Despite a 7.3% decline during the pandemic, the U.S. Media and Entertainment (M&E) industry is the world’s largest and is worth $660 billion. One of the reasons that it stays so lucrative is that it continues to change and evolve when needed.
Media and entertainment undergo significant changes from year to year. Companies that want to succeed need to stay on top of the latest trends.
Understanding the latest mass media trends and having an idea of what’s coming next can help you adapt. It can also help you retain a loyal customer base within the industry.
Fortunately, we’re here to keep you in the loop. Here are the top mass media and entertainment trends and predictions for the future.
Direct-to-Consumer (D2C) Is on the Rise
One of the biggest trends in the entertainment industry today is that many companies are embracing the direct-to-consumer (D2C) model.
Streaming services and subscription services use the D2C model to their advantage. They spend a lot of time and effort on growing their subscriber bases and improving the content that they offer to consumers.
Popular over-the-top (OTT) streaming platforms such as Netflix, Hulu Amazon Prime, Disney Plus, and others do a great job with this model. However, they have a long way to go. Hulu and Netflix are currently the only major streaming platforms that are profitable.
Streaming services and other media companies that want to survive will need to learn how to make the most of the D2C model. They’ll need to put more effort into becoming profitable. They’ll also need to ensure they can gain more subscribers and compete with other platforms.
Marketers may also want to use OTT marketing and D2C companies to help build their businesses as well.
More Bundled Streaming Services
As part of the D2C trend, it’s also becoming common for various services to be bundled together.
Many people currently subscribe to more than one streaming service at a time. However, it can be difficult for these companies to compete with all of the others that are out there.
Bundling services together provides benefits to both subscription companies as well as consumers.
With bundled streaming services, companies will benefit from experiencing less churn. They’ll also get increased signups and boost subscriber lifetime value. Customers benefit by simplifying their subscriptions and paying less money for more services.
The bundling of streaming services and other subscription services is likely to become more common in 2023 and beyond.
An Emphasis on Live Streaming
Live streaming will also become a more prevalent part of streaming and social media platforms as time goes on.
Many social media platforms have added live-streaming features over recent years. Live video does a great job of engaging users. Accessing unique, fresh content in real-time is exciting to users and feels interactive.
Companies who want to stay current with media and entertainment trends should realize the value of live streaming. They should use live streaming features and social media to their advantage. Doing so can win over customers, build customer loyalty, and increase revenue.
Widespread Influencer Marketing
Although it has already grown quite a bit in recent years, the power of influencers is continuing to grow in media and entertainment.
Platforms such as Instagram, TikTok, and YouTube are making a big impact. They can help make everyday people into influential stars online.
Influencers have solid communities and fanbases behind them. Many brands are recognizing this and opting to work with these influencers more often as a result.
It’s likely that we’ll begin to see more influencer marketing in M&E than ever before in the coming years. The trend isn’t expected to go away anytime soon.
More Short-Form Content
Users today have short attention spans and enjoy short-form video content on platforms such as TikTok and Instagram. As a result, many streaming platforms and video-on-demand (VoD) services are beginning to offer short-form video to users as well.
Many video consumers have short attention spans and short videos are being made to match them. Although TikTok has been the most popular platform for consuming short-form content, this is likely to expand across the web.
Media companies that adapt will cater to the short attention spans of their users in the coming months and years.
Cloud Gaming Will Grow
Changes in the way we consume content aren’t just influencing social media and on-demand streaming services. They’re also affecting how gamers access content as well.
Cloud gaming is one trend that is shaking up the gaming industry. It’s allowing more users to gain entry into the entertainment option without large investments in gaming systems.
With cloud gaming, games can be streamed directly to a user’s device without the need for expensive hardware. Cloud gaming growth will help provide more opportunities to creators, publishers, and gamers as time goes on.
Understanding Data With AI
Like other industries, artificial intelligence (AI) is having an impact on media and entertainment.
AI can be used to analyze data and predict the behavior of users and the ways they interact with content. With enhanced data analysis, media companies can easily determine what users want.
Streaming platforms such as Netflix, music platforms such as Spotify, and other types of media companies can benefit from the enhanced data analysis capabilities that AI solutions offer. This will allow them to better cater to the needs of their users.
Increased Content Personalization
By understanding user behavior, media companies, subscription services, and streaming platforms can personalize the user experience. Doing so is easier than ever.
Streaming services, for example, can make better content recommendations. They can personalize the user experience like never before.
Adding personal recommendations and improving the discovery of new content can be helpful. It can lead to users becoming more loyal to the media services and platforms that they use.
Following the Latest Entertainment Trends
To succeed in mass media and entertainment, aim to stay updated on the latest entertainment trends and predictions for the future. With the rise of D2C companies, cloud gaming, short-form content, and AI, interesting times are ahead.
Need help with digital marketing and media? Contact Optic Marketing Group today to find out what we can do for you.