Consuming every bit of media & entertainment that came our way, is all that we did in 2020. From the latest movies & series to eSports & old concerts, we watched everything we found interesting on our favorite streaming platforms. This shift has brought tremendous changes in trends in media & entertainment Industry
It wouldn’t be wrong to conclude that OTT platforms went “Over The Top” amid COVID pandemic.
The inclusion of innovative technologies like blockchain & artificial intelligence has continually enhanced the experience of audience & promoted growth. The global streaming market was estimated at US $50 billion in 2020 & expected to grow with a CAGR of 21% from 2021 to 2028.
After such a long year, what can the media & entertainment industry expect? Here are few ongoing & anticipated trends in media & entertainment industry:
D2C video streaming
D2C video streaming has gained a remarkable boost during the COVID pandemic. As we stayed indoors, we looked for much diversified, engaging, and meaningful quality video content.
OTT platforms like Amazon Prime & Netflix have offered exactly that. They provide us (TV viewers) with an experience we never had before.
“Disney was the first to offer D2C content through Netflix ”
A report published by Boston Consulting Group, OTT platforms have seen up to 60% rise in the past year. The wide range of choices and cross-platform portability of OTT platforms has resulted in streaming warfare.
Investing in enterprise resource planning
With so much to manage in media & entertainment industry, getting stuck on the technical side of this transformation is predictable. But it’s high time for the entertainment industry to focus on smart business enterprises.
Having an enterprise resource software for media & entertainment industry ideally helps in creating, developing, & managing digital content. Furthermore, it can enhance productivity, reduce operation costs & more efficient business operations.
Ad-supported video content
The other major reason OTT platforms gained mass popularity is ad-free viewing experience. This resulted in an increase in volume of consumable content that made user retention easy.
Various media houses will face fierce competition due to this shift towards D2C viewing. Making the return of add-rich content a high possibility. This is because various media houses would need to stay competitive in subscription charges.
Ad-supported videos are already booming in countries like India & China. However, in the United States, OTT platforms have to follow more targeted marketing. Already many OTT platforms are processing & filtering huge data for a better user experience.
Reports suggest that viewers are willing to pay more for highly personalized content. They anticipate a deeper level of engagement with their OTT platforms.
Media & entertainment organizations are expected to figure out their content specialization & target audience they are serving. From there, much targeted & personalized content can be offered to the interested viewers.
Technologies like Artificial Intelligence & Machine Learning have further assisted organizations to accurately analyze data.
Blockchain to manage digital content right
Though blockchain, for now, is highly associated only with cryptocurrency, it can ease complexities around intellectual property rights in the media & entertainment industry.
With its ability to store and process data uniquely, blockchain can help identify the original owner of content which in either case (conventional methods) is not easy due to large amounts of data & chances of plagiarism.
Making use of blockchain assures temper-free owing rights. As the data stored in blockchain is considerably very tough to alter.
With such advanced trends in entertainment & media industry, now have new innovative ways to serve their audience. Failing to do so can make keep them behind from their competitors. While they can plan their own strategy, they need to consider providing personalized, targeted, & easy experiences for better business growth.
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