2020 has been one of the most challenging years for business on record, and the entertainment industry has been no exception. With theaters empty, film sets closing, art galleries boarded up, and concert venues shut down, it’s clear that the world of entertainment is in the midst of a massive transformation.
It’s not all doom and gloom, however, and we must acknowledge the silver lining. Innovation is happening at a rapid rate, and opportunities abound. Like Mark Gillespie, leaders in the media and entertainment industry are introducing new approaches to keep audiences engaged and ensure that artists safely remain in the spotlight.
Here are some notable ways that the entertainment industry is adapting to the new set of standards and expectations.
From TV to OTT Platforms
The entertainment industry has shifted its focus towards streaming in the 21st century, with 2020 pushing this trend into overdrive.
With an increase in demand for mobile computing devices, over-the-top platforms like Netflix and Amazon prime are now the norm for viewers across all demographics. These platforms have challenged traditional TV formats with a broader selection of programming and more cutting-edge material appealing to younger segments of the market.
Customer-centric experiences and content personalization are now key to profitability in the media industry. Nowadays, consumers will readily pay for services that match specific preferences and tastes. Artists and platforms that listen closely to audiences and deliver unique content will be positioned for great success moving forward.
Using various analytics, artificial intelligence, and machine learning tools, networks can curate content based on past user experiences and create something brand new for each distinct customer.
Maintain Privacy And Security
Research has shown that the media industry is not exactly trusted when it comes to protecting user data. Consumers are rightly concerned about identity theft, unauthorized data use, and financial loss, so data privacy and security should be a top priority moving beyond 2020.
Media houses may want to adopt transparent data collection applications to ensure customer data security.
For instance, the EU’s General Data Protection Regulation (GDPR) was the first-ever wide-reaching regulation that set standards for media houses as they navigate the challenges of collecting and indexing user info. As the world moves more into the digital realm, we’ll likely see many interesting developments on the cybersecurity and protections front.
Trends Influencing User Experience In Entertainment Industry
1: AR & VR
Augmented and Virtual Reality are the next big things out of Silicon Valley, and they’ve already come a long way. As hardware and applications advance, the combination of these technologies is truly enticing and magical. VR headsets will soon be a household item for families and friends to enjoy.
It’s not only video games and live chat. These technologies are now successfully being implemented in motion pictures, TV, and other media-related promotional campaigns.
Blockchain has transformative potential for the entertainment industry. The technology can help secure data transactions, diminish IP infringement, direct monetization between creators and consumers, and change digital advertising flow forever.
Enterprise Resource Planning software is designed to serve a wide range of purposes in the entertainment industry, including content creation, delivery, monetization, and more.
ERP systems can help strengthen the media industry structure with the help of special tools and applications. These technologies can help reduce costs, increase efficiency, boost customer loyalty, offer advertising performance tracking, and improve media sales.
With countless uncertainties, 2020 has been a year of major transformation for the entertainment industry. New strategies and technologies are coming to the forefront to better engage audiences in an unpredictable landscape. These trends will likely remain post-pandemic, so no one can afford to fall behind the curve.