Media and Entertainment: Top Trends in 2020 and How They Affected the Industryby Tech Trendz Writer
The media and entertainment industry has witnessed an intense transformation over the past decade or so. It is thanks to the rapid evolution of technology. And among the many, many changes brought along by this change, perhaps the most important is the rise in the viability and popularity of digital media. Once merely an alternate, digital media has established itself as a critical player in the mainstream media and entertainment ecosystem. Another exciting change the world has witnessed in this context is the rise of OTT platforms such as Amazon’s Prime Video, Netflix, Apple TV, etc. So lucrative this market currently is that researchers believe it will touch over $6,709 billion in value by 2030.
One of the critical reasons for that stupendous figure is the growing focus on the customer and their demands in media and entertainment. And the pursuit to keep existing customers entertained while also adding more and more people to their subscriber bases, companies have turned to a wide array of novel resources and technologies to help them navigate the discernibly challenging market that is today’s media and entertainment industry. Let’s take a look at some of these trends that are expected to impact the industry for the foreseeable future significantly.
1. Artificial intelligence: AI has long proven its mettle in the world at large. It was only a matter of time that it had something to say in the media and entertainment industry. While companies have found myriad uses for AI here, one impresses, in particular, is using it for personalization. Media companies are becoming increasingly reliant on AI to deliver personalized recommendations to their users based on their preferences, usage patterns, and other such data points. Businesses are now increasingly using AI to deliver customized ads to different users, thus enabling substantially improved effectiveness levels with such endeavors.
2. Mixed reality: Despite being a relatively new phenomenon, mixed reality, especially AR and VR, has managed to become a critical resource to help companies deliver on customers’ expectations. We now have games that leverage VR and biosensors to position players in games. Other areas of AR and VR applications observed thus far include theme parks, virtual museum tours, art galleries, etc.
3. Blockchain: Now, we know that it may be hard to imagine how blockchain would have a role to play in the media and entertainment industry. However, here’s something that will show you just how massive it is in this sector: It is expected to reach a $1.54 billion market value by 2024. Much like elsewhere, here too, blockchain stands to help secure transactions, facilitate better digital marketing endeavors, and so much more.
It is clear to see that any media and entertainment software is fortified with any of the various modern technologies on offer in the market. It includes the ones mentioned above, which would enable great change for both companies and the customers they seek to serve.
Created on Nov 13th 2020 12:40. Viewed 540 times.
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