Technologies That Can Change the Face of Media and Entertainment in 2020
A mixture of demographic, consumer, and technology trends is dramatically reshaping the media landscape.
FREMONT, CA: The digitalization of the media industry has been driven by changing consumer behavior and expectations, particularly among the younger generations who demand instant access to content anywhere.
Millennials are creating demand for services that allow convenience, experiences, and instant access to content. Along with that, the world's population is aging, leading to improved demand for health and wellness, entertainment, and education services, which is designed for older people. The urbanization will contribute to improved demand for media offerings designed with people's commutes, and busy work lives in mind.
The increase in internet penetration has made being connected a way of life for younger generations of consumers and presenting media businesses with opportunities to fuel the continuous conversations that this connectivity allows. Alongside this increased connectivity, technology provides access to content anywhere. Meanwhile, the enhancing availability of open-source and free software enables the business to build new companies and innovative products in record time.
Through the availability of cheap sensors, connected devices, and cloud computing, the media industry can witness the birth of the IoT. A network of connected machines delivers smart services, which will offer the media industry a complete range of opportunities to create seamless and personalized services.
New digital processes change how media is created, distributed, and monetized. Traditionally, the media industry focused on producing content and optimizing distribution. Still, today many companies are automating this, digitizing catalogs and inventories, launching new rights management systems, and writing algorithms to create content.
Data collection and analytics will help the companies to get consumer insights across several channels and devices, permitting them to deliver relevant and meaningful experiences. This real-time use of data analytics is originally essential as media organizations no longer provide content but experiential services built around that content.