4 things you need to know about the modern development of the entertainment sector
How we derive entertainment from games, art and media is a mirror image of our inherent traditions and needs—the culture upon which we build our lives. The entertainment sector has again undergone disruptions that altered its modus operandi due to new realities that present dynamic opportunities and challenges for both brands and investors in the industry.
And as the industry evolves, so does our way of consuming its content. This concept isn’t alien to us, and is rather prevalent in just about every other sector in the world. Take the casino industry, for instance. Going digital created a paradigm shift in how people interact with casinos and use them. Once, you had to walk into a casino to play casino and table games. Now, even without knowing the map of a city, you can find a live casino New Jersey online or bricks and mortar in just a few keystrokes. The change gets better because you no longer have to leave the house or visit certain premises. Everything is conducted online and remotely at the time and place of your choosing.
That said, here are four things worth knowing about the recent developments in the entertainment sector:
Just another Year for Cinema
Many foretold that the rise of streaming was the demise of cinema, but that couldn’t be further from the truth. Sure, in the past few years, the entertainment industry has had to rethink its strategy, denting cinema numbers in the process. However, recent studies show that cinema is on the way up again.
As much as people prefer to stay cooped up to binge through several films and TV shows, they also quite cherish the experience of live cinema. So, with global attention returning to cinemas, we are poised for a dynamic relationship between cinema and streaming that shows our evolved tastes in how we consume content.
Before streaming became mainstream, many entertainment industry sectors heavily depended on physical sales and attendance to rake in profits. The go-to was often cinema, theatres, and concerts, which needed great audience turnover to be a success.
However, the evolving tastes of the world and the new way of consuming content revealed by streaming have turned attention to over-the-top (OTT) content consumption. In 2017 alone, the revenue derived from OTT media via platforms like Netflix, HBO, and Hulu hit $20.1 billion. The numbers increased by 15.2% in the following year, and the industry’s projected value for 2022 is around $30.6 billion.
Shows Will Go On
Live, in-person shows have slowed down in the past few years, giving way to virtual shows performed over streaming platforms or in games. At the same time, revenue is down 74.4%, and it seems like a bad time for the sector. However, interests are returning for live shows, with more people eager for physical, in-person entertainment.
The Dawn of Creator Economy
In almost all areas of the entertainment sector, there’s been a growing commitment to making the process as easy and open as possible to allow interested people to enter the fray. This concept is supported by industry players like Twitch, YouTube, Facebook, and the likes, which allow people to produce content and generate a following—in essence, forming the creator economy. It’s a trend unlike any other, which could likely continue well into the future.