Media consumption has taken a new dimension that will define the future of the industry. Recent advancements in technology, especially the accelerated evolution of the smartphone and mobile technology are causing major changes in entertainment.
What Are The Factors Redefining Entertainment?
According to a report by Deloitte, the 2019 rollout of fifth-generation (5G) wireless technology will create a host of new opportunities across the media & entertainment sector.
Newer ways of consuming media content such as video streaming, personalized content production, and advertising are finding better expression as a result of the changes being experienced in the industry.
As contained in the report, two key trends that have become prominent in the media and entertainment sector over the past year are:
- The skyrocketing growth of streaming and mobile video
- A shift away from traditional pay TV
This change that is happening in the industry is pushing the traditional pay-TV system to the backside. Content consumers are taking advantage of the flexibility offered by the emerging system, both in terms of choice, availability, and cost. Consumers are certain of being charged for only the content that they consume, rather than paying for redundant periods.
More Innovations Are Emerging
More improved innovations are making inroads into the industry as well, extending the flexibility of choice and application even to all participants and stakeholders in the media and entertainment sector.
By introducing blockchain technology, Blue Baikal has created an ecosystem where content creators, distributors, and consumers can all work independently to deliver value and earn appropriate rewards.
Content consumption in this system is even more direct and traceable, assuring that whatever is consumed is original and from the right source.
An extension of the benefits to consumers, in this case, is the introduction of revenue earning opportunities, even while they enjoy the content of their choice. Consumers have the opportunity to invest in projects that they prefer without the intervention of any intermediary. This is done through crowdfunding exercises that set them up for future benefits as the project thrives. By engaging in reviews and promotional services, content consumers can also earn rewards.
Clearly, more interesting systems are emerging that are already challenging the existing content consumption systems in media and entertainment. Existing pay-TV platforms are already looking for how to adapt their operations to fall in line with the inevitable evolution in an attempt to still remain relevant in the market that is emerging.