Digital innovation is the need of the hour for businesses, regardless of the size, scale, and domain. However, the way you make the digital shift depends on the industry niche you belong to. Like all other industries, the entertainment landscape has witnessed immense change in 2020, with the evolving consumer expectations in the pandemic era.
People staying at home are relying greatly on streaming services for entertainment and businesses need to gear up to provide them top-notch experiences. It becomes important to be aware of all the latest technologies and trends that are making it big in the entertainment landscape. Here are the ones that are expected to drive innovation for the industry in 2021 and beyond.
As the pandemic is making people stay indoors, 2020 has become the year of video streaming and the trend is going to continue ahead as well. The future looks bright as trends indicate that the revenues from video streaming are all set to grow manifold by 2021. Rather than opting for conventional television viewing, consumers are switching to phone applications that offer more variety to them.
This growth of digital distribution is also creating big opportunities for the upcoming independent artists as they no longer need to rely on major labels to launch them in the industry. If you are running a business in this segment, video streaming is a service you shouldn’t miss out because it is a real crowd-puller.
When it comes to having the millennials and Gen-Z hooked on, you cannot ignore the significance of personalization. They would happily pay for your services if you personalize them to their tastes. Primarily, it is all about providing them relevant content recommendations that match their unique preferences.
This is possible only with sophisticated technologies such as Artificial Intelligence and Machine Learning because these are capable of understanding and predicting user behavior with accuracy. You will need to have a technology partner to implement the initiative and make your company future-ready with content personalization for your viewers.
Data privacy and security
As entertainment businesses gather user data to personalize their content experiences, the question of data privacy and security comes to the forefront for them. You cannot expect to collect the consumer data without adequate security measures in place because it can land you in trouble with regulatory authorities.
It is best to have a technology partner that can guide you with the implementation of a cybersecurity and compliance plan. Look for one that also provides reliable IT support you can reach out to in case of breach or incident. Data privacy and security is a tech trend you will need to take seriously because it is going to become all the more important in the future.
Ad-driven viewing experiences
One of the reasons for the growing popularity of mobile streaming is that it cuts down on the annoying in-content ads. Rather, the volume of consumable content is greater with streaming services, which has a positive impact on user retention. However, as big names in the global entertainment industry embrace video streaming, the scenario is going to change.
The trend of ad-supported content is expected to grow in 2021 and beyond. Ad-driven experiences once again greatly depend on user data as these involve showing targeted ads to the consumers, depending on their browsing history, preferences and behaviors. Platform owners will have to leverage structured data to deliver relevant ad interruptions between video streaming.
Augmented Reality and Virtual Reality
Apart from the technology trends on the demand side of entertainment, there will be some on the supply side as well. Basically, these are the ones that will bring innovation and creativity in content creation. AR and VR technologies, for example, are being used to deliver experience-driven entertainment to the consumers. These technologies combine virtual elements with real-world elements for compelling viewing experiences.
Content creators who use AR and VR are more likely to win on the consumer engagement front. The trend will grow even bigger as devices supporting these technologies become more pocket-friendly in the coming years. So it is important for media companies to get empowered with AR and VR applications right now.
The upcoming trends in the entertainment industry are big in terms of innovation. They would require some investment but not embracing these means that your business would fall far behind the competition. It makes sense to adopt them sooner rather than later so that you can stay one step ahead of the consumer expectations in the coming time. It is a worthwhile investment because it will enable your business to survive and thrive in the competitive landscape.