The entertainment and media industry has undergone so much change over the years, yet we were not prepared for the digital technological innovations that not only redefined the entertainment industry, but gave birth to new business models and structures within the media and entertainment industry. .
The new trends have not hampered the growth of the industry at all, although some aspects of it may be affected due to the new digital transformation. Overall, the global entertainment value is expected to reach 3,352.42 billion by 2026. So, without further ado, let's take a look at the key trends in this space.
The Rise of Mobile Devices
The introduction of mobile devices is proving to be a turning point in entertainment as they not only offer countless mobile entertainment opportunities, but are also one of the main reasons for our shortened attention spans, giving rise to social media entertainment vertical video content, live streaming and mobile game.
Mobile gaming in particular has become one of the most successful industries due to the rapid development of mobile devices. Today, every smartphone can support a different mobile game, even the larger ones that require an internet connection.
Thanks to the increasing capabilities of mobile devices, the deployment of 5G technology, and the mass production of new mobile games - mobile games have a huge net value, accounting for more than 60% of the entire game revenue. As we all know, games are quite popular, but mobile games are definitely one of the aspects that will continue to rise in the future of games.
Online gambling
In recent years, online casinos have enjoyed great success around the world. There are many factors that have contributed to the overall prosperity of casino sites, from easy access to mobile-friendly casinos, the integration of cryptocurrencies, and generally higher demand for digital casino games.
You will have the opportunity to choose from many different versions of casino games, including baccarat, craps, slots, roulette and many others. Having a huge selection of games on any device also means that you can improve your knowledge of certain casino games like blackjack more easily. Here you can learn all about blackjack and play online with confidence without ignoring the blackjack rules.
Streaming service
One of the most notable changes in the entertainment and media space is the proliferation of streaming services, including video streaming platforms like HBO Max, Hulu, Amazon Prime, and others.
So it's safe to say that in addition to this segment continuing to grow going forward, we're going to continue to grow, but beyond that, it makes content on demand even more important. For example, the popularity of streaming platforms such as Netflix is based on the short attention spans of target audiences and the AI algorithms that deliver personalized content to their devices.
In fact, Netflix offers vastly different TV shows and movies depending on where you are. But, more importantly, your favorite TV shows or movies generate specific recommendations tailored to your tastes.
Another advantage of streaming services is that they are easily accessible on multiple devices, basically, you can access your library of media content from your smartphone, computer or smart TV. All you need is a stable internet connection, and you can pick and choose what you want to watch, which is the complete opposite of traditional TV shows and channels.
Metaverse
Metaverse is sure to confuse some, especially those new to virtual reality. First of all, virtual reality technology was originally developed for the field of gaming, and now it is actually quite successful because VR headsets have been well equipped to produce fully immersive and realistic gaming experiences.
However, in the Metaverse, virtual reality headsets are used to interact within virtual replicas of our own society, which allows simultaneous access to multiple users around the world. There are multiple technologies that power the Metaverse, but the main reason for its popularity is that it actually changed the way we socialize with each other.
For example, there are even opportunities to shop in virtual stores, play VR interactive games, and even go to concerts. That said, it's still very early in its development, and it definitely represents the possibility of another shift in the entertainment and media industry.
Podcast
Podcasts have become a fan-favorite medium for content consumption for a number of reasons. First of all, podcasting is easier to produce than other forms of media, it requires almost no production experience, and even ordinary people can start podcasting at home.
So there are millions of podcasts to choose from on any topic imaginable, from the latest political news and economics podcasts to language learning podcasts, comedy, celebrity gossip, personal development, TV series podcasts, books and many other topics.
Second, they come in a variety of lengths, so they're perfect for anyone with a few minutes to a few hours to spare. Best of all, most podcasts are free, and many people choose to listen to podcasts on their favorite apps like iTunes, Google Podcasts, and Spotify. Additionally, the number of podcast listeners worldwide is expected to reach a record 164 million by 2023.
Social media content
Social media content has also grown in popularity, especially in recent years due to the rise of social media sites such as Tik Tok, which promotes short videos. It is important to note that a lot of videos are popping up on Instagram, Facebook and Tik Tok, which is one of the main reasons why not only creators but also businesses rely on video content for entertainment, education or to grow their brand presence online. In the future, we expect There's more video gaining popularity as a format, especially user-created content on the site.
Summarize
In summary, technological innovations have driven changes in the entertainment media space, redefining the way we consume content and facilitating the development of different media. In the future, we expect the entertainment industry to continue to develop based on the popularization of virtual reality technology, the deployment of 5G technology, and the use of artificial intelligence technology, which will provide consumers with more opportunities for personalized content based on preferences.
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