With ever-changing consumer demands, the media and entertainment sector moves quickly. To keep up with this fast-paced energy, businesses need to stay up-to-date with current consumer trends and adapt how and what they communicate to their audiences.
A virtual reality expansion
The mass medium that has been taking TV to a whole new level doesn’t seem to be slowing down anytime soon. In fact, according to PwC’s annual Global Entertainment & Media Outlook 2018 – 2022
, with the way virtual reality (VR) is expanding, the world’s leading VR market, the U.S., is expected to bring in a VR revenue of $7.2bn by 2022 (in 2017, the total sat at $1.5bn).
Furthermore, bigwig media outlets like The New York Times, The Washington Post
and USA Today
have implemented VR journalism, using VR content for breaking stories, illustrating that this trend is not only influencing the way we watch videos and play games but also the way we consume information and news.
Streaming versus downloadsGlobal web index’s latest entertainment report
reveals that internet users prefer having access to content through streaming than owning it through downloads – 46% of internet users choose music access via online services than offline purchases. If this trend is anything to go by, streaming of all content including series and movies is likely to overtake downloads in the years to come.
5G to change content
With a gradual shift over to 5G wireless networks, faster broadband will not only affect telecoms but content too by altering what’s possible in terms of the experiences it can facilitate. Once 5G comes to full fruition, mobile operators will be able to expand their offerings to include things like streaming services and internet-based TV services in some of their packages.
In addition, because 5G is developing alongside advances in AI, IoT devices, VR and location-based services, it means that content can truly be innovative and outside the box in the next few years.
South Africa is set to complete its digital migration from analogue to digital signals by June 2019. As a result, multichannel programming will finally become a reality in our country, with the availability of new content and a wider variety of channels that appeal to the broader South African viewership; not to mention, better overall viewing experience as far as picture quality and sound go.
In order to compete within a landscape that’s constantly shifting, companies of all sizes need to continue to gain insights into their consumers’ thoughts and behaviours. The above four trends bring with them plenty of innovation and excitement and are just a taste of how the TV and entertainment sphere is advancing for a promising future.