How technology is changing the media industry? Every business field knows how important connecting the physical and digital ends is. With innovations in technology, the media and entertainment industries are growing and getting better. Any part of the world can get the most up-to-date news and information. Technology is constantly changing, which changes the value of content and how it is spread.
Instead of making an impression on the brands, media companies now put most of their efforts into building strong relationships with consumers. Advertisers now want more interaction, accountability, and relevance. Trending Strategies brings together both the content and the applications. This makes both digital and old-fashioned media values possible. The media and entertainment industries are personalizing things to sell more. It improves user experience and a brand’s business ability.
A Few Steps
By 2021, the entertainment and media market will be worth 2.5 trillion US dollars. In a fast-paced industry that is constantly changing, services like On-demand video streaming, content streaming, advertising, streaming, solutions, etc., will continue to set the standard.
About 80% of the money made from advertising on the internet will come from mobile advertising, bringing in about $117 billion.
By 2021, the money made from video games will be more than double what it was in 2012, which was $15 billion.
Consumer content is expected to go from 422 million in 2016 to 6 billion in 2021.
Digital Transformation in the Media Industry Trends
The following are some current trends in the media and entertainment industry:
Digital Music Downloads
We’ve all lived through the time when digital music and movies could be downloaded. We used to download music and movies to our phones, and they would be stored on a small chip. But things have changed for the better since Streaming Technology came along. Now, for the price of a single album download, you can get access to and listen to millions of songs. People are now using apps instead of radio, and 200 million or more subscribers use music apps. Streaming services have been very good for the music business, making a lot of money.
Video Streaming
Video streaming is a massive trend in the entertainment and media industries. By 2021, video streaming is expected to bring in three times as much money as now. Smart devices are an essential part of the technology behind streaming video. It is a digital parameter growing very quickly, opening doors for many different kinds of businesses and artists.
Internet Advertising
It is a set of tools thought to be the best “global marketing platform” for getting brand messages to people worldwide through the internet. Online advertising is on the rise because it’s easy, cheap, and reaches many people. It’s also easy to target the right audience and get people worldwide.
Virtual Reality Revolution
Virtual RealityReality is the newest thing in the entertainment business, and its “immersive nature” is making people realize how great it is. Virtual RealityReality is starting to be used in essential parts of the entertainment industry, like music, theater, location-based environments, and gaming.
Emerging Technologies Change the Entertainment & Media Industries
Emerging Technologies are revolutionizing the Entertainment and Media Industries.
Artificial Intelligence
The use of AI in the media and entertainment industries has made it easier to create different content. By doing this, AI helps entertainers and content creators by giving them high-quality content and marketing tools that work. Also, AI can run full-length movies all by itself, even if they have a great plot, a great score, and great camera work. For instance, with Wedit (A web-based video Editor Integrated with VSN Explorer), users can make video clips from automatically-searched video segments and combine them into a single clip ready to be broadcast.
Virtual and Augmented Reality (AR and VR)
The future of VR and AR will have a big impact on the entertainment and media industries. These things have changed how we usually consume content and give us a whole new, better, more immersive, and more personal experience. Some examples:
PokemonGo: This app is an excellent example of how Augmented Reality works. The game’s locations, how often it shows up, and its looks are all determined by algorithms.
Snapchat is another great example of augmented RealityReality. It has fun filters that are made with complicated machine learning algorithms. This app makes it possible to recognize faces by finding a look, analyzing its features, and building a 3D structure based on that analysis. This building has specific coordinates that stay on your face and move with you.
Play Disney Parks—This app was made to help people who had to wait in long lines at Disney theme parks past the time. Disney used BlueTooth beacons to find out where players were in real-time and let players look for markers in their area.
Blockchain
Blockchain was first made for use in Financial Services, but it soon became apparent that other industries could benefit. Blockchain is changing how people access media and how artists are paid. Most media consumers expect free content. Many users don’t pay for “premium” paywall content. Digitization has hurt many media industries because it makes content easy to copy and share. Singular DTV, Creativechain, Musicoin, etc. Media and entertainment have used Blockchain to:
Micropayments for content: Making money off of it for both the creators and the people who collect it. Blockchain’s Micropayments architecture is based on a pay-per-use system. Users who read a single article or watch a single TV show season pay a small fee. Blockchain technology keeps detailed records of its information, making it easy to track down content protected by intellectual property rights. The model for micropayments is wholly automated and saves money.
Content Aggregation Is No Longer Needed: Because Blockchain technology is decentralized, content creators can send their work directly to users instead of using the old ways of distribution. It also helps you avoid charges from third parties that aren’t necessary. This helps keep the relationship between the artist and the consumer as real as possible.
Smart Contracts: “Smart Contracts” in Blockchain are linked to a specific piece of music. This link makes the process accurate, quick, and sure by putting the contracts into action between the right parties. This makes it easier to track how a particle song is used, speeds up payments, and clarifies how the money made is split between the artists and other stakeholders. In short, smart contracts make it possible to decide how the artists will be paid for the song or music.
Chatbots
The media and entertainment industries have a lot to gain from AI and chatbots. Chatbots help people get the exact information they need by broadcasting to the whole world, making it easier to browse, keeping people interested, giving them custom alerts, and giving them control over the content. It gives you customized content, better media opportunities, and effective communication on any platform. In the media and entertainment industry, some examples of Chatbots are the Weather bot, the gaming bot, Alexa and Google Home, the slack bots, etc.
Conclusion
Over the last ten years, digitization and more people using the internet have significantly impacted the media and entertainment industry. People could be entertained by making digital media better at what it can do and how it delivers content. Startups and traditional media companies are coming up with the new web and mobile platforms to serve digital content to a large number of people.