The media and entertainment industry has been one of the important sectors in the country. While other segments have faced disruption during the Covid era, the media and entertainment industry has exploded. Due to accessibility of platforms and availability of time, many industry players have observed incremental growth. With analytics in hand and technology to meet audience needs, the market has begun to innovate and leverage new era technologies to deliver audience engagement.
Currently, the scenario is such that we are resuming normality. Our sustainability and growth efforts are constant. Having a competitive advantage and being at the cutting edge of technology is now a necessity to stay one step ahead. According to IBEF reports, the Indian media and entertainment industry is expected to hit $100 billion by 2030. It is currently poised to grow and develop. Rising customer demand and increasing advertising revenue are the major factors contributing to the growth of the industry. As the market grows, it will experience various technology trends along its journey. Let’s dive into five of them in length –
AI is taking over OTT platforms
A wide variety of content is available online and VoD has grown steadily over the past two years. According to a report by Business Fortune Insights, the global VoD market size in 2021 was USD 69.55 billion and is expected to grow at a CAGR of 17.6% by 2029. The use of technology in the he entertainment industry facilitates the process of reaching viewers with their favorite content. It is thanks to recommendations from AI-enabled platforms that audiences can discover new shows and movies. On top of that, the automation also generates snippets for particular content that viewers might be interested in.
What is remarkable is that voice is becoming a preference for the public to interact with OTT platforms. And for this very reason, media companies are also focusing on creating more accurate speech recognition systems.
NFTs on the rise
The reason artists turn to NFTs backed by blockchain technology is to protect their unique content. Since nothing on the digital ledger can’t be duplicated, it gives the creator a sense of security. NFTs listed on marketplaces as music, painting, or any other digital asset can be directly purchased by customers to uniquely own them. In this way, artists build a close relationship with their fans and also earn significant income from the platforms by selling digital collectibles. These digital assets can further be traded as they mostly belonged to a famous personality, bringing credibility and demand in the market. Additionally, NFTs can be used as concert tickets and auctioned off by artists. The smart contract ensures that the ticket is not forged and is sent digitally to the buyer.
Improved creator economy
Influencer culture is hitting the media and entertainment industry on a massive scale. Platforms are becoming more niche-focused and community-driven. In general, influencers connect on a closer level with their followers or followers using community-relevant content.
Until now, content creators relied heavily on sponsorship, views, and premium subscriptions. However, audiences are now ready to bypass these platforms and want to connect directly with creators. It’s a surprising sign that creators are more comfortable with sharing their personal lives and viewers are also keen to know what their influencers are up to.
As the world moves towards Web 3.0, new social media platforms are expected to emerge in the future that are more accessible and focused on engaging audiences on the ground.
Cloud Gaming: an advanced approach
Statista clarifies in its report that gaming industry revenue will reach $268.8 by 2025. It further explains that new products are being introduced in the market to provide players with unique experiences. According to Statista, there are approximately 3.4 billion gamers worldwide. However, not everyone has the hardware to support high-end graphics games. Cloud gaming will solve this problem as this technology allows gamers to play remotely through data centers. The only prerequisites are a nominal PC and an Internet connection to establish an interaction. Cloud gaming platforms are also going to energize gaming experiences with their virtual reality and augmented reality capabilities in times to come.
Podcasting for global reach
Podcasts are becoming a professional business model rather than a hobby. And popular media companies are considering podcasting as part of their marketing plan. This new-age tool helps spread information through the power of audio content in the form of interviews. and that too with minimum requirements. Modern customers want access to ad-free entertainment content. They also prefer the audio-based format due to screen fatigue. In this scenario, podcasts have emerged as an ideal with a creative approach and have helped brands as well as influencers to connect with their listeners to meet sponsorships and brand recognition.
The reason podcasts are becoming popular in the media is the flexibility of access and ease of downloading to users’ devices that they offer while incurring minimal cost. Grand View Research forecasts the podcasting industry to grow 31% per year through 2028. This shows that for creators it will be easier to reach their audience through platforms or independently.
Digital revolution paves way for Indian M&E market growth
The media and entertainment industry is getting closer to the theaters of its audience. Gone are the days when platforms were used to control content from creators. Technology has given influencers a fair chance to operate independently, gain recognition, and meticulously interact with their followers. India’s media and entertainment industry is growing at a rapid pace and seems to have a promising future in the wake of technological advancements.
The opinions expressed above are those of the author.
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