September 24, 2022
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5 biggest media and entertainment technology trends to watch out for

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The media and entertainment industry has been one of the important sectors of the country. While other segments faced disruptions during the Covid era, the media and entertainment industry boomed. Due to the accessibility of the platforms and availability of time, many industry players observed incremental growth. With analytics in hand and technology to cater to the needs of the audience, the market started innovating and relying on new-age technologies to ensure audience engagement.

Currently, the scenario is such that we are resuming normalcy. Our efforts to sustain and grow are consistent. Having a competitive edge and being tech-advanced is now a necessity to stay ahead of the curve. According to IBEF’s reports, the Indian media and entertainment industry is projected to touch $100 billion by 2030. It is presently on the cusp of growth and development. The rising customer demand and the increasing ad revenues are the primary factors contributing to the growth of the industry. As the market is growing, it will experience various tech trends along its pathway. Let us dive into five of these in length-

AI taking hold of OTT platforms

A wide variety of content is available online and VoD has experienced an incremental growth in the past two years. According to a report by Business Fortune Insights, the global market size of VoD in 2021 was USD 69.55 billion and is expected to grow by a CAGR of 17.6% by 2029. Technology usage in the entertainment industry is easing the process of reaching the viewers with their favorite content. It is due to the recommendations by the platforms enabled by AI that the audience is able to discover new shows and movies. In addition to that, automation also generates snippets for a particular content the viewers might be interested in.

What’s noteworthy is that voice is becoming a preference for the audience to interact with the OTT platforms. And due to this very reason, media companies are also focusing on creating more accurate voice recognition systems.

NFTs on a rise

The reason artists are approaching blockchain technology-backed NFTs is the protection of their unique content. As anything on the digital ledger cannot be duplicated, it gives a sense of security to the creator. NFTs listed on the marketplaces in the form of music, painting, or any digital asset directly can be purchased directly by customers to own them uniquely. This way the artists build a close relationship with their fans and also earn a hefty income from the platforms by selling digital collectibles. These digital assets can further be traded as they were primarily owned by a famous personality supplying credibility and demand in the market. Also, NFTs can be used as concert tickets and auctioned by the artists. The smart contract ensures that the ticket isn’t faked and is sent digitally to the buyer.

Improvement of Creator economy

Influencer culture is hitting the media and entertainment industry on a wide scale. Platforms are becoming more niche-based and community-driven. In general, influencers connect on a closer level with their subscribers or followers with the help of community-friendly content.

Until now, content creators were heavily relying on sponsorship, views, and premium subscriptions. However, now audiences are now ready to bypass these platforms and want to connect directly with the creators. It is an amazing sign that creators are more comfortable with sharing their personal lives and viewers are also keen to know what their influencers are up to.

As the world is moving towards Web 3.0, it is expected that newer social media platforms will arise in the future that would be more approachable and concentrated on engaging the audience on a ground level.

Cloud Gaming: an advanced approach

Statista elaborates in their report that the revenue from the gaming industry will reach $268.8 by the year 2025. It further elaborates that newer products are being introduced in the market to give gamers unique experiences. As per Statista, there are approximately 3.4 billion gamers at the global level. However, not everyone has the hardware to support high-end graphic games. Cloud gaming will resolve this issue as this technology allows gamers to play remotely through data centers. The only prerequisites are a nominal PC and an internet connection to establish an interaction. The cloud gaming platforms will also boost the gaming experiences with their Virtual Reality and Augmented Reality capabilities in the times to come.

Podcasting for a worldwide reach

Podcasts are now emerging as a professional business model rather than a hobby. And popular media companies are considering podcasting as a part of their marketing plan. This new-age tool helps to spread the information through the power of audio content in the form of interviews. and that too with minimum requisites. Modern customers want to access ad-free entertainment content. They also prefer audio based format due to screen fatigue. In this scenario, podcasts came as an ideal with a creative approach and helped brands as well as influencers form connections with their listeners to cater to the sponsorships and brand recognition.

The reason why podcasts are becoming popular in media is the flexibility of access and ease of download on the user devices they offer while bearing a minimal cost. Grand View Research predicts that the podcasting industry is expected to grow at 31% annually till 2028. This depicts that for the creators, it will be easier to reach their audience via platforms or independently.

Digital revolution paving the way for the growth of the Indian M&E market

The media and entertainment industry is moving closer into the rooms of their audience. Gone are the days when platforms used to control the content of the creators. Technology has given a fair chance to the influencers so that they can function independently, get recognized, and interact meticulously with their followers. The Indian media and entertainment industry is growing at a rapid pace and seems to have a promising future in the wake of technological advancements.



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Views expressed above are the author’s own.



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