Beyond 2020, the future of the film industry:- For companies in every industry, this year has been a very impactful year, and the entertainment industry is no exception. It is fair to assume that no area of the entertainment industry has been left unscathed, with theatres shutting their doors, film sets going on indefinite delays, and halls, stadiums and other event centres remaining under lock and key. The good news, however, is that the film sector still has prospects for the future, just as other sectors are seeking ways to return to a semblance of normality or innovating fresh strategies to continue operations. Here are some of the most significant ways to improve the entertainment industry in the future.
To bring in the money, many facets of the entertainment industry relied on physical attendance at events. This included movie theatres and concerts, which respectively took in the most revenue for both actors and musicians. Today, because of the numerous restrictions on public meetings and travel from place to place globally and even within countries, such activities have become difficult to organise. The strategy that many players have taken in those sectors is to begin to push their attention on streaming.
The most important way people watch movies nowadays is ‘over-the-top’ video content. In the U.S., OTT video revenue for media and entertainment (think: HBO Go, Hulu, Netflix) reached $20.1 billion in 2017 , up 15.2 percent over the previous year. PwC expects that as the market matures, growth rates will begin to decline, but revenue in this region is projected to hit $30.6 billion in 2022. Many musicians are now prioritising streaming concerts to engage their fans and get their earnings back on track after the advent of Instagram Live concerts.
Even stand-up comedy is performed through Zoom and other video-conferencing platforms, which is an occurrence that few people would have thought could happen without an audience.
*Performance and inventiveness:-
Participants have been committed to democratising access and fostering inclusivity through multiple sectors to allow any interested person to access the resources needed to achieve success. As seen on digital platforms such as YouTube, the entertainment industry is way ahead of the curve, allowing actors, musicians, and other entertainers to showcase their talents while bypassing conventional gatekeepers. In addition, several services have been created to offer performers the chance to recruit staff on the cheap, such as producers, songwriters, and voiceover artists, or even to purchase items such as ghost-produced songs that they can use without any restrictions.
The way music is made, developed and edited is becoming an increasingly commercialised operation, according to Enrique Lozano Donate, cofounder of Edmwarriors, “and this causes you to acquire a song and all its rights at a single click nowadays.” These shifts make it easier for people to be breakout stars, even without the help of the E & M industry ‘s conventional institutions. With Kickstarter and other crowdfunding sites raising millions to support film ventures (up to 20 percent of all their projects), this move can also be seen in crowdfunding. The sum raised by Veronica Mars, the largest (so far) crowdfunded film, was $5.7 million.
*Takeover of digital:-
There are many individuals who still swear by their TVs and are devoted to making it a regular date with their favourite TV hosts, but those individuals are starting to be few and far between. The move towards digital has been going on for a while, but this year’s events have only helped to speed it up. The number of TV viewers dropped dramatically to under 300 million in 2018. The number of OTT viewers rose to 198 million at the same time. Similarly, the amount of media ad spending going to TV dropped 2%, primarily due to a change in advertisers’ focus to digital video platforms. The move to digital consumption is expected to be boosted by the introduction of 5 G networks across the globe to grow much faster. Another aspect which is likely to have the same impact is also the increased dependency on smartphones. The time spent on mobile media engagement in 2012 was 1.6 hours a day. The figure has more than doubled to 3.3 hours a day in 2018.
The convergence of these innovations makes it possible for individuals to access content on demand with such convenience and high quality that they are unlikely to be able to return to conventional TV or radio programming. To give the versatility that customers have come to expect as a norm, the output of media will surely follow suit.
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