In the past decade, there have been tremendous changes in how consumers perceive media, how companies create these media, and how marketers place ads on them. For example, according to The Wall Street Journal, cable television lost an unprecedented number of customers in the third quarter of 2018 because people chose subscription-based television services. And live streaming video captivates both viewers and marketers: in 2018, adoption rates were 35 percent, compared with 28 percent in 2017, according to Social Media Examiner.
Even cryptocurrency has found its place in the world of media and entertainment, acting as a more decentralized payment method, which is preferred by many creators and users.
The platforms through which we encounter music, films and other forms of media are developing at such a pace that it is difficult to believe in them. And, despite the pace of development of the entertainment industry, we can make certain predictions that will be useful for all participants.
1. Artificial Intelligence
As it happens in many other industries, artificial intelligence is waiting for a breakthrough. One of the first examples of AI's influence in the media and entertainment industry is TiVo, a cable service that provides personalized recommendations based on user habits.
Today, AI makes the process of creating new content much more efficient for businesses, publications, and online creators. Even Forbes uses a bot called Bertie, who “recommends the topic of articles for authors, based on their previous conclusion, headlines based on the mood of their parts, and images as well.”
Similarly, AI can be used to quickly create new commercials, as well as to optimize processes before and after production, which makes all the necessary steps more consistent, less costly, and quick.
2. Virtual and Augmented Reality
Although the use of VR and AR in media and entertainment is relatively new, these alternative realities are already captivating consumers and bringing money to businesses. Captive, for example, has combined blockchain technology with AR to create new user interfaces in which consumers interact with brands in new and interesting ways. Once users register with the app, they can purchase “captive coins.” These coins can then be used to buy real goods on the trading floor.
Just as Pokémon GO works (as another example of augmented reality), companies can encourage customers to visit their usual locations, rewarding users with tokens in exchange for visiting a business.
Disney has a similar vision with the Play Disney Parks app. The application provides games that users can play while they stand in line at Disney theme parks. Using Bluetooth beacons, Disney tracks players' real-time locations and then asks players to look for markers near their locations. Players can also use the app to launch real events. Example: standing in line at the time of Peter Pan's Flight, players can make Tinkerbell appear inside the lantern.
In 2017, Global Entertainment and Media Outlook predicted that by 2020, revenue from VR content would increase to $ 5 billion, making it one of the hottest trends in the media and entertainment industry.
3. Personalized advertising
Due to the increased personalization that has been made possible by AI, it is likely that traditional advertisements and product placement will soon be missing. These methods will be gradually reduced in favor of more targeted, personalized content. Imagine, for example, an advertisement with your name or a link to a specific behavior that you have chosen - sounds crazy? Well, 71 percent of consumers prefer personalized ads. It’s only a matter of time when an ad will become so personalized (using AI, behavioral data, and even face recognition) that each ad will be directed to a specific customer and, ultimately, to a specific person.
Blockchain is another element that can radically change the entertainment industry. One of the main problems of the sector is that the creators often rob financially distributors and labels. But Blockchain has the potential to remove the middleman from the entertainment industry and media distribution.
ENX Coin, created by RoccStar Youngblood, is one of the first examples of a decentralized streaming platform through which creators, manufacturers, and consumers can participate in a more equitable system. Youngblood’s musical career sounds like a Who's Who list of Hollywood - he produced hits for Chris Brown, Fergie, Jlot, Asher, Prince Royce, and others - and he seeks to bring decentralization and efficiency to a space that is known to be sustainable. He also wants to provide new distribution models to eliminate intermediaries, addressing directly to consumers.
Its platform offers access to streaming services and live events for music, movies, and television. The ENX-coin specifically uses the blockchain to create a currency resistant to counterfeit, which provides transparency for all participants.
At this point, many questions arise about the entertainment sector and those who invest in it. It is difficult to understand what will happen with the collective audience or with large labels. Nevertheless, although we cannot predict how the industry will develop, we can make certain predictions based on what happened.
And here, personalization enhancement is key, as in the world of marketing. Both when viewing and in advertising. Therefore, it is safe to assume that there will be changes in how media is created and distributed, and in the use of a blockchain, such as the ENX coin, which will emphasize justice, new distribution channels and transparency.