Entertainment Industry Trends: What’s in Store for 2020?
The entertainment industry is evolving at an unprecedented rate globally. However, this industry is facing several challenges due to factors such as increased pressure to improve the consumer experience. Moreover, the shift in the consumer demand for personalization is putting constant pressure on entertainment companies to drive innovation and embrace new technologies. This is the [...]
The entertainment industry is evolving at an unprecedented rate globally. However, this industry is facing several challenges due to factors such as increased pressure to improve the consumer experience. Moreover, the shift in the consumer demand for personalization is putting constant pressure on entertainment companies to drive innovation and embrace new technologies. This is the reason why companies need to keep a closer watch on the latest entertainment industry trends to withstand contingencies and capitalize on new opportunities at the right time. In this article, we have curated a list of entertainment industry trends that are going to impact the business operations of entertainment companies in 2020. Also, keeping track of these trends will help entertainment companies to drive profitability and improve the consumer experience.
Entertainment Industry Trends 2020
Growing popularity of artificial intelligence
Like many other industries, the entertainment industry is poised to witness a major transformation due to the advent of new technologies such as artificial intelligence and virtual reality.. With the help of artificial intelligence, companies in the entertainment industry will be able to make personalized recommendations based on consumer habits. Also, it will make the process of content creation more efficient for entertainment companies. Furthermore, by using artificial intelligence, companies in the media and entertainment industry will be able to quickly create new ads and movie trailers. Additionally, this will help in streamlining pre- and post-production processes, making all steps more cohesive and less resource consuming.
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Influence of virtual and augmented reality
Virtual and augmented reality is one of the entertainment industry trends that is already captivating the attention of consumers. Virtual and augmented reality has made it possible for consumers to interact with brands. For example, on registering with many applications, users get points that can be redeemed in the next subscription cycle. This also helps in improving consumer engagement and boosts the commercial success of companies in the entertainment industry.
Booming blockchain technology
This is one of the trends that can radically change the entertainment industry. Blockchain is one of the emerging entertainment industry trends because it can help companies that are financially robbed by distributors and labels. With the help of blockchain technology middlemen can be removed from the distribution channel and can offer a more equitable system for creators, producers as well as consumers. Furthermore, it can help in bringing in decentralization and efficiency to the entertainment landscape.
Learn more about the entertainment industry trends and technologies that are going to impact your business in 2020.