Top 5 Trends to watch in media and entertainment technology
Media and entertainment are one of the country’s most significant industries. During the Covid era, other industries suffered setbacks while the media and entertainment business thrived. Many sector participants saw additional development as a result of platform accessibility and time availability. The market began innovating and depending on new-age technologies to assure audience engagement with analytics in hand and technology to respond to the wants of the audience.
At the moment, the situation is such that we are returning to normalcy. Our attempts to stay afloat and flourish are unwavering. Having a competitive advantage and being technologically savvy are now prerequisites for staying ahead of the curve. According to IBEF projections, the Indian media and entertainment market will be worth $100 billion by 2030. It is currently on the verge of expansion and development. The key elements driving the industry’s growth are increased client demand and rising advertising income. As the market expands, it will encounter a variety of technological developments. Let’s take a closer look at five of them:
- OTT platforms are being taken over by artificial intelligence.
A wide range of information is available online, and VoD has grown steadily over the last two years. According to Business Fortune Insights, the global market for VoD was worth USD 69.55 billion in 2021 and is predicted to expand at a CAGR of 17.6% by 2029. The use of technology in the entertainment sector is making it easier to reach out to audiences with their favourite material.
The audience may discover new series and movies thanks to AI-powered platform suggestions. Furthermore, automation creates snippets for specific topics that visitors may be interested in. What’s interesting is that audiences are increasingly using speech to communicate with OTT services. As a result, media businesses are concentrating on developing more accurate speech recognition algorithms.
- NFTs are on the increase
The security of their unique material is why artists are turning to blockchain technology-backed NFTs. Because nothing on the digital ledger can be replicated, it provides the author with a sense of security. Customers can acquire NFTs offered on marketplaces in the form of music, paintings, or any other digital item to possess individually. Artists may create intimate bonds with their followers while also profiting handsomely from the platforms by selling digital memorabilia.
These digital assets can also be exchanged since they were primarily held by a well-known figure, providing market legitimacy and demand. NFTs may also be used as concert tickets and sold at an auction by musicians. The intelligent contract assures that the key is not counterfeit and that it is delivered to the customer digitally.
- Growth of the Creator Economy
Influencer culture is sweeping throughout the media and entertainment industries. Platforms are becoming increasingly specialized and community-oriented. Influencers use community-friendly content to interact with their subscribers or followers on a more personal level.
Until today, content providers relied primarily on sponsorship, viewership, and premium memberships to monetize their work. Audiences, on the other hand, are increasingly willing to circumvent these channels and interact directly with the producers. It’s a fantastic indicator that artists are becoming more open about their personal lives and that audiences are curious about what their influences are up to.
As the world moves toward Web 3.0, new social media platforms are predicted to emerge in the future that is more approachable and focused on engaging the audience on a more personal level.
- An innovative approach to cloud gaming
According to Statista’s study, income from the gaming business will reach $268.8 billion by 2025. It goes on to say that in order to provide gamers with unique experiences, newer items are being brought to the market. According to Statista, there are around 3.4 billion gamers worldwide.
However, not everyone has the necessary hardware to play games with high-resolution graphics. Cloud gaming will fix this problem because it allows gamers to play from a distance through data centres. The only requirements for establishing an interaction are a primary PC and an internet connection. In the future, cloud gaming systems will use their Virtual Reality and Augmented Reality capabilities to enhance game experiences.
- Podcasting for a global audience
Podcasting is becoming more of a professional business model than a pastime. Popular media businesses are also adopting podcasting as a marketing strategy. This cutting-edge solution uses the power of audio material in the form of interviews to help spread the word. and that, too, with only the most basic requirements. Customers today expect ad-free entertainment content.
Due to screen fatigue, they also favour audio-based formats. Podcasts, with their innovative approach, proved to be an appropriate solution in this situation, allowing companies and influencers to create ties with their listeners in order to cater to sponsorships and brand recognition.
The main reason podcasts are gaining popularity in the media is the simplicity with which they can be accessed and downloaded on consumer devices at a minimal cost. According to Grand View Research, the podcasting sector will increase at a rate of 31% per year through 2028. This indicates that it will be simpler for creators to reach their audience through platforms or individually.
- The digital revolution is opening the road for the Indian M&E business to develop
The media and entertainment industries are inching closer to their target audiences’ living rooms. Gone are the days when platforms had complete control over their artists’ material. Influencers now have an opportunity to work freely, be acknowledged, and communicate closely with their following, thanks to technological advancements. In the wake of technology breakthroughs, the Indian media and entertainment business is rapidly expanding and appears to have a bright future.
