Media and Entertainment
Media And Entertainment Technology Trends 2024
If you haven't seen the movie or read the book, it’s centered around a world where participants could set their virtual avatars to anything they wanted – from cartoon characters to pop culture icons. Moreover, they could explore digital simulations of famous places like the Grand Canyon or unique ones like a fictional planet!
While we aren’t quite there yet, we’re certainly witnessing massive improvements in the Media and Entertainment industry, with regards to the technology used. This includes ways to enhance the customer's experience through more personalized, relevant, immersive and advanced technologies. We mean, with the metaverse gaining popularity, it has spurred innovation and progress in other technologies used by media and entertainment businesses. No wonder, they are on the lookout for the next big thing that’s going to shape the future of the industry to stay ahead of the competition.
To help them out, we’ve curated a list of the Top Media and Entertainment Trends Of 2024. Read on!
Moving away from our obsession with the virtual world of Ready Player One, the real world offers a plethora of media and entertainment options. Don't want to watch a movie? There’s music streaming. Want something more interactive? Go for AR/VR-based video games. Want something less interactive to run in the background while you work? Say hi to podcasts!
Movies? Music? Video Games? We know they’re not new. They’ve been around for a long time, right? However, over time, their delivery systems have consistently been improving and updating.
Consider movies: at one point, the only option was drive-in cinemas. Over time people were introduced to theatres, that evolved into more convenient VCRs, CDs, DVDs and BluRay. Now, we just stream or download them on our favorite OTT platforms!
The point is “change is the only constant”. Businesses engaged in any industry need to adapt and prepare for changes, especially ones that will dictate how the future will go. This includes those in the media and entertainment industry.
Last year, we explored online streaming, the metaverse, cloud gaming, direct funding channels and OTT advertising among the top trends in the industry. Now, let's explore what the hottest trends in Media and Entertainment Technology for 2024 are. Scroll on!
Trend 1: Artificial Intelligence And Machine Learning Will Aid Creativity
Coming hot and heavy to our list this year is artificial intelligence and machine learning, which have set up a solid foundation in the media and entertainment industry. They are expected to boost creative endeavors in the industry in 2024.
AI helps businesses deliver personalized experiences and advertisements, improving user experiences. For example, YouTube and Spotify make use of AI algorithms to recommend new music and artists based on a user’s preferences. Beyond creative applications, AI can also help in moderation, copyright enforcement, compliance with community guidelines and more.
The recently popular capabilities of generative AI are revolutionizing content creation by aiding in research, creating rough drafts, assisting in video editing, developing visual effects and generating music, video and images. AI will also help organizations and content creators understand how their content affects consumers on an emotional level, by using artificial emotional intelligence for sentiment analytics.
Essentially, AI helps streamline creative processes, improve efficiency and reduce production costs. It’s no wonder that 360 Market Updates finds that the global market size of AI in media and entertainment was $13.5 billion in 2022 and is slated to reach $47 billion in 2028, with a CAGR of 23.53% (2022-2028).
Yves Bergquist, Director of the AI & Neuroscience in Media Project at USC’s Entertainment Technology Center, which is funded by Hollywood studios, says, “Some groups within the studios are highly technologically savvy … and are already working with generative AI companies. The studios do a lot of the postproduction work in films — particularly in animation — and there is a lot of pressure to bring costs down. The postproduction companies have a software development culture, so they will embrace generative AI.”
TechDogs’ Takeaway: Businesses engaged in the M&E industry along with content creators must look to adopt AI tools that can help streamline their processes. Alternatively, those using unique strategies should look to tie up with software developers to create custom AI tools that can be used without disclosing trade secrets. Moreover, businesses must set up dedicated teams that can understand the business’s requirements, so that maximum value can be derived from the adoption of AI technologies. Finally, when it comes to generative AI, businesses must start the process of training and refining their foundational models, while also focusing on cloud optimization and data cleanup to ensure better productivity.
Trend 2: Businesses Will Use Big Data To Drive Personalization
It’s no surprise that big data carries on as a trend this year from last year. Consumers are spending more and more time on the internet, social media platforms and online content platforms. As a result, they generate tremendous amounts of data. With stronger tools and additional parameters, user data has become sophisticated. Essentially, big data will allow businesses to gain deeper insight into user behaviors, preferences and consumption patterns to better personalize in 2024.
By leveraging AI-driven recommendation engines (see Trend #1), businesses can recognize user patterns and trends to personalize experiences, advertisements and recommendations, making them specific for each individual. This is how Netflix benefited by utilizing big data in its recommendation algorithm, which influenced around 80% of all content watched on the platform. This also resulted in the streaming platform achieving better retention and a whopping $1 billion in savings.
According to Acumen Research and Consulting, the global big data market size stood at $163.5 billion in 2021 and is predicted to reach $473.6 billion by 2030, with a CAGR of 12.7% (2022 to 2030). It’s no surprise that over 97% of key global businesses plan to invest in big data and AI. As Geoffrey Moore, management consultant and author, said, “Without big data analytics, companies are blind and deaf, wandering out onto the web like deer on a freeway.”
TechDogs’ Takeaway: To leverage this trend, businesses must define their objectives to make sure their big data strategy is appropriately aligned. Next, businesses should look to creating a dedicated and skilled workforce trained in data collection and analytics tools. This means that businesses should adopt modern, innovative and seamlessly integrable tools that facilitate cost-effectiveness and improve productivity. This is vital for M&E businesses that want to embrace data-driven decision-making to foster growth and innovation. Finally, they must improve their security and privacy efforts to ensure safety and protection of consumer data that is stored and used for personalization.
Trend 3: Augmented Reality And Virtual Reality Will Bring In Interactive Experiences
Retaining its importance from last year, the use of Augmented Reality (AR) and Virtual Reality (VR) in media and entertainment remains a trend this year too. While AR overlays the real world with digital content displayed on screen, VR enables them to engage in virtual environments, quite like the world of Ready Player One. Both technologies are expected to be in focus in 2024 and beyond.
AR/VR brings immersive and interactive experiences across a range of sectors, including gaming, movies, live events and interactive videos. In fact, the past year has revealed leading technology companies are planning to launch specialized and more accessible VR glasses. This will enable businesses to offer users digital experiences of their products and services. Additionally, users can check out historical locations or events or explore fictional worlds, which is where the gaming industry thrives. Statista reports that the number of AR/VR market users is expected to reach 6.8 billion users by 2028. It also finds that the user penetration rate is set to increase to 104.9% by 2028 as opposed to 92.2% in 2023.
Aside from end-user experiences, these immersive technologies have major use cases in business-to-business environments too. In fact, Anshel Sag, the Principal Analyst at Moor Insights & Strategy, believes that “Many companies start out with the intention of serving a consumer mass market and eventually pivot to the enterprise. Most of the profitable opportunities in AR, VR, MR, XR etc. are in the enterprise space.”
TechDogs’ Takeaway: With the increased accessibility of VR headsets, media and entertainment businesses must make strong moves to establish themselves as forefront players in the immersive media sector. They must ensure their strategies are aligned to adapt not just to AR and VR but also to MR (Mixed Reality) and XR (eXtended Reality), which encompasses all the technologies. Next, setting up a team of experts in the field should be a priority for businesses to identify potential areas to exploit and plot a roadmap to better plan their immersive experiences investments. Finally, to leverage this trend, businesses must create a presence in the metaverse, bringing self-owned virtual spaces or tying up with other companies to offer joint interactive experiences in virtual settings.
Trend 4: Cloud Gaming Will Boost The Gaming Industry
Returning as a trend this year is Cloud Gaming, which is primarily due to the advances made in the industry and the advantages it offers. This includes cutting down the hassle of purchasing games in-store or downloading them, which can consume tremendous time and storage space. As games get more expansive and detailed, their storage and hardware requirements increase, which if not met, could result in performance issues. Hence, cloud gaming will be a major trend in the gaming arena in 2024!
Cloud gaming supersedes common issues by letting users play games instantly through streaming them rather than having to download them. Furthermore, this facilitates players to enjoy multi-player games across devices, platforms and locations seamlessly without compatibility issues.
Even streaming services like PlayStation Plus provide Sony with a healthy new revenue stream, which includes monetizing old games via the cloud. This has seen the interest in cloud gaming grow by 400% in the last 5 years, as indicated by online searches for the term. Even Netflix, the motion picture streaming giant forayed into the cloud gaming industry, currently testing in the US, UK and Canada. Mordor Intelligence believes the global gaming market is set to rise from $173.7 billion in 2021 to $314.4 billion in 2027, with a CAGR of 9.64% between 2022 and 2027.
In the words of David Perry, game developer and Founder of Shiny Entertainment and Gaikai, “Cloud Gaming means that the game doesn't need to be downloaded and run on your computer; it literally means the game runs out on the Internet, in the cloud, with the experience being streamed to the players.”
TechDogs’ Takeaway: Businesses engaged in the gaming industry must look to adapt their services to the cloud gaming revolution. For this, they must develop a robust infrastructure to ensure they can cater to multiple users seamlessly and optimize it for low-latency streaming and high-quality graphics. Next, they should focus on creating a library of cloud games to promote customer retention, as a majority of customers would prefer cloud gaming over investing in expensive gaming setups. Finally, by leveraging technologies such as AI (Trend #1) and data analytics (Trend #2), they can understand consumer preferences and trends. Businesses not directly involved in the gaming industry can also experiment with cloud gamification for their sales gamification initiatives, as connecting such interactive experiences can allow participants (employees) to partake in wherever and whenever they choose to, something that’s missing with traditional gaming infrastructures.
Trend 5: 5G Technology Will Foster A Revolution In Media And Entertainment
Coming in as a new trend this year, 5G connectivity is touted to revolutionize the media and entertainment industry. It brings faster speeds, lower latency, stronger connections, quicker downloads and seamless streaming of high-quality content. Considering most content is now streamed or shared via the internet, almost all businesses engaged in the media and entertainment industry will be set to benefit from 5G connectivity in 2024 and beyond.
Essentially, 5G connections will facilitate robust real-time interactivity, thereby improving interactive and immersive experiences like AR/VR (Trend #3) and online experiences such as cloud gaming (Trend #4). Additionally, it will boost innovation in media experiences, build new forms of content consumption, enhance multi-device streaming and interoperability and offer better personalization. This will be highly beneficial for live event broadcasting and streaming. At the backend, faster connectivity will foster better remote collaboration and productivity, bringing work efficiency for media professionals.
According to the GSM Association (GSMA), 5G networks could be used by one-third of the world’s population by 2025. The impact on the mobile industry and its customers will be profound. Peter Jarich, head of GSMA Intelligence, says, “Until now, 5G adoption has been driven by relatively mature markets and consumer use cases like enhanced mobile broadband, but that’s changing … We’re now entering a second wave for 5G that will see the technology engage a diverse set of new markets and audiences.”
TechDogs’ Takeaway: To leverage this trend, businesses must look at setting up a viable roadmap for the adoption of 5G networking technology. This means that they’ll have to bolster their IT infrastructure, especially as 5G will need to facilitate multi-device connections across channels. Next, those engaged in cloud gaming or streaming should explore delivering data-heavy content through 5G networks instead of traditional channels. Finally, businesses can explore new revenue streams through tie-ups with 5G network providers and software developers to create digital solutions that are compatible with the emerging networking technology.
Wrapping It Up!
So, there you go! Media and Entertainment bring consumers a wide range of content options, including movies, TV shows, music, video games, interactive and immersive experiences and more. With the advancement of technology, the media and entertainment industry has evolved in the way it operates, the content it provides and the way it shares such content.
The focus in 2024 will be on leveraging artificial intelligence (AI) and machine learning (ML) to boost creativity, big data to drive personalization, augmented reality and virtual reality (AR/VR) to enhance immersive experiences, cloud gaming to improve gaming experiences and adopting 5G to provide faster speeds and better media experiences. Consider where you can adopt these technologies to give your audiences an entertaining experience in 2024!
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