Between the pandemic-led technological and behavioral changes, the Media and Entertainment (M&E) industry skyrocketed despite economic collapse. Digitization and the desire for in-house entertainment during the forced lockdowns changed how the general population consumes content.
Entertainment is becoming increasingly on-demand, personalized, and immersive. The younger generation is more interested in live streams and custom playlists than the customary entertainment channels because the industry is pitching to adapt to the changed environment.
Latest trends in the M&E industry
Changing customer expectations and needing to stay competitive are pushing the M&E space toward the latest trends and ideas. The major drivers of the latest media and entertainment trends are as follows:
User choice of Gen Zs and the millennials
- Content monetization options
- Delivery rate
The top media and entertainment trends of 2023 and beyond are:
- Direct-to-consumer (D2C) model.
The ongoing rage in the media and entertainment industry about the D2C model is here to make it a permanent mark. It has the sharpness over standard broadcast services in content personalization and crowd involvement.
D2C services run on customer reliability through content-rich platforms and demand-based streaming choices while creating revenue-generation gateways for providers via ads and subscriptions. All the sectors across the M&E industry have started enhancing their D2C presence in 2023. They shall continue to do it and affiliate directly with their fanbase.
- Live streaming
Live streaming with OTT platforms, social media, and YouTube has gained popularity with the rise in mobile, laptop, iPad, and internet users. All social media platforms have a unified live-streaming feature.
- Streaming services
Even though OTT platforms have earned massive success over the years, they require multiple subscriptions and switching platforms for different content. As a result, users naturally look for easier and pocket-friendly options, which are their one-stop for all kinds of content. In response, D2C service givers are gearing up to provide bundled streaming services at lower prices.
- Influencer society and their reach.
Influencer culture piqued its popularity among audiences, with platforms becoming sceptical and community-driven. Social Media influencers play a huge marketing role in today’s world. They help to give the audience a raw and unfiltered opinion and experience. The public’s growing interest in social media has given rise to influencers blurring the lines between ‘celebrities’ and commoners; social media has user-friendly video applications, which also give an advantage and attract people from all age groups to this media and entertainment industry.
- Demand for short videos.
Video-on-demand and other streaming platforms have filled the demand for short and simple videos in the education and entertainment industry. After all, While films and shows remain popular, the reduced attention spans and the craving for ‘anytime, anywhere’ entertainment has given rise to a vast market for short, edited content to fit small viewing windows.
- Cloud gaming.
Cloud technology equalizes the gaming industry by cutting expenditure and excluding platform barriers. The arrival of 5G and innovative streaming technologies will induce cloud gaming platforms, allowing users to stream premium graphic games on portable devices without spending much money on expensive hardware.
Blockchain usage for content management is a next-generation trend in the media and entertainment industry. With its circulated ledger technology, blockchain can safeguard intellectual property rights, which reduces the chances of piracy and plagiarism. It can rationalize and facilitate micropayment and unit royalty and support node-to-node content reach.
- Data, AI(Artificial Intelligence), and automation
Commercializing data for perceptions, AI for content creation and management, and automation for streamlining workflows is necessary for future media and entertainment industry trends.
The importance of digital technologies in the M&E industry is:
- Content optimization through trend analysis
- Gauging audience engagement and disengagement levels
- Media stream scheduling
- Targeted advertising
- Audio annotation for voice services