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With so much change, media and entertainment companies now have a massive opportunity to better serve current and prospective consumers
In recent years, digital disruption has upended traditional business models within the media and entertainment industry. Content consumption across media channels, devices and demographics is on the rise. Due to unprecedented Internet usage and adoption of Internet-enabled devices, consumers are now at the heart of a digital ecosystem in which they actively create, distribute and consume content.
The digitalization of the media and entertainment industry has been driven by changing consumer behavior and expectations, especially among younger generations who demand instant access to content, anytime, anywhere.
Today’s media consumer is a multi-tasker, simultaneously watching TV, and discussing the program via social media or a smartphone app. They crave ever-deeper engagement - even participation - in the content they enjoy.
According to the Connected Audience Report from Salesforce Research, 40 percent of millennial and Gen Z consumers value personalized recommendations so much that they’re likely to pay for them.
Even millennials have seen fundamental shifts in consumption of media. After all, they experienced the rise of social media, online news, streaming, and digital video firsthand.
The modern landscape of media is very different than it was back then – and the coming years will see even more prolific changes.
Today’s infographic comes to us from Raconteur, and it showcases multiple sets of data that help to illustrate the direction that media is heading. This includes the growth rates of various media and entertainment sectors, TV viewing trends, and social media use.
Here are some of the key trends that were found to be compelling:
As everyone continues to invest in and research digital transformation strategies it’s also worth looking at what’s driving the urgency. We have been tracking key trends that we feel are driving the urgent need for digital transformation:
Media companies have been reevaluating their content strategies, increasingly investing in areas such as augmented and virtual reality (AR/VR). The past two years have seen a series of investments as large and small players alike rush into the AR/VR space. “Ask the Expert” services and job training represent two big opportunity areas for AR and VR in 2019.
The presence of AI in today’s society is becoming more and more ubiquitous— particularly as large companies like Netflix, Amazon, Facebook, Spotify, and many more continually deploy AI-related solutions that directly interact (often behind the scenes) with consumers everyday.
They are finding greater success in using Machine Learning and AI to market to hyper segmented audiences. In fact, a growing number of viewers say they’re finding their content via their streaming company’s recommendations—creating their own “me channel.” The same is true with music. Most of the new bands that have been discovered have been found courtesy of Spotify’s personalized music selections. Gone are the days of hipster record shops. This is good news from both perspectives: content creator and consumer.
It appears to be the year that “voice” will truly come to the fore. Adoption and usage of voice-enabled digital assistants is growing, indicating that voice could be the next big thing—after touch—in human-computer interaction. Voice-assisted speakers are gaining strength as well, with US penetration reaching 20 percent. Deloitte’s 2018 Digital Media Trends survey revealed that over half of US consumers use a voice-based assistant, while a third access one on a weekly basis.8 Smartphones are the most favored voice-assistant platform, followed by voice-enabled digital home assistants.
In the near future, voice-enabled digital assistants and voice-assisted speakers could also provide intriguing platforms for highly targeted advertising and content delivery, with messages informed by a user’s specific actions and interests.
People are consuming over 2.5 quintillion bytes of data every day—that’s the capacity of about 2.4 trillion iPhone Xs. The data from our texts, tweets and web browsing is created on different systems, so there needs to be a common way to make sense of it all. Businesses are investing in big data analytics, spending up to $203 billion by 2020.
It’s not just about the explosion of data—it’s the way in which we analyze and use this data to enhance what we do across all areas of society that makes it so powerful. It’s the way we combine data and intelligence to power innovative and transformational smart services with data exchange models and business model innovation. It’s clear that big data analysis, the cloud and other related technologies will enable this move from data to knowledge to outcome.
Lastly, here are some figures on the future of media and entertainment that are particularly interesting:
It’s fair to say that in another decade, media and entertainment will be much less recognizable than what it looks like today. There is a chance that in future more of digital technology will be introduced in the Media and Entertainment sector that will improve the user experience. Digital media has a potential to improve their capabilities and curate content delivery in order to entertain people in a dream come true manner.