Media and Entertainment Industry Welcoming the Technology-Driven Era
By Media Entertainment Tech Outlook | Tuesday, August 06, 2019
Powered by innovations, media, and entertainment industry are exploring opportunities to entertain users in incredible ways.
FREMONT, CA: With the shift in customers' viewing demands and mediums to the types of advanced content delivery platforms through different channels, the media and entertainment industry has changed massively over recent years. The latest innovations have not only contributed to better visual and streaming experiences but brought a standard for entertainment in terms of accessing, viewing, and quality. Technologies like blockchain, artificial intelligence, VR and AR, 5G data network, and there are many more, which are reshaping the media and entertainment world.
Blockchain, the decentralized network system has often created a buzz in sectors like finance institutions or ITs. It creates a fair marketing environment for both the customers and content creators. On the one hand, the decentralized model helps the creators to experience authorized distribution and controls the chances of piracy through smart contracts. The other hand enables the customers to access desired content and reduce viewing cost. As the blockchain has the potential to remove the middlemen or intermediaries to distribute content, the decentralized platform creates an equitable system to take part for creators, producers, and customers. The long-standard problem of the entertainment industry is the issue of copyright law; blockchain’s ability to identify authentic content can help in reaching the origin of duplicacy and managing to create an effective solution.
· Artificial Intelligence (AI)
Including every sector in the global market, today, artificial intelligence significantly influences the media and entertainment industry. A brilliant example of technological involvement is the options for accessing and paying only for the desired channel in the cable service. The personalized recommendations based on the viewer’s likes and dislikes is another example of AI contribution. Moreover, software for media companies is integrated with AI to develop a smart algorithm for customer recommendation, creating film trailers, designing an advertisement and improving the speed and efficiency of the production process in organizing and managing assets.
· Virtual Reality (VR) and Augmented Reality (AR)
The relatively latest technology of VR and AR in the industry is multiplying and already has influenced the creative aspects of storytelling. The technology has the powerful potential of creating engaging stories and pushing the possibilities of visual limits to connect with the customers. Today, VR provides fantastic opportunities for customer entertainment; some of them are escape games, theme parks, video games, mesmerizing music festivals and concerts, amazing cinematic experiences, and beautiful art galleries. The tremendous impact of VR and AR continue to raise the revenue level every year, holding endless possibilities for the future.
· 5G Data Network
The era of wireless network has brought the world closer, commute faster, and connect uninterruptedly from anywhere and at any time. The Fifth Generation (5G) carries the potential to disrupt the media and entertainment industry by increasing transmission speeds, quality, and reliability. 5G promises the advantages like 100 times faster data speeds than 4G, ten times lower latency, increase in the network capacity, and stronger connectivity. The benefits can facilitate new business models and entry for new competitors in the global media market. The collaborations of 5G and content production companies likely show improvement in the studio’s production workflows with greater integration and efficient production facilities for content creation and distribution to the customers. With the high speed and low latency, cloud-based gaming companies can deliver optimal playing experience, and online content portals can stream and offer limitless Over-the-Top Television (OTT TV).
Over the past few years, facilities like content streamlining, quick digital entertainment access, connectivity for live content viewing, etc. are becoming more popular and convenient for the customers. The skillful utilization of technology has dramatically improved the living of today’s world, including the media and entertainment sector by offering personalized and curetted content, and incredibly creating a new level of customer experiences.