Top Trends 2023 - Media And Entertainment Technology

If you could travel back in time, what forms of entertainment would you see? Assuming you went back to the Roman ages, it would probably be storytelling, live music played on weird-looking instruments and gladiator fights! In the 1800s, you might have visited the opera, seen a live Vaudeville performance or even picked up tickets for horse races. At the start of the 1900s, radios and books had made their way into homes. Then, by the mid-90s, an innovation called “the television” revolutionized entertainment by offering content in an audio-visual medium. (Remember the song Video Killed The Radio Star?). Coming to modern times, advances in the form of the Internet, smartphones and social media transformed the media and entertainment industry forever!

The point is, technology will always influence how the M&E industry operates, which makes it essential to know these top 5 Media and Entertainment Technology Trends of 2023!
Lights, camera, action!
 

Trend 1: Online Streaming Will Become Commonplace

With the introduction of the Internet in the late 1990s, consumers saw the emergence of various novel channels for entertainment. Live streaming of content over online platforms was one channel that went viral and remains popular to date. Furthermore, the adoption of 5G and the proliferation of smartphones has led to a rise in consumers opting for online streaming. Hence, in 2023, M&E businesses will market online streaming platforms and services to enable better revenue generation and customer loyalty.

The revenue of the video streaming industry is expected to be roughly $139 billion per year by 2027. Considering this, it's no surprise that media companies want to get in on the buzz. We will see more over-the-top (OTT) streaming platforms popping up to compete with industry titans such as Netflix, Hulu and Amazon Prime Video. These new live-streaming entrants will focus on providing exclusive and niche content that will lead to higher consumer loyalty and engagement. For example, Crunchyroll, a dedicated anime streaming service, saw massive growth during the pandemic and currently has over 4 million paying subscribers. This trend will be replicated in other niche sectors such as Esports and regional content.

TechDogs’ Opinion: We believe that the growing trend of online video streaming has yet to hit its peak. This trend will be leveraged by several businesses this year by offering bundles of online streaming services as it will benefit the consumers who will pay a lower price compared to subscribing to each platform or streaming service à la carte. Moreover, we expect that offering online streaming bundles will give consumers access to a broader array of content in a single subscription. Businesses will also offer free annual subscriptions to platforms such as Netflix with their products, boosting sign-ups and increasing customer lifetime value. #StreamingForSuccess
 

Trend 2: The Metaverse Will Remain A Long-Term Media Trend

We know that the metaverse hype plummeted in 2022 due to various factors. Yet, most media and entertainment businesses have a long-term view of the technology and remain optimistic. Hence, we will see entertainment leaders maintain their investments in metaverse technology in 2023.

M&E businesses are expected to focus on strategic planning, product development, consumer research and surveys for the metaverse. By understanding how the technology will align with their future strategies, M&E businesses will look to stay ahead of the curve. Although consumer adoption of the metaverse is still years away, forward-thinking businesses will maintain investments to avail the option of the metaverse when it comes into public view. Despite the slowdown, the metaverse in the entertainment market is predicted to reach a valuation of $221.7 billion by 2031.

In 2023, more companies will experiment with immersive content, which will be housed in the metaverse soon. Gaming companies are likely to expand investments in the metaverse as virtual worlds come with a built-in audience, such as Roblox (230 million users) and Minecraft (165 million users).

TechDogs' Opinion: We believe the metaverse technology is a case of slow but steady win the race! The metaverse will undoubtedly grow much larger in the near future, driven by consumer preference for immersive content and virtual events. We are confident that the metaverse will open doors for multiple virtual entertainment venues and interactive services that will be based on individual preferences. Hence, entertainment in the metaverse is expected to be more personalized and accessible to everyone. We also predict innovations such as virtual reality movie theatres, 360-degree content, immersive infotainment experiences, etc. that will help create unique entertainment opportunities for brands in the metaverse. #AreYouInTheMetaverseYet
 

Trend 3: Cloud Gaming Will Find Mainstream Appeal