How often do people wait for their favourite TV shows or movies to telecast on their satellite network now? The straightforward answer to this question is never. In the current digital age, advertising, gaming, content publishing, and conventional satellite TV, all have experienced drastic changes in their field. Digital transformation trends in media and entertainment is truly reflected in the trends of media consumption. Today, the new age viewers or gamers do not depend on conventional means of entertainment; they simply log in and enjoy the on-demand service offered by media providers.
There are numerous opportunities created by the plethora of OTT and on-demand-video platforms. Advertising being an integral part of media and entertainment has experienced an upsurge in the adoption of technologies. Currently, marketers are leveraging the OTT platforms that allow them to utilize targeting, ad insertion, and advanced analytics to create shorter and targeted ads.
The increase in viewers is further transforming the media and entertainment space. Today, due to elevated viewership, media service providers are inclining toward inexpensive cloud-hosted storage solutions to provide new and unique content at regular basis. Also, the demand for data is proportionally increasing with the elevated content requests from consumers, thereby presenting the world with the increased importance of mobile data.
On the tech front, innovations such as AI, machine learning, augmented reality (AR), and virtual reality (VR) are pushing the media and entertainment companies to reinvent viewing experience and improve their revenue with targeted advertisements. The industry is also experiencing significant investments in digital video advertising. AI and analytics, in particular, will help streaming and video companies to better target complex, hyper-segmented markets and provide accurate recommendations. All in all, a massive opportunity for media companies to strengthen their streaming quality, content libraries, and distribution.
With utilization of technology taking the front seat, in the upcoming years, the media and entertainment industry is expected to become one of the biggest adopters of latest technologies. Similar to virtual reality (VR) that is making viewers engage with content beyond the flat screen, other technologies such as artificial intelligence (AI), machine learning, and voice-controlled media personal assistant are also expected to enter the media and entertainment industry in a few upcoming years. In this edition of Media and Entertainment Tech Outlook, we are exploring some of these technologies and more.