The entertainment industry is evolving at an unprecedented rate globally. Coupled with growth, the challenges faced by this industry are also increasing due to factors such as increased pressure to enhance the customer experience. Moreover, the shift in customers’ demand for personalization is putting constant pressure on entertainment companies to drive innovation and embrace new technologies. These are the reasons 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. Keeping track of these trends will help entertainment companies drive profitability and improve the consumer experience.
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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 customer habits. It will also make the process of content creation more efficient for entertainment companies who 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.
Influence of Virtual and Augmented Reality
Virtual and augmented reality are captivating the attention of entertainment industry customers like never before, having made it possible for them to interact directly with brands. On registering with many applications, for instance, users get points that can be redeemed in the next subscription cycle. This also helps in improving customer 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 and enable them to remove middlemen from the distribution channel, offering 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.
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