The last three years have been difficult for the media industry to keep the market stable. This year 2021 was a period of volatility due to health issues, supply chain disruptions, and geopolitical events. Although 2022 saw a more gradual return to normalcy. However, despite this unstable growth, several businesses have gained a better understanding of market trends.
Why these trends are mandatory for the business
According to their business models, these industry trends will influence how brands can capitalize on shifting consumer behavior. These changing trends have a major impact on future campaigns. These broad categories represent the fundamental themes of media and entertainment content, commerce, and community. Apart from that OTT platforms are also on the rise resulting in the benefit of multi-platform video content. Some of the OTT platforms that are benefiting from this trend include Netflix, Animixplay, Amazon Prime, Omgflix, Hulu, etc.
Here are some of the top media trends which will shape the future of digital entertainment media consumption.
Some of the relevant trends in the media industry follow
-Advertising
-Engagement of consumers via new media
-Intelligent media
Relevant trends in the media & entertainment industry:
The Scope of Virtual Reality & Augmented Reality in Media & Entertainment Sectors
Digital media trends are unique places to be around. Apart from that you can’t ignore the capabilities of augmented reality (AR) and virtual reality (VR). This content has taken over the media and entertainment industry. Augmented Reality and Virtual Reality strengthen the relationship between content creators and viewers.
Today’s consumers are immersed in an environment where there are no boundaries between the digital and physical worlds. These trends have been present due to the reduction of the cost of development. Celebrities and performers have built trustworthy relationships with their fans. As these forms of relationships are important for their business.
Esports Trends and its Predictions
Modern-age gaming experiences had introduced a new form of entertainment. As it interrupts the conventional notion of how viewers might engage with a story. Gaming culture is going to make a remarkable impact on world culture. Even though influencing or supplanting all other forms of entertainment such as motion pictures. This is true for mobile games, large-scale multiplayer services, and narrative-rich, highly realistic game worlds.
Music Streaming Related Services
There are various forms of music streaming apps & platforms available. People are clinging to many kinds of music streaming platforms including Pandora, Deezer, Amazon, and Spotify. However, listeners are increasingly streaming tracks & downloading them directly to a preferred device, is becoming increasingly popular. However, most of these services require a predetermined monthly subscription fee. One of the most essential music streaming trends that can be seen right now is the popularity of ‘Regional music’.
This form of trend can be seen throughout all music streaming apps in the global market. Eventually, music streaming apps connect the listeners to the music from their region based on their location and promote it. The reason why regional music works is because it is in their local language.
Conclusion
The year 2022 marked a significant shift in the geopolitical environment and a new and difficult economic climate. This has involved the implementation of re-evaluating processes for both brands and consumers. In addition, the year 2023 has also seen the development of new consumer habits that have opened up lucrative new media opportunities. As the competition on media framework is intensely growing.
Resulting in Netflix’s acquiring a significant market share in the world of OTT. While every other platform is anxious about their actions, making them critical about why should they keep making such risky gambling. In spite of the fact that a lot of newer OTT platforms are emerging, this had made them insure. Therefore they are bound to invest more money in developing their own content.
