Media and Entertainment
Top media and entertainment trends to look out for in the future
Amid the pandemic-led technological and behavioural changes, the Media and Entertainment (M&E) industry boomed despite a slump in the economy. Digitisation and the craving for in-house entertainment during the forced lockdowns changed how we consume content.
Entertainment is becoming increasingly on-demand, personalised, and immersive. The younger generation is fast moving away from legacy entertainment channels towards live streams and custom playlists, and the industry is gearing up to adapt to the changed environment.
Latest trends in the M&E industry
Changing customer expectations and the need to stay competitive are pushing the M&E space towards newer trends and innovations. The primary drivers of the latest media and entertainment trends are:
- User preferences of Gen Zs and the millennials
- Content monetisation opportunities
- Delivery speed
Here are the top media and entertainment trends to look out for in 2023 and beyond:
Direct-to-consumer (D2C) model
A current trend in the media and entertainment industry, the D2C model is here to stay. It has the edge over standard broadcast services in content personalisation and audience engagement.
D2C services drive customer loyalty through content-rich platforms and on-demand streaming options while creating revenue-generation opportunities for providers through ads and subscriptions. In 2023 and beyond, all sectors across the M&E industry will strengthen their D2C presence and engage directly with their fanbases.
Live streaming is projected to be at the heart of M&E in the future. The global live-streaming industry, currently valued at $1.49 billion, is expected to grow at a CAGR of 21.2%, reaching $3.21 billion by 2027.
Live streaming through OTT platforms, social media, and YouTube is becoming popular with the increase in mobile devices and internet users. All social media platforms have an integrated live-streaming feature.
Viewers love live streams as they enable them to access niche content in real-time and from any device. On the other hand, content creators are looking to leverage the interactive features of live streaming to enhance customer engagement and loyalty.
Bundled streaming services
Although OTT platforms are hugely popular, they entail multiple subscriptions and toggling between platforms for varied content. Customers are now looking for more seamless and cost-effective solutions with clustered offerings. In response, D2C service providers are gearing up to offer bundled streaming services at lower rates compared to à la carte buying.
With platforms becoming agnostic and community-driven, influencer culture is gaining widespread popularity among audiences. Influencers connect deeply with their fanbases with unfiltered videos and original content.
A growing interest in social media, blurring lines between ‘celebrities’ and commoners, and easy-to-use video applications are the key drivers of this media and entertainment trend.
Video-on-demand (VoD) apps and streaming platforms have whetted the appetite for bite-sized videos in education and entertainment. While films and shows remain popular, diminishing attention spans and the craving for ‘anytime, anywhere’ entertainment has created a huge market for short, tailored content to fit small viewing windows.
Cloud technology is democratising the gaming sector by reducing costs and eliminating platform barriers. The advent of 5G and cutting-edge streaming technologies will spawn cloud gaming platforms, allowing users to stream high-end graphic games on portable devices without investing in expensive hardware.
This trend will also benefit game creators, publishers, and platform owners by creating revenue-generation opportunities through the cloud.
Esports, a popular offshoot of gaming, is also among the latest media and entertainment trends.
Blockchain usage for content management is a pathbreaking trend in the media and entertainment industry. With its distributed ledger technology, blockchain can safeguard intellectual property rights, thereby reducing piracy and plagiarism. It can also streamline royalty payments, enable micropayment, and support peer-to-peer content distribution.
Data, AI, and automation
Leveraging data for insights, AI for content creation and management, and automation for streamlining workflows will be important media and entertainment industry trends in the future. Some use cases of digital technologies in the M&E industry are:
- Content optimisation through trend analysis
- Gauging audience engagement and disengagement levels
- Media stream scheduling
- Targeted advertising
- Audio annotation for voice services
In conclusion, the M&E industry is on the cusp of a digital transformation. The emerging trends in media and entertainment point to a brighter future with customised digital offerings and more immersive experiences.
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How can Infosys BPM help?
A consumer-driven marketplace, the proliferation of new technologies, and the convergence of telecom, television, and the internet have created unmanageable disruptions for M&E enterprises. Our digital BPM offerings can help you to modernize generation, transmission, distribution, and customer networks. Know more about media process outsourcing.