With new and innovative technologies, the global media and entertainment industry continues to rise at an astonishing rate.
According to a report published by PWC, global media and entertainment revenue is expected to grow to $2.4 trillion by 2022. If you own a business, you can check out the CCTV for the construction site. The blog post will explain to you the biggest trends in the industry for 2020.
Consumers are preferring personal experience
People around the world are embracing the opportunities to enjoy entertainment experiences that are uniquely tailored to their own personal preferences and schedules. Increasingly mobile consumers want to exert more control over the ways and time they experience media. They are doing so by curating their personal selection of entertainment channels via OTT services, managing their media consumption with the help of their smartphones and by bringing more digital content into their everyday lives.
Everything in today’s world converges on the individual and consumer experience. This means media and entertainment companies of the future will have to focus intently on personal experience, innovate continually and be prepared to make significant investments.
The 5G challenge
The advent of 5G network will drive the emergence of new kinds of bundles in the media and entertainment industry. Companies will have to decide whether they will implement a business model that is ad-free, ad-lite or subscription-based. As appealing content attracts and retains consumers, OTT providers have begun to develop their own shows and are obtaining rights for various events. Despite the innovations brought by Amazon and Netflix to the TV market, there is no single place for consumers to find something to watch. Traditional telecommunication and entertainment companies have a great opportunity to fill the void.
As the media and entertainment industry is offering a more personalized experience, gratification for consumers is becoming more instant and immediate. One example of instant gratification is the rising adoption of voice-assistants by people. Consumers around the globe have become sufficiently acclimatised to the web to be able to seek out a direct type of engagement with the experiences they want. The top brands are taking advantage of the opportunities offered by media and shoppable advertising. Marketers will have to find platforms where consumers are spending most of their time. Esports and gaming are emerging as two new areas for marketers and content creators.
The dawn of the personalised computing era
AI has the potential to be the next big thing in the industry. In media, AI’s understanding of user’s taste and preferences will enable them to discover the content that is most popular among people. As the raw material for Artificial Intelligence is data, some companies are encouraging consumers to sell their data to third parties by rewarding them. Although VR has so far failed to attract customers to the extent initially predicted, it is now surging in the commercial space. Companies are now focusing on expanding their VR services and are being more realistic about where they can really add value using Virtual Reality.