Trends in shaping the future of media and entertainment industry.
Three things made headlines in the entertainment industry this year –increased demand for video games, increased streaming contents online and hyper-targeted content and advertising. These rending developments are designed to transform the media and entertainment industry this as reported by the vice chairman and US media and entertainment leader –Kevin Westcott. The entertainment and media industry aspires to have projects generating revenue of up to $792.3 million by 2022. Businesswise, the entertainment industry sector is navigating through digital disruption first, and its transformation is far from over.
It goes without that saying today we go digital rather than printing, video games instead of sports, wireless instead of fixed internet access and OTT instead of pay-tv. Traditional and social media is concealing. Below are entertainment industry trends highlights which are also expected to continue shaping the media and entertainment landscape.
Fastest-generating income fragment.
We have experienced changes during the past five years –from 2017 to 2022. Some of these changes include virtual reality (VR), over the top video (OTT), as well as the constant growing internet advertising. These changes are the top revenue generators not only within the media and entertainment industry nut to the economy as a whole. For an instant, the virtual reality market is quickly and steadily transforming into entertainment as well as a productivity platform. In fact, outlets such as USA Today, The New York Times and The Washington post are on board the virtual reality journalism trend. To be precise, virtual reality generated $1.5 billion in 2017 for the U.S. On other news over-the-top video is reported to have created total revenue of $20.1 billion for the U.S in 2017. PwC predicts that such growth rates might begin to slow down as the markets continue to mature.
Converging deals throughout the industry
For instance, TV companies, social media networks, and streaming services are now contending over both popular e-sports and e-sports rights. While on the other hand TV companies OTT operators, movie studios, telecoms as well as tech companies are competing over who will provide radio and podcast contents.
The fact is, convergence is that of geographies, access and it will continue to be a lot of media and entertainment while transactions are looking to consolidate content.
5G To Evolve What Content Is
Telecom operators are the most affected by the introduction of the 5G wireless networks. Nevertheless, it has changed and facilitated possibilities in regards to faster broadband experiences. Let us envision T-mobiles recent acquisition, the video broadband startup layer3, will empower it to launch an Internet-delivered television service across the U.S of course powered by the 5G wireless network.
First, there will be a drive towards impulse consumption once 5G wireless networks come to culmination since Sprint has already made access to Hulu which is made available in some of its packages. Additionally, 5G wireless networks are developing alongside unending developments in synthetic intelligence, the evolution of virtual and augmented reality, location-based services as well as the worldwide rollout Of IoT devices. From my perspective, I believe the opportunities whether to innovate in the next five years or not –and beyond –are superficially endless.