The entertainment and media sector has gone through so many changes over the years, but nothing could have prepared us for the digital technological innovations which not only redefined the entertainment sector but also gave rise to new business models and structures within the media and entertainment sector.
The new trends didn’t hinder the industry’s growth at all, although some aspects of it might have suffered thanks to the new digital change. As a whole, the value of global entertainment is expected to reach 3,352,420 million by 2026. So, without further ado, let’s take a look at the main trends in this sector.
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Rise of Mobile Devices
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The introduction of mobile devices proved to be a turning point in the entertainment sector because they not only are provided countless opportunities for entertainment on the go, it also is one of the major reasons why our attention span has shortened and also gave rise to social media entertainment vertical video content, live streaming, and mobile gaming.
Mobile gaming, in particular, is one of the most successful sectors thanks to the fast development of mobile devices. Today every smartphone can support different mobile games, even heftier titles that require an Internet connection.
Thanks to the enhanced capabilities of mobile devices, deployment of 5G technology, and huge production of new mobile games – mobile gaming has a huge net worth which accounts for over 60% of the entire gaming revenue. As we all know, gaming is quite popular, but mobile gaming is definitely one of the aspects of gaming that will continue to rise in the future.
Online Gambling
Online casinos achieved great success in recent years on a global scale. There are many factors that contributed to the overall boom of casino sites starting from the ease of access to mobile-friendly casinos, integration of cryptocurrencies, and in general, higher demand for digital casino games.
You will have a chance to choose from casino games in many different versions, including baccarat, craps, slots, roulette, and many other games. There are loads of games to choose from on any device, which also means that it’s easier to improve your knowledge of certain casino games like blackjack. Here you can learn everything about blackjack and play the game confidently online without ignoring blackjack’s rules.
Streaming Services
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One of the most prominent changes in the entertainment and media sector was the rise of the popularity of streaming services, including video streaming platforms like HBO Max, Hulu, Amazon Prime, and many others.
So, it’s safe to say that we will except for this sector to continue to grow in the future, but otherwise, it made content on demand more important. For example, the popularity of streaming platforms like Netflix is based on the shorter attention span of target audiences, as well as the AI-powered algorithms that deliver personalized content to their devices.
Actually, based on your location Netflix can offer vastly different TV shows and films. But, even more importantly, your favorite TV shows or films will result in specific recommendations that match your taste.
Another advantage of streaming services is that they are easily accessible on multiple devices, and basically, you have access to a library of media content from your smartphone, computer, or smart TV. All you need is a stable Internet connection, and you can pick and choose what to watch, which is completely opposite of the traditional TV programs and channels.
The Metaverse
The Metaverse can definitely be confusing to some, especially those who are not that familiar with virtual reality technology. First things first, virtual reality technology was initially developed for the gaming sector, and it’s actually quite successful now because VR headsets have become well-equipped to produce a totally immersive and realistic gaming experience.
But, in the Metaverse, virtual reality headsets are used in order to interact in a virtual replica of our own society, which allows access to multiple users around the world at the same time. There are multiple technologies that empower the Metaverse, but the main reason for its popularity is that it virtually changes the way we socialize with one another.
For example, there is even an opportunity to shop in virtual shops, play VR interactive games, and you can even attend concerts. That said, it is still in its early stages of development, and it definitely represents a possibility for another shift in the entertainment and media sector.
Podcasting
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Podcasting has become a fan-favorite medium for consuming content for multiple reasons. First, podcasts are easier to produce than other formats of media, it rarely requires any production experience, and even regular folks can start a podcast from their homes.
Hence, there are millions of podcasts to choose from on any topic imaginable, starting from podcasts on recent political news and the economy to language-learning podcasts, comedy, celeb gossip, personal development, podcasts on telenovelas, books, and many other subjects.
Next, they vary in length and are therefore suitable for anyone that has from a few minutes to a few hours to spare. The best part is that most podcasts are free of charge, and many choose to listen to podcasts on their favorite apps like iTunes, Google Podcasts, and Spotify. Also, the podcast listener base is expected to hit a record number of 164 million by 2024 on a global scale.
Social Media Content
Social media content is also gaining traction, especially in recent years due to the rise of social media sites like Tik Tok which popularized short videos on the site. It’s important to notice that many videos have emerged on Instagram, Facebook, and Tik Tok, which is one of the main reasons why not only creators but also businesses rely on video content as a means of entertainment, education, or developing a brand presence online. In the future, we expect even more videos as a format to become popular, especially content that is created by users on the site.
Summary
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In conclusion, technological innovations fuelled changes in the entertainment media sector that redefined how we consume content and also promoted different mediums. In the future, we expect the entertainment sector to continue to evolve based on the popularity of virtual reality technology, the deployment of 5G technology, as well as the usage of artificial intelligence technology, which will provide more opportunities for personalized content based on the preferences of the consumers.
