The entertainment industry is on a new trajectory, and with it comes a wave of new opportunities. This evolution results from the ongoing disruptions and trends within the industry and the behavioural changes of a new generation of consumers and creators.
We can see that these significant changes in the Entertainment and Media marketplace impact technology, distribution, and content within the industry. As the business of entertainment changes, we are persuaded to look out for the possible drivers of this evolution. This article examines the entertainment evolution and its potential impact on the industry’s business.
Digital Technology
Stakeholders are adopting new digital technologies to remain competitive in the media and entertainment industry. This is driving innovation, but it is also causing the existing business models in the industry to shapeshift to keep up with the change. For example, newspapers, books, music, media outlets, radio, and even TV have created a digital niche for their entertainment products to escape possible extinction.
Consequently, the advent of Web3.0 may impact the ownership and profitability of entertainment and media products. Experts believe that Web3 0 will usher in a more democratic media and entertainment industry with individual content ownership, mass engagement, and higher profit control by creators.
On the other hand, big players like Facebook, Amazon, Microsoft, Nvidia, etc., are buying into digital technologies like the Metaverse. These tech giants believe that an interconnected virtual world will change the way we consume entertainment, interact with each other, and exchange digital assets. Bloomberg Analysts predict that the Metaverse will hit a valuation of $800 billion by 2024.
Distribution
The evolution of the entertainment industry is gradually disrupting the distribution of music shows, concerts, and sports and gaming events. For instance, if you wanted to play a game on the slot machine years ago, you’d have to visit a physical walk-in casino in your city. Things have changed and now playing slot games online has become quite popular due to the appeal of playing from any smart device without leaving your home. You can visit here to find the best online slots for UK players and discover new ways to enjoy this traditionally in-person entertainment option.
As we begin to consume entertainment differently, the distribution of entertainment products also changes. One major innovation in distributing media and entertainment content is over-the-top or streaming media services. These streaming platforms have been around for a while but still, play a vital role in distributing entertainment and media products. Studies show that the potential for growth in the streaming industry is still very high as the demand for high-quality video content continues to soar.
Content
The evolution of the entertainment industry comes with more consumption of digital content. Deloitte’s Digital Media Trends Fall Pulse Survey reported that 84 percent of consumers admitted spending more time watching entertainment online. Entertainment stakeholders now tap into this reality to drive revenue for their entertainment businesses by giving creators tools to communicate, create and grow their brands through their platforms.
This may be why streaming platforms and user-generated content distributors strive to retain their viewers’ attention and keep them hooked to their media platforms. Most platforms also offer incentives to their most valuable content creators to encourage them to create more content and attract more platform users.
What do you think about the evolution taking place in the entertainment industry?
