Since COVID-19, the way we consume online content from different media and entertainment sources has evolved drastically. All it takes is an internet connection and one swift touch, and you have innumerable options to surf through.
Due to the pandemic induced lockdown, not only youngsters but even middle-aged and senior citizens are engaged in entertainment programs, web series, movies, films, etc. There has been a paradigm shift in the media consumption and production scenario in India.
Last year, a digital media trends survey of 2000 plus people in the USA revealed that 69% of the consumers had subscribed to at least one online video streaming service. An average American is already spending 12 hours a day on various media platforms. It won’t take long for this trend to become common amongst Indians.
Thanks to content creators, they are helping or rather aiding people to stay indoors. Increased screen timing is becoming a pressing issue, but with limited options, people are easily getting hooked to their devices consuming various types of content to spend their time.
Behind the scenes, the increased consumption of online content has triggered a rise in technological advancement and the study of consumer behaviour, likes and dislikes.
The media and entertainment sector was amongst the few that succeeded at harnessing the various benefits of technology. Therefore, we need to understand various trends that will shape the future of the media and entertainment industry.
- New Ways of Distribution
Democratization of technology and the internet, the proliferation of smartphones and tablets has caused a shift in the demands and expectations of media and content consumers. There is an astounding variety of digital services available in the common market.
- Video on Demand (VoD)
According to statistics, the VoD market is expected to grow globally at a CAGR of 8.3% by 2021. Subscription-based online streaming services such as Disney+, Netflix, Amazon Prime Video and Hulu are amongst the consumers’ favorites.
With mobile penetration rising amongst millennials, media companies are most eager to tap into this market.
- Live Streaming
Streaming is becoming the most engaging way to deliver content. Therefore, brands and media platforms are now leveraging live streaming to reach out to the masses.
Brands routinely go on social media platforms to engage their followers by organizing Q&As, live polls, quizzes, games, etc.
- Intelligent Media
In the case of traditional media, preference and popularity were calculated by measuring TRP (Television Rating Points). However, with the rise in VoD platforms, they have hacked the way to track and map consumer behaviors. By using data analytics on each individual’s viewing session, crafting a personalized user profile has never been easier.
- Contextual Media
Advertisers have figured out that context and content is the way to flaunt their brands around. Hence, advertisers are selected and served based on the intelligence of automated systems.
It’s no secret that the advertising industry is flourishing and dominating all aspects of media. Behind closely guarded algorithms triggering targeted advertising, users have never seen the extent of personalized ads until now.
Different types of advertisements like pre-rolls, in-stream and post-rolls have helped distributors in increasing monetization effectively.
New technologies like Dynamic Ad Insertion are also capable to display ads on the user’s demand. This is going to develop a win-win situation for both parties.
- Consumer Engagement via New Media
In the age of diminishing attention spans, Augmented Reality (AR) and Virtual Reality (VR) are creating seismic shifts in engaging consumers.
Though these technologies have been around for quite a while now, the continuous evolution still hasn’t worn off. When used as communication tools, they have the potential to generate an otherworldly experience for the user.
For instance, with the help of VR, music enthusiasts are live-streaming their concerts so the attendees from any part of the world can experience the aura of the concert.
These new cutting-edge technologies will lead marketing strategies in the future.
It is important to note that the competition in the media and entertainment industry is going to be intense. With the advancement in technology and more people willing to invest in this industry, OTT platforms, advertising, gaming and various other sectors are going to expand exponentially in the future and will pave way for new business and marketing models.
To cater to the ever-changing consumer demands, the media industry is gearing up by leveraging the full potential of data analytics and analyzing consumer behavior and preferences to successfully make their mark in the industry.