Media and entertainment industries are the oldest mediums to encourage digital advancements in our country. Grasping the upgraded technology advancements, the media and entertainment fields emerged as an influencing factor in our society, says famous business Strategist and Business Astrologer Hirav Shah.
By using the latest technology available in our hands, the information can be passed to any place in the world easily and quickly. Moreover, every business domain these days is tilting towards digital advertising for a fast and wider reach. With the grown-up technology, instead of creating brand promotions, the contemporary media houses are focusing on building direct rapport with consumers
As advertisers are demanding more relevance, accountability, and interactive approach, media houses should focus on authenticity to meet the targets, opinions Hirav Shah
In order to improve user experiences and increase the capability of operating the business, media, and entertainment industries are using optimizing and personalization as a new trend.
The following are a few measures been taken by the media and entertainment industries
As per study, the reach of the entertainment and media market is worth 2.5 trillion US dollars by the end of 2021. Services like On-demand video streaming, content streaming, advertising, streaming, solutions are expected to continue at the same pace in the digital world.
Internet advertising revenue is expected to be approximately 117 billion and mobile advertising is going to generate maximum revenue from it.
Revenue from video games is predicted to reach $30 billion by 2021 which is almost double compared to the 2012 statistics. In the same way, consumer content is expected to grow up to 6 billion by 2021.
Changing trends in the Media and Entertainment fields
(DMD) Digital Music Downloads: Earlier, a decade ago, we used to download music albums and save them in our mobile storage date or in micro memory cards but eventually things have changed drastically with the launch of streaming technology. With the launch of various music apps, listeners can easily get access to millions of songs by subscribing to a particular channel through our smartphones.
Musical industries are highly benefited from the launch of such services which came into existence with digital streaming technology.
Video streaming a trending and fast-paced medium in the media and the entertainment industry and the revenue being generated by video streaming is predicted to see a huge spike by the end of 2021.
Streaming video technology is an immensely growing digital parameter that is opening doors for many film industries and artists as well.
Internet Advertising has always been the best and easy way of promoting products or business handles. It is a global marketing platform that opens doors for various business sources. It is an affordable platform, that allows targeting the accurate audience, and provides easy global coverage
Virtual Reality Revolution
Virtual reality is a trending aspect in the entertainment and media industry as it is user friendly with advantages like immersive nature. Key portions in the entertainment industry like music, theatres, location-based environment, and gaming have started witnessing the benefits of virtual reality.
AI and chatbots have a huge potential in the media and entertainment industry. Chatbots guide the consumers in seeking the exact knowledge of the information asked by the user. Due to the advantage of having global broadcasting, simple browsing, effective audience engagement, custom alerts, and content control, Chatbots are the top pick among the digital and new-age youth.