This year has been extremely challenging for all industries everywhere, but some industries got the most hit like the entertainment industry.
With concerts, festivals, theaters, movie sets going on endless deferrals, arenas, and other occasion habitats remaining under lockdown, any reasonable person would agree that no area of the entertainment business had been left to exercise liberty.
Nonetheless, just like all other industries, the entertainment industry also made sure to get back on its feet by inculcating new approaches to deal with the adversities. Be it online and virtual events or streaming platforms, we have seen a lot of innovation during the tough times of the coronavirus global pandemic. But the real question is, are these practices here to stay? Will we go back to the traditional ways of entertainment or accept the new innovative ideas in the future too?
In this article, we are going to dissect these questions and would discuss the possible future of the entertainment industry, as we see it.
Streaming
Numerous parts of the entertainment business depended on actual participation at events to generate revenue. This included concerts, cinemas, and theatres, which acquired the most measure of profits.
The methodology numerous ‘big media players’ have taken is to start pushing their concentration towards streaming. On-demand video content is turning into the mainstream way that individuals watch TV and films.
OTT (Over the top) video income for media and entertainment (re. Netflix, Hulu, HBO) in the U.S. had reached up to 20.1 billion USD in 2017. This number has and is exponentially increasing through the years.
Since the audiences have shown inclination towards Instagram Live shows, numerous musicians and other artists are presently focusing on virtual shows to draw in their fans and get their profit in the groove again.
Indeed, even stand-up comedy that was thought to be wasteful without live audiences is being performed through online platforms like Skype and Zoom.
Whether you want to watch traditional TV or want to mix up your entertainment routine with a hint of streaming – you need to be smart about the financial aspect of it. For me, a total entertainment buff, enjoying both levels of entertainment is necessary at this point so as to never miss the best of both worlds. As such, I have subscribed to Spectrum plans at the cheapest of rates to enjoy more than 125 cable channels and high-speed internet for digital content.
Creativity and Production
Across different businesses, there has been a responsibility by members to get to and elevate inclusivity to empower any intrigued individual to make progress.
The entertainment business is way ahead on that bend, as seen in advanced formats like YouTube that permit entertainers, artists, and different performers to grandstand their talent while bypassing the gatekeepers of the industry.
What’s more, many platforms have been set up to offer entertainers the chance to recruit staff like lyricists, voiceover specialists, and producers for barely anything, or to try and purchase items like ghost-produced books and tunes that they can use with next to no limitations.
Virtualization of content
Many individuals actually depend on their TVs and love to have one on one time with their number one TV show each day, however, those individuals are starting to be rare in this new time of TV programming.
The trend of digital has been acquiring a share in the entertainment industry for quite a while now; however, the happenings of 2020 have simply served to speed up this action.
In 2018, the number of TV enthusiasts significantly fell to under 300 million. Simultaneously, the amount of OTT enthusiasts developed to 198 million.
Similarly, the measure of media promotion expense subjected to TV decreased by 2 percent, generally because of the newfound interest of advertisers in digital media platforms.
The shift to digital content consumption is probably going to be even more fueled by a significantly quicker speed increase by the arrangement of 5G networks.
The expanded dependence on cell phones is additionally another factor that is probably going to have a similar impact.
In 2012, the time spent on media engagement through cell phones was 1.6 hours daily which had dramatically increased to 3.3 hours daily by 2018.
The combo of all these advanced level technologies enables viewers to consume high-quality on-demand video content with great convenience making their return to traditional radio or TV programming unlikely.
Pandemic utilization trends are digging in for the long haul
Patterns clear in the media and entertainment industry before COVID-19, for example, the developing predominance of streaming services, digital deals, client-created content, and gaming, were accelerated by the pandemic.
While the business anticipates some sort of a return to ordinary levels, utilization trends and consumer propensities during the pandemic have been installed in the user mindset and industry playbook likewise, as per the analysis.
Areas in decline experienced more noteworthy misfortunes in the fight for a piece of the pie. These included home video and conventional TV programming, magazines, and newspapers, however, print books evaded the pattern in certain business sectors.
Networking is driving development
It has become something of an adage to say that internet access is presently a fundamental service across the developed and developing universes. But on the other hand, it is a driver of development and growth.
With such countless consumers stuck at home during the pandemic, the increase in streamed and downloaded content prompted some internet service providers to detail a 60 percent spike in data utilization and a general figure of 30 percent increase in data consumption.
While cell phone connections are projected to proceed with their worldwide development, an expanding number of buyers have put resources into fixed broadband internet connections during the year taking it to 1.1bn families.
The joined information utilization projections are an astounding 26.9 percent development each year, implying that overhauled foundation, including the guaranteed 5G innovation, is probably going to move from alluring to fundamental for a significant part of the world.
Live content to live on
It is a well-known fact that the pandemic hit in-person and live entertainment encounters and the live music industry very hard, resulting in 74.4 percent lost revenue in incomes contrasted with the prior year.
Workarounds, for example, drive-in shows offered some similarity to the experience however there is a far-reaching assumption that the interest for live occasions will bounce back emphatically.
Be that as it may, an alert will stay on because of vulnerability over additional COVID variations, and universally, obvious imbalances over vaccine circulation.
Cinemas and theatres are not all that dead
Film saw a phenomenal 70.4 percent decrease in 2020 and the pandemic incited a reevaluation in the film business.
With not many venues open, OTT service Disney+ delivered ‘Mulan’ as an exceptional digital item, and studios including Warner Bros circled back to synchronous streaming and film releases for motion pictures including the most recent Marvel film ‘Black Widow.’
The PwC report says indications of a cinema revival are as of now in progress with the industry expected to bounce back from 2020’s droop. Cinemas throughout the planet are resuming and the interest in entertainment stays high.
Conclusion
It is evident that advances in technology are changing how people enjoy entertainment, but it is also clear that the traditional movie theater is far from dead. As streaming and digital content continue to grow, cinemas will work even harder to bring patrons a unique experience they cannot get anywhere else. This makes for a promising future for the industry as a whole!
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