The popular saying that nothing is permanent except change seems to be largely true. This is especially more so in the entertainment industry. Certainly, these industry trends can offer new opportunities for businesses that are quick to capitalize on them. Thus, it may be in your interest to explore how your business can leverage on latest entertainment trends. Read on for some latest entertainment trends and tips on how to leverage them.
The Latest Entertainment Trends
Increasing use of artificial intelligence
Recent technologies such as artificial intelligence and virtual reality have indeed transformed the entertainment industry. Many companies across various industries use it for more efficient content creation. Consequently, they can more quickly and easily create new ads and movie trailers. Furthermore, it helps streamline pre- and post-production processes. The steps become more cohesive and consume fewer resources.
Interestingly, your business can be better able to make personalized recommendations that are founded on customer habits.
Incorporation of Virtual and Augmented Reality
Effective ways of capturing the attention of customers include using virtual and augmented reality. The customers can interact directly with the business. This is even more impactful with the changes brought about by the Coronavirus Pandemic. Customers can not only interact with the brand for example through virtual exhibitions, but they can gain points they can redeem in the next subscription cycle. Clearly, this can enhance customer engagement and improve the bottom line of your business.
The Spread of Blockchain Technology
Remarkably, Blockchain Technology has altered the landscape of the entertainment industry. It has helped companies to eliminate middlemen from their distribution channels. As such, creators, producers, and consumers are offered a more equitable system. Your business can also learn from the decentralization and efficiency blockchain technology has brought to the entertainment industry.
Social Video is King of Content
Video content is turning out to be the most popular form of online content. Where YouTube has been strong in the social media video scene, Facebook Watch (with around 1.25 billion monthly viewers) is giving a good fight. On the other hand, TikTok has turned out to be the biggest new video-based social network. It has over 1 billion active users.
Though there may be several of these social media platforms, the bottom line is that they are trending. More so, they keep on integrating more and more features (for example, stories feature) into their main app. Definitely, with 5G network coverage expanding in the next few years, video streaming, download speeds, and yes, social video usage will rise.
So what do you think? Should your business increase its use of social video?
The emergence of More Streaming Services
Recently, niche streaming services such as Crunchyroll (that offers a dedicated anime service) and Disney+ are having heavy strong search growth. This is evidenced in their paying subscribers.
Similarly, many players in the sector move their focus towards streaming ‘Over-the-top” video content. OTT video revenue for media and entertainment outfits like HBO and Netflix have recorded increases. Artists now give more attention to digital concerts and stand-up-comedy performers even conduct performances using video video-conferencing platforms.
Trending Strides in Cloud Gaming
Do not just think about Xbox Series X and PlayStation 5. Virtual reality, augmented reality, Esports, and mobile gaming are ever more popular. However, the most important gaming trend may as well be cloud gaming. It streams video game content from remote servers straight to the device of gamers. As such, in the future, as long as you have good internet connection, you will be able to play the best games.
Podcasting Becomes a Mainstream Medium
It is projected that as from 2022, more and more people will listen to podcasts in a month. Currently, the number of active podcasts surpasses 2 million. Interestingly, podcasting has changed from being a hobby into being a valid business model.
As such, big brands such as Microsoft and Gucci take podcasting seriously. Podcast networks keep buying and developing new series and investors are pitching in. Consequently, your business can use branded podcasts in its dual function of entertainment and marketing.
Greater Creativity and Investment Opportunities
Generally, there is increasing access to tools needed to achieve success in the entertainment industry. For example, many services abound that enable performers to hire their crew – songwriters, voice-over artists, producers – affordably. They can also purchase ghost-produced songs without restrictions. Moreover, it is easy to acquire a song with all associated rights or become breakout stars.
In the same vein, investors can use crowdfunding platforms such as Kickstarter to support entertainment projects. What this implies is there are more opportunities for businesses like yours to reach out to potential customers using the entertainment industry.
How your Business can Leverage on Latest Entertainment Trends
Be Up To Date on Social Feeds
You should regularly check your business feeds on social media. This includes Facebook, Instagram, and Twitter. More so, you can save trending topics for revisiting later. This practice will keep you informed so you do not miss out on trends and opportunities.
Keep Your Team Sharp
Your team members should be able to share interesting finds. There are communication and collaborative channels like Microsoft Teams and Slack for such sharing.
Take advantage of SEO Platforms
Many SEO tools like Google Trends and Moz can help you feel the pulse and identify emerging trends in the entertainment industry. You can find out how people make their searches. More importantly, if a particular search term is picking up steam, then you can identify areas where your business can fill in a market gap. SEO can be a big step in how your business can leverage on latest entertainment trends.
Subscribe and Go Through Trade Journals
Typically, specific issues in your industry are covered by trade journals you can research out good ones to subscribe to and enlist on. Thereafter, take special time to go through them.
Synchronize with Networks
You can certainly keep an ear to the ground when you attend conferences, trainings, trade shows, and local networking events. You get to meet both colleagues and experts and get good networking that can help your business.
Get Good Customer Feedback
A direct way to identify trends could simply be through analysed data gotten from customer feedbacks, surveys, and social media engagement. See your business and the entertainment industry from your customer’s perspective. This will provide valuable customer insight.
Benchmark Your Competitors
Observing your competitors can not only help clue you in on trends you may have missed. It can help you confirm trends and act promptly to take advantage of emerging news and trends. Likewise, it will not harm your business to stay ahead of the competition.stay ahead of the competition.
Utilize New Tech and Business Resources
Automation, digitization, modernization, and delegation are processes you should consider implementing in your business. This can involve learning a new social platform or running new computer software. For instance, you may not want to wait to try out TikTok which happens to be the 7th most-used platform.
These new platforms and emerging technologies can help you stay up-to-date on the latest trends.
New Challenges and Opportunities
The entertainment industry has had to adapt to new realities. Interestingly, it has virtually moved from the customer’s living room to their pockets. With these changes come new challenges and opportunities for investors and entrepreneurs. Knowing how your business can leverage on latest entertainment trends is the step. Implementing the steps can help your business become relevant to consumers.
