The fact that the entertainment and media industry is gaining better height is not an overstatement. There are many entertainment trends to expect as the years go by. Take a look at the various Trends in Media and Entertainment to Look Out For the next ten to twenty years.
Trends In Media and Entertainment to Look Out For
Some of these trends in the entertainment industry have begun to show their various lights as technologies like artificial intelligence, augmented reality, virtual reality and machine learning are beginning to come into the light.
Market Outlook of The Media and Entertainment Industry
According to MarketWatch, by the year, 2030, the entertainment and media sector is predicted to have achieved roughly $6709.4 billion with a CAGR (Compound annual growth rate) of 10,4%. This industry has the largest share and popularity in the USA.
Top 8 Media and Entertainment Industry Trends 2022
As stated above, there are lots of things to look out for in the upcoming media and entertainment industry in the years to come. The media and entertainment industry are looking towards a more massive boom.
Here are some of the trends to expect in the world to come.
D2C Video Streaming
This is one of the trends in the media and entertainment industry that has been experiencing a rise since the covid lockdown began. During that period, users found it necessary to access high visuals. The rise of this demand has triggered a drop in pay -preview Tv subscriptions in the United States of America but has raised overall digital Video consumption.
D2C means direct-to-consumer marketing, and this strategy implies that a company promotes and sells goods or services directly to its customers.
Consider Disney for example. This company was a pioneer of D2C video streaming after it decided to retract its content from Netflix and offer it in D2C channels directly to its customers.
Augmented Reality and Virtual Reality
The take-off of Augmented reality and Virtual reality has strengthened the relationship between content creators and watchers. The consumers of today are all catapulted into an environment with blurred borders between digital and physical realms.
The usage of these two technologies is very increased light is one advancement that we all should expect in media and entertainment in years to come. It is very necessary to optimize VR and AR content so that users of different devices can use them.
Non-fungible tokens can be very good tools for companies to expand engagement with their content and IP. They might provide a future monetization model as the market continues to grow.
Media companies are beginning to form relationships with NFT technical specialists and the marketplaces to develop offerings that enable consumers to participate in an entirely new way with their favorite characters, movie show scenes, and other content.
Improvement of Creator Economy
the influencer culture, atmosphere, or mentality is beginning to hit the media in a whole different way. Media platforms are becoming more niche-based and economy driven.
Generally, influencers are beginning to connect better with their subscribers or followers with the help of community-friendly content. Unlike the periods in which ads and promotions were needed to help get more engagement, people are now keener to connect with creators beyond all these platforms.
We are expecting more connecting social media platforms to come forward or the available ones to upgrade or develop to help people connect better.
According to Statista, the revenue from the gaming industry will increase massively by the year 2025. It further stated that new products are being introduced to give people better experiences.
Although there are lots of gamers on earth today, not all of them have the facilities to play high-end graphics games. This problem will be resolved by cloud gaming. All you will need will be normal pcs and an internet connection.
This will boost gaming experiences with their virtual reality and augmented reality capabilities.
Podcasting for a Worldwide Reach
Podcasts are now becoming better business tools rather than what we use for hobbies. Popular companies of the media are now considering using podcasts as part of their marketing plan. This new-age tool will help to spread information with the power of audio content in the form of an interview.
The reason why podcasts are becoming popular is because of their flexibility of access and ease of download on the devices of the user with only minimal costs. The podcast industry is expected to grow by 31% by the year 2028.
Artificial intelligence is expected to be one of the most coveted weapons of media and entertainment in the nearest future. It will impact radio, TV, VFX, and so on.
Various streaming applications are expected to apply AI technologies along with smart machine learning algorithms, offering videos, audio, podcasts, and high-quality streaming music that their audience will most probably add to their favorites.
Here are some of the advantages of tailoring content to specific audiences with AI
- Average content consumption through the same platform will grow.
- The contents that are relevant to specific groups of consumers are more easily found.
- Users will feel that you care about their preferences, and they will become more loyal.
This will have a very positive impact on the growth of many businesses in the years to come.
More Growth on Music Streaming Services
Many Music streaming services are already known in the world today. These services include Spotify, Amazon, and Apple Music. These channels are offering unlimited access to large music libraries. Giving people access to streaming of music tracks over the web or mobile networks.
Most of these services require paid subscription monthly. In years to come, we expect better growth of these platforms, allowing features that will enable consumers or users better enjoy them.
Frequently Asked Questions
What Are The 5 Major Categories of Entertainment?
The five major categories of entertainment are;
What Are the Latest Trends in Entertainment Industry?
Some of the latest trends in the entertainment industry are;
- The emergence of social videos
- More streaming services
- The emergence of cloud gaming services
- Podcasting becomes widespread
What are the Current Trends in Entertainment?
The current trends in entertainment are;
- Music streaming platforms
- Video streaming platforms
- The usage of virtual reality
- Cloud gaming.
What Will Entertainment Look Like In 2050?
With the rate of growth of entertainment, we all know that the entertainment industry will be more advanced in 2050. There will be a surge in the usage of artificial intelligence, virtuality, and machine learning in the media and entertainment industry.
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