Entertainment and Media industry has long been the harbinger of high profits harvesting good results for anyone who has managed to provide satisfactory services to the customers. Today, we are in a rapidly evolving media ecosystem that is experiencing a unison--a wave of technological sanctity driven by growing capabilities and radical expectations.
Media & Entertainment industry consumers do not want-size-fits all experience or packages, which have been fixed already by the publishing editors or network providers. The need of the hour is personalization. With mobile internet connectivity largely available across the globe today, the target audience has increased exponentially for the service providers. This has led to not just ‘increase in demand’, but an increase in demand with more personalization.
The global mobile data traffic has shot up to 19.01 exabytes per month from last year. This data traffic is expected to rise at 77.49 exabytes per month by the end of 2022. That is what exponential growth looks like.
Source: Statista
Add to that, the advent of next generation technology like Artificial Intelligence, Internet of Things, Big Data etc, the race to provide the most uncommon and peerless solutions just got tough. According to a research conducted by PWC, there are 8 of the most essential technologies, that should be embraced by every organization to construct their future strategies and not just be limited to entertainment technology solutions.
Source: PWC
These are and will be some of the key drivers in the entertainment and media industry when we think about the future.
The rise of digital music
Previously, our source of music was limited to buying digitally burnt CDs, Audio Cassettes etc. Back then we had to purchase individual CDs for every new album or song we liked. Music on-demand had a different definition back then. Today, with the rise of digitally streamed music, the job has become quite easier for both the consumers as well as the producers.
The same research by PWC states that, ‘overall digital music downloading revenue has declined and has been taken over by digital music streaming revenue.’ And, according to their prediction, the revenue from digitally streamed music will increase extensively.
Source: PWC
Big Data Analytics and Insights
The business capabilities and running models have also experienced a rapid change. As the consumer base, and eventually demand increases, it is quite evident that data analytics will be the need of the hour in entertainment and media industry. Companies are formulating new ways to integrate big data analytics into their business models.
As an example, a Norwegian media company, Schibsted, developed a prediction model to determine how likely it is that an ad-supported user can be converted to a subscriber.
In the coming years, more and more companies are likely to apply predictive and prescriptive analytics to churn out more sophisticated entertainment technology solutions.
The bigger role of Blockchain
Blockchain will enable and stir the unknown recesses of entertainment and media industry, previously ignored or unknown to the world. A blockchain driven concept can help companies keep track of content assets, establish certainty and accountability, and most importantly avoid contractual disputes.
It can also bring benefits in the areas of crowdfunding, digital advertising, royalty tracking and collection etc. Many websites have already started harnessing the potential of blockchain. Voise, a blockchain-based music streaming website, is a decentralized platform developed for consumers and music producers.
Similarly, there are tons of website today who have established their business by channelizing the power of blockchain. One can easily remote work web developer and a blockchain developer and have decentralized website up and running in no time.
Conclusion
To state it bluntly: there is no guarantee of success, not just in the entertainment and media industry, but in any industry that caters to a global audience. There is no single path that can lead you to a strong workable future. The only reasonable way to survive in this market is to constantly evolve and adapt with the rise in demands and providing solutions that resonate with futuristic technologies.
Global Entertainment & Media Market Research Report: Information By Type (Wired and Wireless), Application (Books & Magazine, Films & Theatrical, Social Media, Music, Animation, Video Games, Outdoor Advertising, Radio & Broadcasting, Amusement Park/Facilities, Sports, Toys and Arts) and Region (North America, Europe, Asia-Pacific and Rest of the World: Middle East & Africa and South America) - Forecast till 2030Market OverviewGlobal Entertainment and Media Market generated a revenue of USD 2,133.4 Billion in 2019 and is expected to reach a market value of USD 5,099.2 Billion by 2030, growing at an 8.6% CAGR.The increasing popularity of video games and e-sports and the increasing penetration of smartphones are major factors driving the market growth of media and entertainment.
However, piracy is the major restraining factor for the market.
On the other hand, the development of 5G technology is expected to create a lucrative growth opportunity for the players operating in the global market.Segmental AnalysisGlobal Entertainment and Media Market has been segmented based on Type, Application, and Region.By type, the global entertainment and media market has been segmented into books & magazines, films & theatrical, social media, music, animation, video games, outdoor advertising, radio & broadcasting, amusement park/facilities, sports, toys, and arts.
In 2019, the radio and broadcasting segment accounted for the largest market share; it is expected to register a 10.1% CAGR during the forecast period.Based on type, the global entertainment and media market is segmented into wired and wireless.
In 2019, the wired segment accounted for the larger market share; it is expected to register a 5.4% CAGR during the forecast period.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/7773Competitive AnalysisThe key players operating in the global entertainment and media market are News Corporation (US), Advance (US), iHeartMedia Inc. (US), Discovery Inc. (US), Warner Media LLC (US), Verizon (US), Alphabet (US), Disney (US), Baidu Inc. (China), Grupo Globo (Brazil), Comcast Corporation (US), Factbook Inc. (US), Bertelsmann SE & Co. KGaA (Germany), Viacom (US), Hasbro (US), and Mattel (US).Regional AnalysisThe geographic analysis of the Entertainment and Media Market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world.North America is the major region in terms of market share in the entertainment and media market.
North America is expected to witness higher demand for video games, online video streaming services, and books and magazines in the coming years.
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As per various reports, Philippines largest entertainment and media group, ABS-CBN Corporation, has quite recently secured all the necessary rights over its Intellectual Property (IP) work,https://www.kashishworld.com/blog/media-entertainment-group-abs-cbn-secures-the-necessary-rights-over-ip-work/
