There was a time when people used to sit around the campfire and spend some quality time with each other. Time changes, people evolved and technology is advanced. Then, there was a limited number of campfire instead of people sit in their living room surrounding a piece of entertainment that is known as – television. Technology becomes more advanced and now, people tap into their smartphone screen and enjoy their favorite piece of the entertaining show.
The total conclusion of this advancement will take you to a single term that is keeping everyone hooked to their seats – streaming. Whether it is audio or video media, streaming is constant. In 2017, it was growing and in 2018, we will see a more advanced version of this tech. it is considered to be a primary revenue driver that is changing the way in which consumers have changed the way content is presented. Now, artists and industries are offering media to their fan on a silver platter.
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1. Downloading Digital Music
We all have downloaded digital media on our smartphone and stored them on a micro memory chip. With streaming, the thing has changed and become simpler. There is no rocket science to argue the reason. The shift has occurred because now it is possible to listen to ten million songs by paying the price of one single digital album download.
The music fans are taking full advantage of this service by shifting to applications that provide such services. Approximately 100 million users are now subscribed to such services and the number is still going up. This is beneficial for the recorded music industry as well since revenue is increasing at a fast rate. They are an earning total of 60 percent profit from the streaming technology only.
2. Video Streaming
Video streaming is also increasing at a staggering rate and on top of that, it has no plan of slowing down. If anything, we will see an enhanced version of this tech in the near future. It is assumed that the revenue of video streaming will be tripled by 2021. Consumers are moving towards phone application for television that is widely used for streaming videos. It will experience the most substantial market growth rate that will only increase with the rate of a digital platform that is widely used for marketing and branding products.
Streaming is widely growing digital distribution that is creating many opportunities for upcoming independent artists. The music and video distribution has taken a different route towards the expansion and has opened doors for the artists to gain personalized attention. No longer, there hide behind a major label.
3. Data-Driven World
Streaming and the digital world are dominating the entertainment sector on a global scale. This has resulted in the growth of data. As mentioned above, streaming has managed to become the primary revenue driver for video and music. This simple reason has made it essential to utilize data and process of analysis to ensure success.
Read More: How top media houses leverage data?
4. Technological advancement
There is no doubt that technological advancement is continuing at a rapid rate. This has transformed the face of the media industry as a concept is a development, artists are growing and consumers are widely dependent on the consumption. All this surrounds a single thing on which everything depends – data.
It is essential to have an in-depth understanding of the music data. However, the industry is unpredictable, data provides an efficiency by which they can predict and get a vision making it a powerful tool. You cannot overstate the importance of data in the media and television world. Database decides the content and delivery be done to a consumer. People are embracing technology that will make VR an essential aspect of the entertainment sector.
5. Data Utilization
If you want to learn about data-driven then there are many factors that will be an involved process including automation, Artificial Intelligence (AI) and machine learning. With the help of different part data, it is possible to get a proper insight into the data so that companies can make an accurate decision. There is no doubt that humans are essential for the success of any firm but when a large amount of data is involved then it is not possible to depend on manual work.
Hence, machines are used to analyze the data without any complexity or defect. If not, then the data can overwhelm an analyst and can provide confused results. You won’t have any insight on the preference and nature of a consumer.
6. Future of Creative Industries
Digital revolution is at its peak with the help of technology while the consumers are embracing the innovative ideas that are helping in the growth of media consumption. This is even increasing the demand for smartphone among youngsters which is expected to be higher by 2020. The world is using global platforms to connect with each other such as social media and the internet. This will increase the growth of technology innovators as they will come up with more ideas.
The access to smart devices has grown on a wide range such as smart speakers, smartphones, connected homes and connected cars. This allows people to stay online anytime and from anywhere until they have an internet connectivity. They can stream music, television, read books, and the list goes on. This is the basic change in the behavior of a consumer and advancement of technology that has managed to pump up the growth of video and music streaming. It has increased the demand for data to alter creation and improve delivery. The voice-controlled technology is going to take over the world with fire. It will bring the technical world to the forefront with personal assistance just a finger tap away.
There is a chance that in future more of digital technology will be introduced in the Media and Entertainment sector that will improve the user experience. Digital media has a potential to improve their capabilities and curate content delivery in order to entertain people in a dream come true manner.
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