos market for consistent improvement of CAGR.
There is an opportunity for innovating technology platforms and business models that will develop and churn media content as far as image and video production is concerned in Africa. The current stock images and video platforms seem to be struggling with business models that are not generating sufficient traction and not accruing sustainable income for the creators apart from north America players who as well have been toggling with their business models which involve reducing image and video commission for the creators.
Conclusion
There are immense opportunities as far as multi-media or digital media content are concerned. The blind spot that’s on the African market is a sleeping opportunity that is either yet to be exploited or yet to shock and disrupt the global market. For more information and news on the Digital Market in Africa, follow us on www.pichaimages.com.
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