How Is Technology Transforming The Media And Entertainment Industry?
Media and entertainment industries are the earliest adopters of digital advancements. Every business domain understands the need for integrating the physical and digital ends. Together with innovative technology advancements, the media and entertainment industry are developing effectively.
Media and entertainment industries are the earliest adopters of digital advancements. Every business domain understands the need for integrating the physical and digital ends. Together with innovative technology advancements, the media and entertainment industry are developing effectively. The latest news and information can be broadcast instantly to any edge of the globe. The continuous changes in technology are affecting the value of content and dispersion.
Instead of creating an impression about the brands, the media organizations are now majorly focusing on building directly strong relationships with consumers. Nowadays, advertisers demand more relevance, accountability, and interactivity. Trending strategies fuses the content and applications together. This gives rise to both digital and traditional media values. Personalization and optimizing the conversions is the new trend in the media and entertainment industries. It is used for improving the user experiences and is served as an extension of a brand's identity and capability of operating the business.
The expected reach of entertainment and media market is worth 2.5 trillion US dollars by 2021. Services like On-demand video streaming, content streaming, advertising, streaming, solutions, etc will continue to create a benchmark in a fast-paced industry that changes constantly.
Mobile advertising will account for 80% of the internet advertising revenue with total revenue predicted around 117 billion.
Video games revenue will reach $30 billion by 2021, more than double the 2012 revenue of $15 billion.
Consumer content is expected to grow from 422 million in 2016 to 6 billion in 2021.
Trends across the Media and Entertainment Industries:
Digital Music Downloads: We have all gone through the downloading era of digital media. We used to download media on our smartphones and it gets stored on a micro memory chip. But, things have taken a U-turn with the introduction of Streaming Technology. It is now possible to access and listen to millions of songs by simply paying the price of a single album download. People are now shifting to apps and about 200 million subscribers (or more) are taking the leverage of musical apps. Musical industries are highly benefited with such services as they are earning heavily from the streaming technology.
Video Streaming: Video Streaming is trending vastly in the media and the entertainment industry. the revenue generated by video streaming is predicted to get tripled by 2021. Smart devices play a vital role in streaming video technology. It is an immensely growing digital parameter that is opening doors for many diverse industries and artists as well.
Internet Advertising: It is a set of tools for effectively conveying the promotional messages of brands to the people across the globe via the internet considered as the best “global marketing platform”. Advertising online is on the peak by the industries as it is quite affordable to any budget, easily drive more traffic to the website, allows targeting the accurate audience, and provides easy global coverage.
Virtual Reality Revolution: Virtual reality is the latest trend in the entertainment industry as it is embossing its advantages into the mainstream because of its “immersive nature”. The pivotal segments of the entertainment industry like music, theaters, location-based environment and gaming have started undertaking the benefits of virtual reality.
Emerging Technologies Reshaping the Entertainment & Media Industries:
The integration of AI solutions in media and entertainment industries have simplified diverse segments of content creation. By this, AI assists in benefits to the entertainers and content creators by delivering high-quality content and successful marketing tools. Moreover, AI can single-handedly manage feature films with a gripping plot, amazing background score, and incredible cinematography. For example, Wedit (Web-based video Editor Integrated with VSN Explorer), with this tool users, can create video clips from an automatic video segment search and merge them in a solo clip ready for broadcast.
Virtual and Augmented Reality (AR and VR)
The future of VR and AR is going to be highly impactful in the media and entertainment world. These have modified the habitual pattern of consuming content and have leveraged us with an entirely new and better immersive yet personalized experience. Some examples:
PokemonGo- This app perfectly depicts the Augmented Reality functionality. The game’s locations, frequencies, and manifestations are all done via algorithms.
Snapchat- This is another highly recommended example of AR, it offers quirky filters that include complicated machine learning algorithms. This app enables facial recognition by detecting a face, analysis the facial features and designs a 3D structure accordingly. This structure has some specific coordinates that stay on your face and also moves along.
Play Disney Parks- This app was designed for the time pass of the customers who use to wait in long queues at the Disney theme parks. Disney used to track the location of the players in real-time via BlueTooth beacons and allows the players to look for the markers in their location.
Blockchain was initially created for the use in Financial Services but later, it proved to be beneficial to other industries as well. For the Media & Entertainment industry, blockchain is making it easier for artists and entertainers to receive payments while improvising the way consumers access media. Mostly media consumers are habitual of having free access to a broad diversity of content. Many such users do not pay subscription fees for “premium” content behind paywalls. Moreover, various segments of the media industry have suffered from digitization because of the copied content that can be easily distributed. For example Singular DTV, Creativechain, Musicoin, etc. Some of the Blockchain solutions implemented in the media and entertainment industry are:
Micropayments for Content- Monetizing the content for both the creators and curators. Blockchain's Micropayments architecture follows a pay per usage method from the users who read a single article or watch a single season of a television show. Blockchain technology has comprehensive records of its information that offers precise tracking of copyrighted content. The micropayment model is entirely automated and cost-effective.
Elimination of Content Aggregation- Blockchain technology has a decentralized structure that allows the content developers to directly present their work to the users, avoiding the traditional distribution methods. It also helps in avoiding the unnecessary chargers caused by third parties. This helps in maintaining a genuine relationship between the artist and the consumer.
Smart Contracts- Blockchain has "Smart Contracts" that are connected to a given segment of music. This connection enables accuracy, speed, and certainty to the process by implementing the contracts among the suitable parties. This offers more precision in tracking the usage of a particle song, speedy payments and brings clarity over the distribution of revenue generated among the artists and other stakeholders. In short, Smart contracts allows the measure of how the artists would be compensated for the song or music.
AI and chatbots have a huge potential in the media and entertainment industry. Chatbots assists the consumers in getting the exact knowledge of the information asked by them, having global broadcasting, easier browsing, effective audience engagement, custom alerts, and content control. It delivers customized content, better media opportunities, and effective communication on any platform. Some Chatbots examples in the media & entertainment industry are Weather bot, the gaming bot, Alexa and Google Home, the slack bots, etc.
Media and Entertainment industry has been largely driven by increasing digitization and higher internet usage over the last decade. Digital media has great potential to improve its capabilities and content delivery in order to entertain people. Trending web and mobile-based platforms are being conceived by startups and conventional media companies to serve digital content to the masses.
Jellyfish Technologies is a prominent media and entertainment software development company offering media and entertainment software development services to startups and media companies across the globe. We have a great understanding of the latest technological trends, user expectations and hold experience in delivering reliable media and entertainment products. Scope Music & Music Just Music (MJM) are media and entertainment domain applications developed by Jellyfish Technologies. We customize our services according to the specific needs of our clients. For further consultation, contact our experts.
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