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Media and entertainment are experiencing a remarkable digital revolution, leading to a dramatic improvement in how it is represented on screen. Cyber Infrastructure Inc. is delighted to share with you its most important predictions regarding digital media trends for 2024, from video-sharing mobile apps and on-demand streaming television to OTT platforms content and artificial intelligence solutions.
MarketWatch Report projects that by 2030, the entertainment and media industry will reach approximately $6709.4 Billion with a compound annual growth rate estimated at 10.40 per cent. Entertainment and media is widely considered the premier industry in America.
The United States media and entertainment industry is worth an estimated 717 billion dollars, representing one-third of the global M&E market. Radio, books, games, advertisements, TV shows/movies/music, as well as related ancillary products/services, comprise this field; its growth despite COVID-19 has been impressive. Media trends continue to evolve.
Another data point reveals a shift towards personalized experiences within an industry undergoing rapid change: FIFA reported that over 1.12 billion people watched the France vs Croatia World Cup matchup in 2018. According to FIFA, 1.12 billion viewers tuned in in 2018.
People wear headphones everywhere, creating an environment in which content from any source, whether mobile phone or tablet, is easily accessible - encouraging mobile video consumption.
Tech Trends for the Media and Entertainment Industries You Should Keep an Eye On
Our team has studied media and entertainment trends that offer hope for post-pandemic recovery within this sector, along with vivid examples in each category.
1. Digital Media Trends: D2C Video Streaming
Since global locking's introduction, one of the latest trends in media has seen exponential growth. Users found they needed access to high-quality videos during this period. In the United States, this need led to a decrease in pay-per-view subscriptions while digital video consumption increased exponentially.
Over-the-top platforms (OTT) provide consumers with a wide range of choices, from Hulu, Netflix and Amazon Prime to others that provide cross-platform compatibility that modern consumers expect. Audiences today prefer watching videos on multiple devices and platforms simultaneously - this has led to streaming warfare as another result of modern society.
D2C marketing (Direct-to-Consumer Marketing) is an approach whereby companies promote and sell their products or services directly to their consumers, which allows for direct control over the marketing efforts of manufacturers. Here's how D2C streaming will change media and entertainment shortly.
Disney+ was an early pioneer of direct-to-consumer video streaming apps. Removing content from Netflix for direct sale through Disney+ became the standard, prompting other media companies to withdraw it as well - often at a significant financial cost to themselves.
An important question regarding digital entertainment subscriptions is viewers' willingness to pay for streaming apps like Netflix, Hulu, and Amazon Prime subscriptions. A study provides a response - 58% of US citizens hold multiple subscriptions to these major software solutions (Netflix, Hulu, and Amazon Prime).
Reorganizing content and providing it in multiple formats on a universal streaming platform would enable us to keep up with emerging trends. Roku offers pay-per-use packages for accessing music and game libraries.
Today, our company completed Sticks as well, keeping up with current trends. The stick is an ideal platform for gamers. Similar to Twitch but tailored for consumer use, Sticks places more focus on its social aspect by keeping in touch with broadcaster communities, creating posts, and organizing contests
2. Augmented and Virtual Reality
When discussing digital media trends, virtual and augmented reality must not be overlooked. Media and entertainment industries alike have adopted AR/VR technologies, strengthening relationships between content producers and viewers while immersing consumers into an environment in which virtual and real worlds blend seamlessly.
Cost reduction has made these technologies accessible over many years, and celebrities and musicians alike know their activities must maintain relationships with fans; yet even with COVID-19, it remains challenging to distribute new releases.
VR content can help musicians bridge the social distance between them and their fans who have been unable to attend live performances due to pandemic illness. Virtual and augmented reality technology makes connecting with their followers simpler than ever before.
Pokemon Go is an example of how these two trends come together seamlessly. Social networks see VR/AR content as offering mobility and affordability, whether live-streaming videos or story-based ones. Therefore, developing AR and VR entertainment software products has never been more crucial. VR/AR content must also be optimized so different devices can access them.
eSports Broadcasting Trends
E-sports broadcasting is the newest trend in television broadcasting. COVID-19, a global pandemic, had been an obstacle to fans attending their favorite matches at stadiums; this no longer poses an obstacle - digital trend media such as esports can provide the solution; these revenues were projected to surpass one billion dollars between 2021-2022 as media rights and sponsorships account for their largest share.
Legalized sports betting is another promising venture. 5G technology could become a significant source of profits as players place wagers on its networks.
The gaming content services market will also become a hub for cutting-edge augmented and virtual reality technologies, such as WinZO and Mobile Premier
League's significant investments in real money games like WinZO or Mobile Premier League's Real-Money Premier League as a great way to support software development efforts; the key to their success will be 5G technology.
4. Gaming Boost
While eSports and gaming are usually synonymous, now is an opportune moment to include a gaming boost in your list of digital media trends. When the pandemic in 2020 caused many sporting events to be canceled due to health risks, eSports emerged as an alternative solution that allowed people to watch their favorite matches without attending stadiums - providing people with a convenient alternative way to watch matches they love without leaving their house!
By 2021, this solution will be at the core of all gaming interests, tech innovation and enhanced user experiences. Gaming may follow similar development paths and plans as other digital tech innovations; the gaming industry specifically will likely revolutionize how we communicate.
This trend will only continue to expand, even in areas such as mental health sport applications. This development could have an enormous effect on all areas of web development, such as mobile app development, free social media apps and eCommerce.
Experts predict that digital media trends will become an increasing part of gaming experiences, such as betting and live events or non-gaming events aimed at gamers.
Recent research indicates that live in-game concerts make up the vast majority of in-person entertainment events, with 40% of users preferring these over other in-game activities, such as virtual simulations or film previews. This trend may help boost the gaming industry's growth.
Google Stadia, PlayStation Now, and Nvidia GeForce Now are three streaming video game services.
5. AI Trends
Artificial Intelligence has emerged as an exciting trend within the media sector, impacting television, visual effects (VFX), radio broadcasting and radio production. Utilizing artificial intelligence tools helps entertainment organizations organize and analyze unstructured data; artificial Intelligence, machine learning and natural language processing all work equally well to predict user engagement.
M&E organizations contain an enormous repository of unstructured digital data from users. Artificial Intelligence adds a human touch to mining and filling this digital information.
AI can quickly estimate and retrieve emotional changes, providing essential data that allows us to better understand media consumption trends and customer behavior. From here, customized recommendations on how to enhance content can be made.
Numerous streaming apps utilize AI technologies and machine learning algorithms to provide videos, audio podcasts and high-quality songs that their audiences will likely become fans of.
AI technology innovations enable companies to classify digital data according to its mutual features and then predict user engagement for increased monetization.
Spotify employs different AI solutions to make recommendations of new music that users will love; their rapid expansion and complexity of algorithms should only make this more accurate in time.
Here are a few advantages of tailoring content specifically to specific audiences.
Average content consumption on one platform has increased, making finding content relevant to different consumer groups much simpler and fostering customer loyalty more easily. As a result, subscriber retention rates have significantly increased since then.
Artificial Intelligence helps retail media organizations understand how entertainment impacts user emotions, thus protecting themselves from embarrassment or public relations crises.
6. Blockchain
When discussing media trends, blockchain is often the first technology that comes to mind. Most people associate it with cryptocurrency - but its application for media and entertainment could help simplify intellectual property rights in a straightforward manner.
Blockchain technology provides an ideal way to store and process massive amounts of digital information. It identifies authors of digital content to avoid issues with plagiarism or duplicate copy. Digital information stored within blockchains may also be difficult to alter once stored there.
Unavoidably, digital content has experienced rapid expansion. NFT stands for non-fungible tokens, which are rare digital products with premium pricing that create new customer loyalty models and foster further digital innovation. Examples of NFT content could be seen in William Shatner memorabilia or Nyan Cat figurines. At the same time, Jack Dorsey sent out his inaugural tweet using one.
Read More: Top 9 New Technology Trends for 2023
7. Music Streaming Services
There is an increasing selection of live streaming music apps and services on the market today, such as Spotify, Amazon Music and Apple Music - to name just three - offering access to unrestricted music access over mobile networks or the internet or directly onto your preferred device - typically for a monthly subscription fee.
Terex is an app designed for audio streaming services that allows artists to distribute music across major music platforms easily while monitoring records, platforms and revenues in one convenient place.
8. Sport and Mindfulness
People are shifting away from unhealthy behaviors towards healthier ones. Fitness apps have become an influential "meta-trend", such as Zwift and Peloton; garage gyms also feature Zwift/Peloton equipment, with Axe throwing becoming more prevalent as an increasingly popular activity. Fitness applications can serve multiple purposes.
2023 will see bike-packing become an increasingly mainstream activity, not that it was ever actually unfamiliar before! Fitness video-on-demand platforms such as Uscreen Basic, Memberspace and Teachable provide training videos, while users often choose Map My Run Fitness Buddy or JEFIT Workout Planning App as their gym app of choice.
Youper, Sober Time and Letgoh are among the best mental health apps. There are various kinds of software designed to promote our health; examples include mental health diagnostic apps, apps for mental well-being monitoring applications such as AI mental-health apps or monitoring applications - each has one goal in common: supporting our well-being.
9. Online Dating Services
The dating industry has experienced tremendous growth due to technological innovations and shifts in consumer attitudes. Mobile phone apps have revolutionized this sector of the market.
Market players have taken notice of consumers' increasing inclination toward digital services and comfort, offering features like GPS that allow users to locate potential partners nearby. One such app that caters specifically to couples is eHarmony; others include Tinder, Jdate and Hinge.
10. Mental Health Applications
Mental well-being is equally essential. That is why mental health apps play such an essential role, using various tools to overcome depression, anxiety and anger. Experts project that global investments in mobile mental health apps will reach an estimated $600 Million dollars by 2023.
Attractive apps include those that are both easily attainable and affordable, making it simple and accessible for people to add mental wellness apps into their daily life. Popular examples include MindShift and Just a Thought from IMoodJournal as well as Just Thought IMoodJournal, which allow users to communicate directly with experts for the professional assistance needed or use mental health journal apps as needed.
11. Popular Social Media Apps
TikTok stands a strong chance of becoming the dominant social network by 2022, with one billion monthly active users using this social media app. Consumers are spending more money through social media as 76% purchase products they see there, prompting businesses to spend massive advertising budgets across small networks.
The Hub is a tool designed to give creators recognition, support and money; brands can utilize this service to hire the ideal influencers for branded content creation.
12. Event Apps
Events will never be the same again, which is why it is critical that event technology is at the heart of your strategy.
Virtual platforms have increasingly replaced event venues due to social distance. Event applications, including virtual and hybrid event apps that serve similar functions as physical venues for hosting events, are making waves and are among the most successful ones out there.
Other tools in this category provide more focused solutions for event management, such as video-on-demand streaming solutions and sign-up procedures, with Eventmobi, Whova and Attendify being some of the more well-known event management apps.
13. Growth Of Ebooks
While customers still find paper books appealing, ebooks are just as popular or even more so. According to some predictions, sales of e-books are predicted to increase at a 7% average annual growth rate between 2020 and 2025. Media publishing solutions are on rise What does this entail for us as readers of books and other media? First off, there will be more books available than ever before. More books will be available to you more quickly and at a better price. People who love to read will no longer be constrained by the boundaries of location, from large individually owned bookstores on the corner to Amazon, Apple, and Kobo.
14. Event Safety Technologies for Individuals
Once security has been provided, people can get back to enjoying local entertainment like concerts, festivals, gigs and movies without worry about safety concerns; yet event organizers still must ensure safety is prioritized at each event - which tech solutions may provide.
Crowd Monitoring Technologies and Payment Methods that Employ Contactless Technology; Contactless Admissions and Temperature Measurement Devices.
Ordering meals and products remotely is now possible, providing event industry attendees with an enjoyable experience that brings back childhood memories and encourages fun times! These technological advancements bring people back together as a community.
15. Digital Data Privacy
Companies must adapt their strategies in line with changes to privacy laws and the decrease in digital data available for collection. It is crucial to implement privacy protection measures prior to regulations becoming in force.
Many businesses are gearing up to undergo a shift in their business models. Their primary concern will be protecting user privacy while customizing products using first-party data from trusted sources.
Media entertainment companies must respect users' rights when using digital data, including scripts and geo-location information, in a responsible way that complies with digital privacy regulations. Users must also be allowed access to their personal information when requested to meet this standard.
16. Content Personalization
There are numerous factors that affect consumer mood and preferences at any given time, but users should receive recommendations in a simple, user-friendly interface. Businesses must win and retain users by convincing them they will get impartial information; their tastes can change over time.
Customers should be encouraged to discover new content through recommendation systems, enriching their cultural lives. People searching for educational videos on demand might be drawn towards topics like science, history or literature that might pique their curiosity.
Personalized content examples include gamification, interactive quizzes and surveys, GPS-based maps, retargeted advertisements on social media platforms and personalized emails.
17. Advertisers on Over-The-Top Content
Over-the-top TV advertising is the next logical step for TV commercials and an emerging trend within video content.
Consumers prefer online video content over linear television because it enables them to watch their favorite films and shows without interruption every 10 minutes, making viewing much less irritating and, therefore, one of the main draws of platforms like Amazon Prime.
Adopting advertisement-supported content business models is one way of staying competitive, as most leading media and Custom entertainment solutions companies have come to appreciate; however, some lack either technology or experience required.
YouTube was the pioneer of this form of monetization, and users are willing to wait through YouTube ads in order to finish watching their favorite shows - contrary to popular belief that viewers of linear TV may switch channels in order to avoid their annoying commercials. Although successful video-sharing sites include YouTube, there are other examples as well that have proven themselves successful such as Vimeo or DailyMotion.
Netflix was among those to return in 2021 by adding 4.4 million subscribers worldwide, while HBO Max amassed 73.8 million worldwide subscribers. Many households are turning to live streaming apps that enable them to watch television on demand as the traditional broadcasting industry gradually declines. Vimeo, TikTok, Dtube, Facebook Watch and Vevo are other popular video-sharing applications.
People who value flexibility can turn to on-demand streaming, or OTT, as a convenient solution. No doubt, this has contributed to its immense popularity. Over-the-top content (OTT) is all about building interest in products or services by entertaining or solving problems for audiences.
As such, when developing a TV app for Smart TV, you should take OTT into consideration as part of its marketing plan; targeting content to users based on factors like their favorite shows or browsing history is one form of OTT promotion.
Media conglomerates and television studios can benefit from Over-The-Top (OTT). More viewers will see their advertising slots, while organizations searching for advertising opportunities with media conglomerates or studios will likely pay more - this trend of digital streaming will only intensify by 2024!
What Can Cyber Infrastructure Inc. Do For the Media and Entertainment Industries?
2022 was all about perseverance; 2023 may bring bold bets, content experimentation and shifting consumer preferences - thus prompting players in media and entertainment industries to be prepared to handle new concepts, stories and faces as well as upgrade or implement technologies covered here - along with any associated trends like VR/AR technology or any others that emerge. According to experts, this mustn't be underestimated either!
Cyber Infrastructure Inc. is a digital-transformation company dedicated to helping media and entertainment companies stay ahead of the competition by taking advantage of all available technologies. Our team capitalizes on opportunities presented by cloud, mobile, analytics and product development platforms - our research department conducts extensive analysis in search of solutions that improve client experiences while increasing business efficiency.
Our dedicated team can also create custom entertainment apps using cutting-edge technologies. Additionally, we specialize in agile development services and testing services and employ a DevOps approach for powerful software systems.
