Technology is one of the key entertainment industry trends that has massively disrupted this sector, opening up new opportunities, media trends, and creating new revenue models for the players in the entertainment industry. The way people consume media and entertainment has drastically changed over the past decade. Gone are the days when the audience was forced to watch what the entertainment channels decided to broadcast. Thanks to the advent of such entertainment industry trends, today’s customers have the power to choose what they want on-demand, anytime, and anywhere at their convenience.
This trend is highly prevalent among millennials, who spend the majority of their time streaming videos online or downloading them rather than watching it on the television. Netflix and Amazon prime have typically become a mini-home theatre for the audience. Interestingly, technology isn’t the only factor that is driving the entertainment industry trends today, here are some of the other factors that are driving the growth and changes in the entertainment industry:
Top 3 Entertainment Industry Trends
To Invest in VR or Not?
VR technology has undoubtedly been revolutionary. Over the past few years, VR had topped the list of the most popular entertainment industry trends. VR technology also has several proven benefits in other industries such as healthcare, manufacturing, construction, etc. So, without a doubt, this technology is here to stay. However, this technique has not been entirely successful in being used to its full potential in the media and entertainment industry. But that does not stop players in the media industry from experimenting with VR in their programs. Though several media barons have promised to implement VR into their broadcasts, what needs to be kept in mind is that unless the audience is given content that they crave, they cannot be expected to make investments in such technology. So for the media companies planning to bet on VR in 2018, hold your horses and don’t bet on it to drive revenues for your business anytime soon because being a new technology, it’s safety risks haven’t been thoroughly researched yet.
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Targeting the Fans
Platforms such as Netflix have made it easier for players in the industry to identify and remarket content to the audience. By keeping such entertainment industry trends in mind, platforms such as Spotify are using their user engagement data to help artists know who is listening to their music and giving them an opportunity to take the “fan club” to the next level. Artists can identify who their top listeners are and engage them in exclusives, promoting merchandise, local tours, etc. Several brands are using the strategy of targeting their top followers and directing promotional activities at them. It is a method of rewarding your fans for their behavior, displaying brand love, and also for evoking authentic responses. But what entertainment industry players need to be careful of is what they endorse online to avoid any negative publicity in the future.
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Bringing Festivals Home
Music festivals are a significant way of minting money for businesses today. With die-hard fans around the world ready to shell out a massive amount of money to get a glimpse of their favorite musicians LIVE, this entertainment industry trend is not going to die down anytime soon. This is one of the main reasons why investors and media companies are trying to leverage technologies such as VR to give customers the LIVE experience of a music concert in the comfort of their homes. Fans who have missed out on the tickets and the music festival organizers can equally benefit from such initiatives.