Media and Entertainment Industry Trends and Outlook
The upcoming years ahead promises to be a time of exciting innovative change as new Media and Entertainment industry trends and technologies drive innovation. The nature and the magnitude of challenges facing the Entertainment and Media industry, rapid evolution in both consumer technologies have led to digital transformation in the industry. Mobile app development services are helping companies manage the disruption well while many enterprises are struggling to define their businesses to meet this new demand.
Entertainment technology solutions have made it almost mandatory for companies to transform their business and adapt to the latest technologies and ever-changing environments. Burgeoning adoption of broadband and mobile devices has changed the way content is consumed now. Technology giants such as Apple, Google, and Amazon with new distribution channels and business models to come across as serious competition to leading media organizations.
Latest Business Models Used By Media & Entertainment Industry
- Content creation and content distribution will separate, with specialization by entities that excel in each area.
- Content will be the cloud, ultimately easing the task of tracking access for digital rights purposes and payment for content.
- Consumers from across the world will access content from a variety of devices, including smartphones, with digital rights and fees quickly enabled.
- New media and entertainment business and service delivery models need to be created.
The digital transformation in the media and entertainment industry focuses mostly on marketing, money, and reaching out to users. However, the focus is now also shifting towards user experience and engagement: personalizing one’s viewing experience, and getting content to audiences anytime, anywhere they want it, on whatever device they’re using ( mobile app, tv app, tablets, or more).
Digital Transformation Trends In Media And Entertainment
- Tracking consumer’s location/experience and delivering ads throughout the day continues to be an area of innovation
- Online ads are driving online subscription model popularity
- Immersive experiences such as eSports, concerts and more creative “hybrid” (physical + digital) ad opportunities gaining popularity
Rise of OTT
OTT comes with a new way to consume digital content. It is creating a world of opportunity for digital marketers when it comes to audience targeting capabilities. Several videos available are repeat telecast of TV shows or movies or user-generated content. Platforms and content creators are beginning to use the growing viewership to offer original content for the internet audience.
These made-for-digital video offerings are varied – with everything from episodic web series, stand-up comedy, sketches, movie reviews and short films being tested to cater to this growing audience.
This current phenomenon—multiplayer video-game competitions, which often involve professional players—is updating arenas and increasing bottom-line profitability for both publishers and marketing experts.
By 2020, the global eSports market is expected to generate $1.5 billion in annual revenues, primarily from sponsorships and advertising to an estimated worldwide audience of 600 million fans.
Factors Determining Rise of Entertainment Technology Solutions
1. Consumer Insights & Analytics
Deeper insights of consumers to drive more business value allow making smarter decisions on content, geographic distribution, and marketing to specific demographics.
2. Rights & Royalties Management
Reduce complexity with automated processes that provide a holistic vision of rights and royalties for each property.
3. Digital/Media Asset Management
Improve management of existing intellectual property, maximize its value and re-use, and eliminate redundant processes.
4. Content Protection
Maximize the protection of intellectual property, tracking, the security of assets, and remediation of breaches.
Essential Elements of Media and Entertainment Technology Strategy
Media and e-commerce experiences are becoming personalized, for consumers is becoming more instant and immediate.
- Content creators and distributors are coming with different and unique ways to entice consumers as marketers are moving to the next level of how to meet users at the point of consumption and attract them towards purchase.
- Rise of online advertising, often promoted by ‘influencers.’ Voice is now becoming an essential form of interaction for both search and shopping, supported by the rise of smart speakers.
Strategy for Technology Implementation
It is important to rely on the talent pool, advise on industry trends and best practices to implement development strategies in cost-effective fashion to meet business challenges.
Step 1: Clarification and enhancement of the business vision & capability definition
Step 2: Current state assessment, future state definition, gap analysis, and solution identification
Step 3: Solution road map and agile implementation
Entertainment Technology Solutions
1. Live Streaming Apps
Exclusive Media and entertainment solutions to reach maximum users on live streaming apps consisting of advance features and intuitive user interface on multiple platforms.
Custom entertainment solutions and mobile game apps that use 3D animation & support advanced and sophisticated technology solutions such as AR/VR for outstanding user experience.
2. Sports Apps
Visually stunning and immersive sport applications to change your live streaming supported dream football, cricket, and or any sports app come true.
3. Video-Sharing Portals
Media publishing solutions and advance solutions which make textual content sharing accessible and engaging and expressive video content.
4. Ticket Booking Portals
Media and entertainment solutions that streamline your ticket booking process for ease of use.
5. Entertainment Platforms
Development of OTT platforms. Never let users miss on their favorite shows, matches and other entertainment programs.
6. Social Networking Portal Development
Social networking site and mobile application that gives your users a communication zone for natural interaction and discussions.
7. Dating Portal Development
Development of dating portals that meet security and come with multiple features such as video calling.
Technology has brought power to users. Now it relatively easy to publish and market books in digital format. The broadcast networks will evolve with video content distributors whose products will be delivered across diverse media types — television, computers, and smart devices. E&M companies must enhance their capabilities in data analytics, mobile app development, measurement, and management. Companies that manage to adapt to the changes brought by mobile apps, cloud, content, and social media will continue to grow.