Since 2010, there has been a huge change in the media industry about how marketers advertise media, businesses create media and consumers view them.
People now prefer TV services that are subscription-based to cable TV. There are a lot of reasons on UK.collected.reviews for why people prefer subscription-based TV to cable TV. Live-streaming video and cryptocurrency are now becoming the order of the day in the entertainment and media world. Creators and users can now use a more decentralized mode of payment that they prefer.
Nowadays, with a good mobile connection, you can get access to an unlimited amount of videos and different forms of media on the internet. Now, we are seeing a lot of changes, like mass digitization, freelance mania, advanced technology, and generational shift,with the economic powerhouse becoming millennials. Technology is changing the media industry in many ways. Here are four of them.
1. Artificial Intelligence:
No industry has left out in the introduction of artificial intelligence. TiVo is one cable service that recommends videos for users based on their watching habits. This makes the users personalize their experiences. Artificial intelligence can be used to create movie trailers and ads at a lower cost and faster pace than normal traditional means. Contents created with the use of artificial intelligence have become more effective. Forbes, for example, is known for using a bot named Bertie to recommend topics of articles for their contributors based on the articles they’ve written before. The bot also uses images and the sentiments of the pieces to recommend headlines.
2. Virtual and Augmented Reality:
Although they are very new in entertainment and media, VR and AR have helped businesses make money and captivate their customers. For example, Captive is an app that uses Blockchain technology and augmented reality to create entertaining ways for brands to interact with their users. Users get to acquire Captive Coins when they register on the app. These coins can be used to buy goods at any Captive marketplace. Virtual Reality content is one of the hottest trends in the entertainment and media industry.
3. Personalized Advertisement:
Traditional ways of advertising and product placement will soon stop existing because of the way artificial intelligence has personalized advertising. According to research, 71% of customers prefer ads that are personalized and this has made marketers make more of this type of ads. With the aid of facial recognition, behavioural data and artificial intelligence, ads can be targeted at even a specific person.
4. Blockchain;
Blockchain can change the entertainment industry completely. The one problem of Blockchain is that labels and distributors rob creators. The removal of the middle man from media distribution and entertainment is the major advantage of Blockchain. ENX coin is a platform that creates currency that cannot be forged and provides transparency for all parties involved.
Nobody knows how major labels and collective viewership in the entertainment sector will be affected by technology. The one thing that everybody is 100% sure about is that the media industry will evolve.