The new technological advancements and digitalization has been changing the entire ways of consumption, communication and connection. In this internet driven and social media age, the role of conventional media has changed dramatically. This digitalization has a great impact on the entertainment and media industry including electronic media of every kind.
Impact of Digitization In Media Industry
In the world of entertainment, digitalization has transformed the whole scenario from creation of content to the consumption or deliverance of the content. “Hollywood”, the hub of media industry has been transformed into a virtual wild west with changes that are continuously in process and modifying persistently. Some of the most remarkable and noticeable transformations of digitalization in the entertainment and media industry are discussed in detail.
Multi-Channel Tasking, A Latest Trend
Multi channel tasking has become one of the latest trends in the media industry. Multi channel tasking refers to the usage or experience of using more than one media platform simultaneously for example watching movie or a TV show and checking Facebook, twitter or Instagram at the same time.
This multi-tasking has become one of the common experiences of almost every individual. Most of the time, the host of a TV show has been noticed for sharing live views from their audience watching them live and communicating with an ease Multi tasking has provided a huge opportunity to the public for sharing their views and opinions instantly on the content they are watching. Marketing which was a onetime content based project has now transformed in to an all channel event.
Multi tasking has become very beneficial for the media industry because the media houses have realized that this multi tasking is providing a huge opportunity to their business. They can use this tactic of multi tasking for reaching great number of audience by prompting their viewers for sharing hash tags # about their branded content. Marketers are not only focusing on the real content shown on televisions but they are also focusing on coming up with something cool and different on social media networks in order to gain and attract more customers.
Artificial Intelligence in Media Industry
Artificial Intelligence is the latest revolutionary technology in the field of Media. Media companies are investing highly on artificial intelligence and from $350 million in 2015 it are expected to reach $30 billion by the end of 2025 and this figure will continue to multiply observing its impact on the performance and efficiency related to media. AI refers to the collaboration of human and computer which has been used by numerous companies for movie plotting and movie making.
Moreover, a recent trailer of a horror movie is created by the use of artificial intelligence. The application of artificial intelligence in numerous processes involved in the media industry has revealed that it makes the processes more efficient and quick as compared to the conventional approaches used. it has been observed that the work done by using AI is completed in less time, required no manual edits and is more attractive for the viewers. Different market researchers have claimed that AI has become one of the most useful and beneficial technology in the media industry. There is no end to AI; it has been impacting very strongly in the media and entertainment industry by enhancing the learning process, creative processes, image recognition, and language processing.
Impact of Virtual Reality in Media Industry
The emergence of virtual and mixed reality in the media industry has revolutionized the experience of the viewers. Although this trend in its initial phase but in the future it will change the entire visual experience of the viewer. It has successfully made its way in the media and entertainment industry.
These blended experiences and the capabilities of mix reality are very vast and in the future, this technology will bring a new boom in the media industry. The experience of 3D and 5D cinema experience has attracted a huge number of customers towards experiencing the new technology. These dimensional virtual experiences has a very positive impact on the media as it is helping the movie industry and now even TV shows to increase and enhance the viewers engagement.
Transforming Advertising with Technology
The advertising related to the media is becoming smarter with time because of the opportunities provided by the technological advancements of artificial intelligence and augmented reality. The experiences of conventional product placements have started to be transformed. Soon, the buying experience will be an entire new process and a jacket or a pair of sandals belonging to a TV actor or actress will be ordered with a single click on the screen. This trend will help the media industry to making partnership or commissions based agreements with the marketing agencies and generate more revenue by introducing these new buying experiences to the customers with the help of media industry.
Social Media, the most Trending Medium
Social media has emerged as the most trending media among the youth and gradually it has become an important medium for advertising and promotion for every kind of media. It has been providing cost effective promotional contents and advertising opportunities to the media industry. Social media including Facebook, Instagram and twitter are hugely used by the media industry for promotions of their TV shows, movies, serials and seasons.
This platform has provided the media agencies, an opportunity to directly communicate with their viewers as well as to attract the public towards their content. The opinions and suggestions shared by the viewers are very useful for the companies because they help them in changing or adding content in their shows or serials suggested by the viewers.
Moreover, they are providing very cheap medium for advertising and without paying a huge cost, they have been able to promote and advertise their shows conveniently to a huge population because internet has reached almost every individual living at any corner of the world. The introduction of Netflix and Hulu has cut off the use of cable for viewing the favorite shows on television. Netflix and Hulu are offering a wide range of programs online to the viewers attracting more customers and generating more revenue as compared to the previous ones.