Is Disruption in Entertainment Caused by the Audience?
Aug 24, 2022
As technology takes charge globally, in the imminent future, the media and the entertainment industry will go through several advances. This innovation is driving competition and other changes among the business models to keep up with the demands and advancing behaviors of the consumers and the market. The current market offers entertainment based on elements such as technological innovations and industry reshaping. Moreover, streaming content on various platforms and in different aspects has also confused the audience regarding their preferred entertainment and also the outlet.
Furthermore, AI (artificial intelligence) and blockchain are all set to alter the entertainment industry along with the gaming sector. Today, the gaming market is leading the market and is worth over $300 billion. Not surprisingly, during the pandemic, the gaming industry witnessed tremendous market growth.
How is the audience disrupting entertainment industry today?
In 2022, the entertainment market is facing various issues like decreased viewership of the content in cinemas or on OTT platforms. The audience today is looking for personalized experiences when it comes to any form of entertainment. It also draws focus on the presentation of the entertainment material and the way you grab the attention of your audience.
Below are some of the factors which are being affected by the interest, and demands of the audience currently.
South Stream Assuming Higher Accord
South India’s entertainment industry is dominating the movie market due to the art, creativity, and risk factors with the storyline. The success of ‘Baahubali’, Pushpa, RRR, and KGF have altered the scenario for the regional movies to succeed pan-India. This success has enabled southern films to represent themselves among the north audience.
Another attraction towards southern movies is the technology utilized to present the cinematography of the scenes, which presents the risk- factor among directors to surpass their audience’s expectations.
Gaming has become a source of entertainment for several audiences and not just a single target market who prefer video games. It has transformed into a high revenue generating market with various elements added to it like music and animation with advanced technology elements. The gaming industry is expected to grow with a CAGR of 6.46% between 2022 and 2026, hence resulting in a market worth of $33.77 billion by the year 2026.
With the rising presence of gaming in the market and the increasing digital literacy, several individuals are becoming professional gamers and game developers today.
Tech Based Digital Products
Media and entertainment have been redefining their methods to keep up with the advancing technology trends and products in the market. As consumer demands increase, the entertainment industry is making efforts to provide variety and versatility to the audience by adopting technological enhancements. Digital transformation and increase in OTT platforms are set to grow the content consumption in the long run and provide a variety of options to the viewers.
Entertainment Industry Losing Its Predominance
Bollywood has been on the successful side of the entertainment market for a long time. However, as the content preference of the viewers shifts, Hindi cinema is losing its essence of capturing the target audience. Moreover, as young and educated viewers increase, it becomes crucial for Bollywood to shift its content perspective to modern entertainment expectations. Additionally, several scandalous activities also push away a certain category of audience, which is also a loss in the Hindi movie business.
The entertainment industry has always been on the lookout for upcoming trends to sustain the target audience. Nonetheless, the audience is an essential factor for every business and with the increasing competition in the market, it is crucial for the entertainment market to keep up with the expectations and demands of their audience.