Using the latest technology available to us, information can be shared easily and quickly anywhere in the world. Also, all business sectors nowadays gravitate to digital advertising for faster and wider reach. With adult technology, modern media houses focus on building a direct relationship with consumers rather than creating branded ads.
As advertisers demand more relevance, accountability and an interactive approach, media companies must focus on authenticity to deliver, says Nirav Shah.
To improve user experience and increase agency, business, media and entertainment industries are embracing optimization and personalization as a new trend.
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Below are some actions taken by the media and entertainment industry.
According to the study, the entertainment and media market will be worth US$2.5 trillion by 2021. Services such as streaming video on demand, content, advertising, streaming and solutions are on the rise in the digital world.
Internet advertising is expecte to be around 117 billion, and mobile advertising will generate the maximum revenue.
Video game revenue is expecte to reach $30 billion by 2021, nearly double the 2012 stats. Consumer content is expect to grow to as high as $6 billion by 2021.
Changing trends in media and entertainment
(DMD) Digital Music Downloads: We used to download music albums and store them on our mobile storage data or micro memory cards a decade ago, but eventually, things changed drastically with the advent of digital music technology. With the launch of various melody apps, listeners can easily access millions of songs by subscribing to a specific channel through their smartphone.
The music industry is benefiting greatly from introducing such services that have emerged with digital broadcasting technology.
Live streaming video
Streaming video is a fast-moving and trending medium in the media and entertainment industry, and video streaming revenue is expecte to grow tremendously by the end of 2021.
Video transmission technology is an enormously growing digital parameter that also opens doors for many film industries and artists.
internet advertising
Internet advertising has always remained the best and easiest way to promote any product or business. It is a global marketing platform that unlocks entrances for various business sources. It’s an affordable platform that allows you to target the right audience and offers informal global coverage.
Virtual reality revolution
Virtual reality remains a trending aspect in the media and entertainment industry due to its ease of use and benefits, such as its immersive nature. Key areas of the entertainment industry such as music, theatre, location-based environments and gaming have begun to see the benefits of virtual reality.
chatbot
AI and chatbots have enormous potential in the media and entertainment industry. Chatbots guide consumers in their quest for accurate knowledge of the information requested by the user. Because of the benefit of global broadcast, easy navigation, effective audience engagement, personalized notifications. Content control, chatbots are the top choice for digital and new-age youth.