The Expansion of Streaming Services
The streaming revolution is here to stay. Revenue from streaming video services (SVoD) is expected to exceed $139 billion annually by 2027. This has led to the rise of numerous streaming platforms that are challenging established giants like Netflix, Hulu, and Amazon Prime Video. While some, like Quibi, have failed, others, like Crunchyroll and Disney+, have thrived. Crunchyroll, which specialises in anime, now has 5 million subscribers, while Disney+ has had more than 157 million subscribers since its launch in 2019. Starting in 2023, more niche streaming services will emerge, catering to specific interests and demographics. This may pose challenges for consumers, but it also creates opportunities for content creators to reach new audiences and monetize their work.
The Mainstream Adoption of Cloud Gaming
Cloud gaming is set to revolutionise the gaming industry by streaming video game content from remote servers to various devices. This eliminates the need for high-end computers or consoles, making gaming accessible to a broader audience. Major players such as Nvidia, Google, Sony, and Xbox have already launched cloud gaming platforms, giving users access to a wide range of games without expensive hardware. While there are challenges such as internet infrastructure and latency, the potential for widespread adoption is immense as 5G network coverage expands and internet speeds improve. This trend will democratise gaming, enabling high-quality experiences on any device for anyone with a good internet connection.
Podcasting as a Mainstream Medium
Podcasting has grown rapidly, with 144 million monthly listeners in the U.S., expected to reach 164 million by 2023. The industry is becoming more professional and monetized, with branded podcasts being used as effective marketing tools by companies such as Microsoft, Basecamp, and Gucci. Podcast networks such as Wondery have attracted investment and are acquiring new series. This professionalisation is creating opportunities for content creators, advertisers, and listeners. In the future, podcasting will become more integrated into mainstream media, collaborating with TV shows and events. The industry will explore new revenue streams such as live events, merchandise, and exclusive content for paid subscribers.
The Power of Data and Analytics
Data, analytics, and AI are becoming increasingly important in the media and entertainment industries. They provide valuable insights into consumer preferences, content performance, and audience behaviour, enabling data-driven decisions and optimised strategies. Data analytics help content creators understand their audiences and provide personalised recommendations and tailored experiences. AI algorithms analyse data to predict trends, identify talent, and optimise content distribution. In 2023 and beyond, the industry will invest heavily in these capabilities to gain a competitive edge, improve content creation and curation, and enhance the entertainment experience.
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