By Mashum Mollah
Trying to stay on top of the latest entertainment trends?
Wondering what the future holds for the media and entertainment industry?
Nobody can predict every development that happens in the entertainment industry. However, the one thing that’s certain is that it will never stop evolving. Currently, there are a lot of interesting changes happening in the industry.
Along with the rise of new entertainment technology, these changes will have a big influence on how we consume and view media in the coming years.
Below we’ll look at some of the most interesting trends in the entertainment and media industry that are shaping the future in big ways.
1. More Consolidations and Acquisitions :
One of the biggest trends that are currently shaping the future of entertainment is the growing number of consolidations and acquisitions within the industry.
In recent years, many larger companies such as Disney have bought out other companies and gained new media and entertainment assets. One of the biggest of these acquisitions by Disney was the buying of the rights of the Star Wars franchise. More recently Disney has acquired 21st Century Fox for a whopping $71.3 billion dollars after a bidding war with Comcast.
These kinds of acquisitions along with other major consolidations and integrations of companies and brands are becoming more popular. We’ll likely continue to see the results of these changes in the future as more franchises and companies change hands.
2. A Larger Focus on Original Content Creation :
Another big change that has been happening in entertainment is the greater focus on the creation of original content. More media and entertainment companies are realizing the importance of creating their own original content which they distribute on their own platforms.
Netflix started out with a unique distribution model for allowing people to watch movies and tv shows but has changed a lot over the years. In the past few years, the company has started creating more and more of its own original content. With this original content, they have complete control. They won’t have to worry as much that they’ll lose their hold on the industry or that a contract with a franchise or media company runs out.
Other companies are also jumping on the trend to create more original content as well including Amazon, Apple, and Youtube/Google, each on their own unique video streaming platforms.
3. Decreasing Box Office Sales :
Another change that has been happening in the entertainment industry for some time is a decrease in box office sales. While going to the movies has been decreasing in popularity for over a decade now, the real reason for this is unclear.
Fewer people may be going to the movies due to the rise of digital platforms such as Netflix and other new options for watching movies. Do you remember what going to the movies was like before streaming companies such as Netflix came along?
Whatever the reason is for the change, movie theatres are working harder to stand out as a result. they’re working harder to offer a truly amazing movie-going experience to customers.
Movie theatres of all types are rising up to provide a more luxury or unique experience to consumers. There are now more reclining seats and reservation options. There are also extensive food and drink options and moviegoers have the option to have a great dining experience along with the movie.
Many of these changes have occurred already. However, movie theatres will likely continue to find more ways to remain competitive in the coming years as well.
4. Bigger Challenges to “Fake News” :
Another thing that has been shaping the media and the entertainment industry recently is the rise of “fake news” that has become so common online. In the coming years, more efforts will likely be taken to discredit this kind of faulty reporting.
Additionally, more advertisers are understanding where their ad is placed matters. Many advertisers won’t want to be associated with any kind of negative or unreliable content on the web. They may make further changes to avoid fake news sites and similar content providers.
Advertisers will start to find ways to have more control over ad placements. The way that advertising operates on the web may change immensely as a result.
5. Virtual Reality is On the Rise :
There are also many developments happening in virtual reality lately which will likely have a big influence on the future as well. In the coming years, we’ll likely see virtual reality technology have an effect on businesses and media companies. More companies will jump on board to experiment with the technology and to offer innovative and unique experiences to consumers.
Facebook and Youtube, for example, have already jumped on board with 360-degree videos and content. However, many more media companies will also discover that the technology offers a lot of new possibilities for their customers.
Over the coming years, these companies will be expected to keep up and offer new virtual experiences that align with their brands.
6. 5G Networks to Increase Entertainment Possibilities:
5G networks are on their way and will change what people are able to do on mobile devices. Speeds will increase and mobile devices will be capable of a lot more than they ever have been before. For the future of media and entertainment, this will likely fuel a lot of large changes.
These new capabilities will probably lead to more videos being watched on mobile devices. T-Mobile, for example, has plans to offer mobile television options for subscribers. This is thanks in part to the acquisition of broadband video startup Layer3.
Similar content possibilities will also emerge for mobile devices in the video streaming industry as well as the capabilities of the advanced 5G networks that are realized and implemented by mobile providers.
7. Growing Data Consumption :
The use of technology and the consumption of the media is not slowing down anytime soon. The amount of data the average person is consuming each day will only continue to grow in the coming years. Whether it includes the use of social media sites, video content, or other types of media, consumers will always be ready for more.
Luckily, this will help to fuel more developments in technology and entertainment. More social media sites and media outlets will be created and more innovative and creative ideas will come to light as the demand continues to grow.
Additionally, technology will continue to reach new heights. More and more people will own tablet devices and smartphones in the coming years while technology becomes more advanced at the same time.
Seeing the Effects of These Entertainment Trends :
With so many changes happening in the media and entertainment industry, it’s only a matter of time until we start noticing the results in a big way.
While some entertainment trends will be good and some will be bad there’s no doubt that there will be plenty of interesting developments to keep an eye on in the coming years.
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