Enterprises in the media and entertainment industry are leveraging cutting-edge technologies to enhance user experience and monetise their content. Technologies such as artificial intelligence (AI), data analytics and cloud computing are helping these enterprises revamp their businesses.
The pandemic has further accelerated the adoption of these technologies in the sector. For instance, cutting-edge special effects developed for movies, streaming media, virtual reality (VR) gaming, and new delivery channels for news, music and advertising have all become prevalent now.
A look at the key emerging technology trends that are shaping the media and entertainment industry…
As developing and deploying their own custom AI systems remains an expensive proposition for most media companies, there has been a proliferation of AI-as-a-service business models. The importance of AI in user behaviour mapping and customer experience has already been established, but there is an increasing acknowledgement for the value it provides in content creation processes. AI models are being tested in the digital environment, and all put together, will see greater usage in the coming years.
High dimension animation, out-of-home advertising, radio and VFX are some of AI’s use cases. These entertainment platforms utilise AI-driven solutions in intelligent data streaming for rapid delivery of content.
To support software-as-a-service-based workflows, many media and entertainment organisations have implemented solutions that help integrate production aspects, content control measures and delivery into a single platform-based workflow. On the payment side, providers will continue to implement single-touch options and digital payment modes to improve queuing and accuracy.
The convergence of technologies has also led to the blurring of boundaries and helped create an industrywide ecosystem of collaborators. Business models can now depend on external support for capabilities, and even strategy. Creators, aggregators and distributors can now build capabilities in their specific domains and depend on partnership models to fill in portfolio requirements.
Non-fungible tokens (NFTs) or dwelling certificates are used to record the ownership of digital assets and enable “unique” digital content. The media and entertainment industry could potentially witness this transformative trend in the coming years.
The video streaming app market is projected to reach $932.29 billion in terms of revenue by the end of 2028. App creators are using augmented reality (AR) and VR features to enable advanced personalisation for users of entertainment applications.
Wearable technology is the most powerful way of making the entertainment industry a lot more immersive. It introduces new ways for users to easily access content. These technologies are enabling users to consume AR/VR content such as videos, music and games. With the advent of wearable apps, content is now being delivered in more precise and immersive formats.
Although still at a nascent stage, blockchain has the potential to disrupt the way content is produced, aggregated, distributed and consumed. According to Accenture, 55 per cent of media executives consider blockchain to be among the top five priorities for their company. Around 83 per cent of leaders are currently planning to increase blockchain investments over the coming years. Some key applications of blockchain in the media and entertainment industry are:
- Content micropayments: Blockchain-powered micropayment systems have enabled pay-per-use consumption, as they can keep a comprehensive record of data. This allows more accurate tracking of consumption of copyrighted content.
- Elimination of content aggregation: Blockchain’s decentralised structure enables content creators to directly distribute their work to consumers, helping them bypass traditional distribution channels. The use of blockchain would allow each transaction in the value chain to be recorded and updated instantly, thereby reducing the scope for piracy.
- Smart contracts: Blockchain-based smart contracts could be used to enforce licence terms and dispense payments. For instance, they can allow certain digital content to be published and downloaded at a specified time and price, and then split the payout among content creators.
- Blockchain content ledger: The content ledger feature enabled by blockchain technology can be used to record additional information about digital content. As the data is decentralised and irreversible, it is highly secure.
Voice search technology
Smartphone users are increasingly using voice-tech solutions and smart speakers for quick searching. These solutions are also being adopted in the media and entertainment sector. Using the combination of AI and machine learning, voice recognition technology is constantly working to optimise content and provide a more transparent and personalised user experience. Voice assistants such as Apple’s Siri, Amazon’s Alexa and Microsoft’s Cortana are ideal examples of successful voice recognition solutions.
The combination of AI and visual recognition enables businesses to gather real-time data based on user behaviour. Facial recognition can analyse personal behaviour in private or public spaces with high accuracy. This technology is used explicitly in live concerts to analyse real-time footage captured by surveillance cameras.
The sector is using drone technology for impressive photography and aerial filming. With the help of drones, it is now possible to acquire details of inaccessible locations and create detailed documentation. Thus drones have now become an indispensable part of the entertainment industry.
The cloud is yet another technology seeing rapid uptake in the media and entertainment industry. The pay-as-you-go cloud storage model comes with better storage and computing capabilities, enabling content producers to scale up their storage and eliminate unnecessary expenses. Further, cloud provides the flexibility to devise new business and revenue models that can help media players cater to fragmented audiences. It also helps media organisations reduce the number of roll-out cycles, thereby minimising the time-to-market new productions and content catalogues, thus helping them swiftly and efficiently expand their existing content library.
Moreover, the cost of launching new productions across various channels through the cloud is significantly lower than production in traditional mediums. The shift towards a cloud-based model also allows media enterprises to collaborate more securely and efficiently with various organisations across regions, thus enabling them to build a more robust and collaborative ecosystem. According to Coughlin Consultancy, cloud storage for the media and entertainment industry is expected to grow by 13 times between 2017 and 2023.
To prevent the entertainment application development industry from becoming vulnerable to cyberattacks, mobile app development companies are using cloud security management tactics to fight against security threats.
The cloud management system monitors production networks, customer data, access control and IT rules. Factors such as cloud workload and data encryption will take centre stage as more and more entertainment bodies migrate to the cloud in the public domain.
Overall, rapid digitalisation and automation will enable businesses in the media and entertainment industry to become more resilient, with reduced manual interaction, thus accelerating growth.
These emerging technologies have great potential to improve the sector’s capabilities and content delivery. As such, enterprises in the media and entertainment space are stepping up their IT investments. They should now simultaneously adopt advanced security solutions to safeguard their IT systems against cyberthreats.