Impact of Technology on Media and Entertainment Industry
One of the biggest and most important pioneers of the digital revolution is the media and entertainment industry. We say this because this industry was among the first ones to embrace novel technologies in its pursuit to deliver high-quality offerings to customers and continue their growth trajectory. In fact, over the last ten years, this industry has welcomed some of the most intense changes it has ever seen. Case in point: How people consume media. The days of cable television are long gone now that content streaming platforms have taken over. We are now living in an age where entertainment software development is a top concern for most companies operating in this industry. And to think these are only some of the countless ways in which this industry has changed.
What’s really interesting here is the fact that the media and entertainment industry’s inclination for technology is not going away any time soon. In fact, the pace at which such companies now take to new technologies has only increased further. And while this industry is expected to touch $2.5 trillion by 2021, experts believe that concepts such as content streaming, on-demand content, etc. will have a vital role to play in this growth. This is all great news, but the truth is that for any media and entertainment company to actually achieve this, they will need a lot of support from technologies all around us. So, today, we will discuss the most important technologies in the context of this industry and the impact they will have on it.
1. Mixed reality: Augmented reality and virtual reality are not entirely new, but they are relatively new concepts still. Nonetheless, such tools are already having a major impact on the industry, enabling delivery of exceptional experiences. Case in point: Captive, which leveraged both AR and blockchain so as to allow users to help engage and interact with companies and brands in a distinctive manner. There’s also the Play Disney Parks app that allows visitors to play games as they wait in line for rides.
2. Artificial intelligence: The coming together of AI and this industry has enabled companies to get really creative with content as well as how they create it. Artificial intelligence also helps by enabling companies to achieve advanced marketing strategies and so much more.
3. Blockchain: This has brought a distinctive advantage to the table — of security. You see, this industry is plagued by entities that often dupe people of their hard-earned money. However, this practice can be eliminated easily with the adoption of blockchain since it logs every transaction and they can’t be changed. Furthermore, it helps do away with the need for a middle man. It can also be used to completely revolutionize the distribution system.
As noted above, media and entertainment has always been at the forefront of adopting new technologies. And as this enthusiasm for modern and advanced resources continue, companies who embrace this change wholeheartedly will benefit immensely and be able to achieve unparalleled business growth.
