Technology has left no stone unturned—that’s how you find it in every sector. We have covered the role of technology in transforming various sectors including business, finance, hospitality, healthcare, logistics, and much more. Now it’s time we explore technology in the entertainment industry. You may wonder why entertainment? The simple answer is the pandemic situation that has forced us to rethink the way we keep ourselves entertained. Having said that, let’s get started.
Technology makes it possible for entertainment service providers to offer a personalized experience to their users. It does so by using artificial intelligence to study users’ behaviors and provide recommendations that delight them. Entertainment started with TV, and today we have nearly endless options to choose from. Hence, we decided to help you understand it. Let’s look at our detailed analysis of entertainment technology and its examples and application together.
What is entertainment technology?
Entertainment technology is enabling the entertainment experience of the users by creating and improving components. That way, technology such as digital media, graphics, and animation, among others, are used to provide entertainment experiences. In fact, during the pandemic, the live stream became the next big thing in the entertainment industry. Unsurprisingly, the organizers earned a lot more money compared to their live performances, as the audiences were no longer limited by geographical location. There has been quite a lot of transformation in the entertainment industry with the introduction of smart devices, advanced sound systems, artificial intelligence, and mixed reality. Be assured the next transformation could include the option of going screenless.
Examples of entertainment technology
Now that we know what entertainment technology is, let’s check out some of its remarkable examples.
Netflix rules video streaming and Spotify rules music streaming. Chances are, you might have used these platforms or at least heard of them. They use AI (Artificial Intelligence) and machine learning algorithms to understand their users based on their demographics and behaviors. This is how they cater to the different tastes of their diverse user bases. Also, contents are consumed worldwide, thus they need to be presented in multilingual subtitles. The thought of manually transcribing these subtitles can be daunting. Luckily, we have AI that does the job for us with high accuracy.
Transparency is the first thing that comes to mind when you think of blockchain. Now imagine how much profit the entertainment industry can generate by leveraging this technology. It allows the users to make payments based on usage. This has highlighted the unfair profit distribution in the entertainment industry. Furthermore, it encourages service providers to keep up with the changing demands of the consumers. The creation of new business models and tapping into innovation are the results of implementing blockchain in the entertainment industry.
VR and AR technology
Virtual reality (VR) and Augmented reality (AR) technology have given endless possibilities to the entertainment industry to explore. The applications of AR and VR are not just limited to games. They expanded their horizons into theme parks and museums. In theme parks, the businesses can offer the users the same or better experience using AR and VR technology. This obviously reduces the cost of construction and space requirements. As for museums, the visitors can study the artifacts closely without putting the real art at risk.
Cloud security management
Now that the entertainment industry is doing so well, it is becoming the prime target of cyberattacks. The massive profits that are generated increase the risk of a data breach. But there’s not much to worry about as long as you are well-versed in security practices. Here’s where cloud security management comes into the picture, providing benefits such as secure storage, data encryption, and patch management. This lets the entertainment industry venture into new opportunities without compromising on security.
Application of entertainment technology
Having explored the notable examples of entertainment technology, it’s time we take a look at its application.
Helps in nurturing talents
Entertainment technology provides immense opportunities to those who want to make a name in this industry. Earlier, the need for huge investment discouraged production firms to experiment with projects. But with entertainment technology, these firms can give opportunities to budding artists without having to worry about investing a lot. Plus, there are advanced technologies that deliver quality shows and music cheaply. That way, entertainment technology paves the way for innovation.
Reaches a wider audience
We have brought up the example of live-streaming earlier. It is one of the ways entertainment technology helped artists garner audiences. Other similar means have proved to be quite successful. Take cloud gaming and podcasting, for example. Also, the control previously lay in the hands of record labels and studios. As we experienced a boom in entertainment technology, the control shifted to distributors such as Amazon and Netflix that have also become content creators. The other advantage of entertainment technology is that it made efficient marketing of content feasible, resulting in wider audience reach.
Supports direct connection
Previously, you had to wait for TV shows to interview your favorite creators to learn more about them. Few were lucky to find their favorite creator’s episodes in time. Others had to wait long, and for some, it never happened. Thanks to technology, the entertainment industry has experienced a new trend where fans are connecting directly with their favorite creators. It supports direct creator and fan connection, allowing creators to share more about themselves via, for instance, social media.
Creators are embracing entertainment technology as it not only helps them gain popularity but also opens up multiple income sources. In fact, they are using several monetizing strategies that allow them to generate revenue. Some examples include subscriptions, advertising partnerships, and selling services. Apart from this, OTT (over-the-top) platforms have generated the highest revenue, all thanks to the Internet connection. According to Statista, the OTT video revenue is projected to reach over $210 billion by 2026, while it was 106 billion U.S. dollars in 2020. Shocking, isn’t it? But that’s the future of the entertainment industry we are heading towards.