Since spring 2020, the COVID-19 pandemic has been stimulating structural challenges and trends that have long faced the media and entertainment industry. And digital transformation trends for the media and entertainment industry have focused on things like an increase in video ads, a clamor for the digital experience, and an increase in mobile data usage due to ‘such a request. In 2021, all of these things are expected to continue. Let’s explore the biggest media and entertainment trends for 2021.
D2C video streaming
Video streaming started to gain momentum with the first faces of lockdowns being imposed around the world. While people stayed indoors, they were looking for diverse, meaningful, and quality video content. The change even caused a drop in pay-TV subscription for US consumers.
OTT (Over the Top) platforms such as Netflix, Hulu, and Amazon Prime offered the diversity of choices and cross-platform compatibility that viewers had not experienced before. The result was also continuous warfare. In the digital media industry, Disney was the first to remove its content from Netflix and offer it on the D2C channel via its sister project Disney +. The move defined the trend for the biggest media houses to ditch content and hit third-party apps hard and brutally.
Focus on the company
It’s easy to get stuck on the tech side of digital transformation when it comes to media and development, as today’s streaming, mobile, real-time, and AI beacons seem to have been developed specifically for that sector. Media and entertainment companies need to start focusing on building smart businesses, not just cool and exciting media branches. It’s high time they started implementing enterprise resource planning to ensure greater efficiency, lower expenses, and more efficient work processes overall. This is why the digital transformation is here. It’s time to stop limiting his interest to only the big and bright and shift it to the back of the house.
Ad-free viewing experience
Nowadays, people prefer OTT platforms because of the ad-free experience. The volume of consumable content has increased and has facilitated user retention. With the best studios turning to video streaming, ad-supported content is set to return soon. Part of the reason is the trap of keeping subscription fees competitive.
Ad-supported videos are already popular in markets such as India and China. But in the US, platforms need to manage enough user data for targeted advertising. OTT platforms collect and filter every bit of data to serve “ non-annoying ” ads.
Reports show that 40% of millennials and Gen Z are willing to pay for personalized content. They want the deeper engagement that digitization can provide. As we move into 2021, businesses are expected to look to them to determine what content they are good at creating and what audiences they are targeting on a deeper level. From there, one could see more niche communication and content development geared towards these audiences than today. This means a greater increase in artificial intelligence (AI) and machine learning (ML) to draw connection points so that audience preferences can be better analyzed.
The entertainment application development environment galvanizes its priorities as worldwide eSports revenues is expected to reach $ 1.1 billion by the end of 2020. The lion’s share of that comes from sponsorships (around $ 614.9 million) and media rights (around $ 176.2 million). Nevertheless, the gaming events will be the …
- According to the source Digital Technology Media and entertainment trends in 2021
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