With all we’ve seen in the world of media and entertainment lately, it’s clear that old forms are shifting and changes are constantly unfolding. The lines between TV, film, and gaming are getting blurred, and convergence seems to emerge as the dominant trend in the industry.
In the years ahead, companies can expect to deal with the growing costs of producing top content. Though generative AI may make things easier by streamlining the process of finding relevant content and releasing fresh bouts of innovation.
For the most part, the trends we see in the landscape of media and entertainment are traceable to the impact of younger generations who are mobile and more tech-savvy. Interestingly, they reshape the space through their prolific use of tools like social media, online gaming, and traditional television.
Find out what the top entertainment industry trends are, as compiled by our expert tech analyst, Kate Richardson, in this post.
Major Changes & Entertainment Industry Trends to Expect as Technology Shapes the Future
Below are some of the top trends to look out for in the media and entertainment industry:
A Surge in New Subscription Based Media, Beyond Netflix
As more players join the fray, the streaming battles are becoming increasingly intense. Niche platforms like Disney+ and Crunchyroll for anime are emerging with an extensive library of films and TV shows, fostering vibrant communities for anime chat and engagement.. And with volume predicted to reach US$196.5m by 2029, the market is getting competitive.
Podcasting Becomes All The Rage
In an interview with The Verge in 2017, Joe Rogan, who happens to be a popular comedian and podcaster said, “Podcasting is the most exciting thing that’s happened to the media in a long time.”
Thanks to its massive US audience (over 164 million people tune in every month), the format is drawing in high-quality shows and commercials. Networks like Spotify and Wondery, who have just acquired The Ringer, Anchor, and Gimlet Media prove that the market is expanding.
Easy Way for Fans to Support Creators
As a result of the growing trend of ad-blocking and cord-cutting, creators are seeking direct fan support on networks like Patreon. This enables them to make money off of their work without going through a middleman.
Many well-known artists are making headway with this model, and they’re leveraging it to deliver exclusive content to fans.
Economic Pressures on Media Consumption
As we take a look at recent technological trends in the entertainment industry, we find the economic strain on media consumption (which is fundamentally caused by inflation) to be one of the most important concerns. In recent times, rising living costs and prices are having an obvious effect on how users interact with the media generally.
According to Antenna, a fascinating trend emerged in Q3 2022: an unprecedented 32 million American consumers canceled their streaming service. This huge turnover may be an indication that customers are cutting back on services that were once considered luxuries due to the economic downturn.
The effect of inflation on leisure expenditure was further highlighted in a recent KPMG poll. Inflation has caused 20% of customers to cancel one or more video on demand services, according to the data. More telling perhaps is the fact that 37% of people said they would opt out if costs for other things kept going up. As a result, consumers are reevaluating their spending habits, and they are cutting back on optional entertainment costs.
The pressure isn’t only on streaming services, though. Everyone in the entertainment industry is getting ready for the effects of inflation, from movie theaters to live performances. We can expect a decline in discretionary entertainment expenses, like live tickets and movie tickets , as people grow less lavish with their spending.
The Rise of Immersive Experiences
Immersive experiences, which combine the physical and digital worlds to create more exciting and interactive settings, are clearly on the rise in the entertainment industry. More than just a fad, what we see and do in entertainment is changing drastically, and this is thanks to the following core technologies:
Augmented Reality (AR)
Augmented reality (AR) upgrades live views with some sprinkle of digital elements, typically through a smartphone’s camera. Snapchat lenses and the augmented reality game Pokémon Go are two perfect examples.
Virtual Reality (VR)
Virtual reality suggests an immersive experience that completely shuts out the real world. With the Oculus Rift,Google Cardboard and other similar technologies, anyone can step into several fictional and real settings.
Mixed Reality (MR)
As the name suggests, MR is a mix of both the AR elements and VR. An ideal example is Microsoft’s HoloLens.
Advancements in Esports Betting/ Better Competitive Gaming
As with many other sectors, sports betting has seen a dramatic change since the turn of the digital age. At the center of this shift is the rise of esports betting, which started off as a niche hobby but has already gone global.
Millions of people around the world are drawn to this trend, and that’s because it blends the thrill of sports betting with the intensity of competitive gaming. We see this clearly in MightyTip’s comprehensive review of 22Bet, which confirms that the gaming option provides 13 different titles for punters to bet on, plus a great selection of markets.
The Evolution of Movie Theaters
At its core, the evolution of movie theaters may be understood by observing the evolving patterns of blockbusters, release dates, and exhibitor strategies.
- Blockbusters: Several million viewers flock to the theaters to see blockbuster movies, particularly action or superhero flicks globally. These films bring in the most money at the box office. Both studios and cinemas are looking to maximize returns from these bestsellers by utilizing cutting-edge marketing techniques and making premium screenings available, like 4D or IMAX
- Release Schedules: These days, studios and cinemas are collaborating more to ensure that film screening schedules are handled efficiently. The goal is to maintain a consistent release calendar all year long, including both commercially successful films and more niche offerings that appeal to a wider audience. Even during non-peak times, this helps keep theatergoers interested and the seats filled.
- Exhibitor Strategies: The owners of movie theaters are always looking for new ways to improve the experience for their customers, and it’s not just about the screen. They are improving the visual appeal of their venues, providing gourmet food and drink options, and renovating the seating to make it more comfortable. Plus, loyalty programs are featuring perks that make customers want to return and get involved.
As new technologies emerge and customer tastes change, the entertainment industry continues to evolve at a very fast pace. Things have evolved exponentially in the past few years when it comes to how we consume content from movies to music to games, down to live events.
Looking ahead, it’s easy to see that digital entertainment will undergo more exciting and unexpected transformations. In the words of Actor & Environmentalist, Robert Redford, “the future of entertainment is likely to be a fusion of cinema, theater, and digital technology. It’s gonna be a real exciting time because the technology is becoming so sophisticated.”