The media and entertainment industry is one of the booming industries in the world. Especially the OTT segment of the entertainment industry that flourished when other industries were getting several setbacks. With normalcy arriving in the environment, entertainment platforms like OTT started thriving. The innovativeness of the over-the-top platforms and their reliability on new-age technology are helping in increasing the engagement and getting analytics to give appropriate responses to the needs of the audience.
Growth Of Media And Entertainment Industry
As per the data provided by IBEF, the Media and Entertainment market of India will have a worth of $100 billion in the coming ten years. Currently, the industry is changing rapidly which shows the growth is going to be immense in the coming years. The key developments that led to this change are the increased demand for entertainment services throughout the lockdown period and the huge return on investment potential that the media and entertainment sector has. There are a variety of developments that the technology is bringing with it regularly. Some of the major technological developments that are affecting the media and entertainment industry include:
OTT Platforms Are Moving Toward More AI-Based Services
Video-on-demand services and live streaming services have grown massively over the past years. The lockdown and the covid-19 have given a great push to the video streaming platform to flourish in the global market of entertainment. According to the data provided by Statista, the revenue alone in the VoD segment is projected to have around US$98.69 billion by this year. The technology is making it all possible while increasing the reach of the platform to different parts of the world. Video streaming platforms with the help of artificial intelligence have made the discovery of the content possible with the AI-enabled recommendation engines. Moreover, it also helps in retaining the viewers again and again on the platform.
Growth Of Influencer Marketing
The influencer market went through tremendous change in the past decades. It has now become a market that is specialized in its own sphere. The central point that made the influencer community flourish is their interactiveness and relationship-building at the personal level with the viewer. This tactic is used to connect with the audience or the followers. Now, influencers have garnered immense opportunities to monetize their content. This reduced their dependence on premium membership or sponsorship to get the monetary value of their services. At the same time, the viewers are more intrigued to learn closely about the life and lifestyle of the creator.
In short, creators are now more open about their life while at the same time viewers are interested to learn more about how their loved influencers live their lives in their day-to-day life.
Audio Streaming Talking Over The Market
Audio streaming over the internet has turned into a professional business. Popular media platforms and even influencers are adopting audio streaming platforms and podcasting their content online. This modern entertainment solution empowers the audio material to interact, communicate and monetize the content with the use of audio-only. Apart from that, the audience is rapidly getting bored of the screen and is now favoring audio-based entertainment. With its innovative approach, this entertainment segment allows brands and influencers to build ties with the listeners/audience to cater brand recognition and sponsorship.
The core reason for the popularity of the podcast is the simplicity with which it is accessed by the audience. As per the data provided by Statista, the revenue of the audio streaming segment will reach US $1499.00 million by this year. At the same time, it is expected to grow by 6.99% annually, according to Statista. All the data indicate how much potential this platform has and the possibility of growth in the coming future.
With the technological developments in the media and entertainment industry, there is plenty of opportunities waiting for the industry to grow and flourish in the coming future. Video streaming and audio streaming services will gain a huge chunk of the benefit that these platforms are going to get with the changes in the industry.