Due to constantly evolving technology trends and changing consumer behavior, the media and entertainment industry is undergoing a huge transformation. Therefore, to stay relevant and competent, businesses in the media and entertainment industry have to understand their users better and evolve their digital experiences to meet their expectations. The following technologies and innovations can prove to be helpful in achieving this goal.
Blockchain Technology
Blockchain has disrupted current business models in the media and entertainment industry and created several new ones. The popularity of the technology behind cryptocurrency is such that the global blockchain media industry has been predicted to reach USD 1.54 billion by 2024.
Blockchain can address the industry’s challenges by facilitating blockchain-based customized micro-payment-based pricing models, creating new monetization opportunities for different types of content, and making advertising more precise and targeted. Blockchain can also help curb copyright infringement issues in the industry and make royalty payment more efficient.
Augmented Reality and Virtual Reality
Augmented Reality and Virtual Reality can provide a truly immersive and magical experience by implementing real-world elements in games. A good example of this is Pokémon GO, which broke several records to become the fastest game to earn $100 million and the most downloaded game in its first month of release.
But it’s not just the gaming industry, which can benefit from the AR and VR advantage. AR can be used in sporting arenas to obtain real-time information about a sporting event, such as – trajectory of balls, weather information, etc. In concerts, they can be used to guide visitors in concert venues and keep them updated about performances. These technologies can also be used by the marketing industry to boost marketing campaigns. For example, interactive ads can provide a truly immersive experience to the users.
[Also Read: Digital Technology Outlook for Media & Entertainment Industry]
Cloud Security Management
The security of data will be an area of primary focus in 2021 and years to come. With the migration of several media houses to the cloud, data encryption and cloud workload security will take center stage. Several companies today face the threat of internal data theft by their employees. Stronger access controls can help curb such issues. Distributed Denial of Service (DDoS) attacks is a severe issue plaguing the industry, resulting in heavy losses. Using real-time scanning of potential risks, cloud-based security systems can help prevent such vicious attacks. Cloud security systems also help businesses in the industry manage the requisite infrastructure for regulatory compliance and data protection.
CIAM for better customer experiences
Using Customer identity and access management (CIAM) solutions will enable businesses in the media and entertainment industry to understand their customers better and offer them a unique and immersive experience. This will benefit the industry in the following ways:
- The subscription rates will go up.
- Users will be able to access multiple channels using a single identity.
- Using the CIAM platform, users’ preferences can be recorded in unified customer profiles, and relevant content can be generated.
- Audiences can be actively engaged.
Looking at the above trends, it can be said that personalization, data security, and enhancing customer experiences will be at the heart of all the activities in the media and entertainment industry. Therefore, those wanting to capitalize on the new opportunities have to specifically keep the above factors in mind.
