Top 3 Trends Altering the Dynamics of the Media and Entertainment Business

by The Scalers Offshore Development Teams In India

After the pandemic slumps, the media and entertainment business is set to rebound. The industry is projected to grow by more than a quarter by 2025, says the report from the global consulting firm PwC. Heading to another year, M&E industry leaders should consider strategic opportunities to recover from the COVID-19 crisis and position themselves to thrive in the future. What will the M&E business do next? Here are three trends you should be expecting.

1. Connectivity Driving Growth

Internet access is a basic utility across the world and is the driving force behind innovation. With so many consumers stuck at home during the pandemic, the surge in streamed content resulted in some internet service providers reporting a 60% spike in data usage, and an overall figure of 30% more data consumed. With smartphone connections continuing to grow, an increasing number of consumers are investing in fixed broadband internet connections in the coming years. The overall data consumption projections are a whopping 26.9% growth per year, meaning that upgraded infrastructure is likely to move from desirable to vital.

2. Reimagining Live Experience

The global pandemic hit live and in-person entertainment experiences significantly. Workarounds such as drive-in concerts provided some semblance of the experience, but there is a widespread expectation that the need for live events will rebound strongly. Humans crave physical, shared experiences and the media and entertainment business is prepared to do the needed work to make it a reality. The pandemic opened the door to creating events that are available to a larger and diverse audience, laying the groundwork for long-needed updates to conventional formats.

3. The Dominance of Ad-Free Viewing Experiences

People today prefer OTT platforms because they offer an ad-free experience. The amount of consumable content increased and made retaining users easier. With top entertainment firms turning to video streaming, ad-supported content is forecasted to come back soon. This is because of the difficulty of keeping subscription fees competitive. Ad-supported videos are popular in markets. The OTT platforms are collecting and filtering every bit of data to provide ‘not annoying’ ads.

Source: https://thescalers.com/top-digital-trends-shaping-the-future-of-media-and-entertainment/