In recent times, the mental condition of people has got worst, and the media industry is trying to improve it by entertaining them.
The new series, movies, and old concerts are all the things we consumed in 2020. The estimated streaming market size of the global video is $50.11 billion in 2020. In contrast, the estimated reach for 2021 is about $59 billion, which is considered a tremendous growth as bolstered by our time spent at home.
Some of the trends that can be expected soon are as follows:
Reimagining live entertainment
Many people who love attending live events had their worst year in the pandemic. Many festivals were canceled, millions of stadium seats were left empty, tours and live sessions got canceled. The whole world went down without having any audience.
These events not only get everyone together but also brings big business. These carry millions of dollars and get by both the revenue from big companies and local economies. Music festivals generated around $700 million a few years ago.
So if these live entertainments return with some measures, humans crave physical, entertainment industry, shared experiences are to be prepared to proceed the necessary work.
Customer care should be the primary focus, and subscription services must increase.
According to the reports, many complained about the price of subscription as it was high. When there are members who can buy subscriptions, reducing the cost will not affect their revenue with some extra subscribers.
It will surely be a better competition in another few years as the platforms need to focus mainly on premium content, moderate price, and the content they create must be unique to get many viewers.
More streaming
It is a mind-blowing fact to know that streaming has increased tremendously in the past few years. According to Leichtman, on streaming using a sample of 1990 households, nearly 78% of them had a subscription to at least one of the top streaming services.
A pandemic where people cannot come out of their house, these streaming sources are the best entertainment that they can get. So more streaming and additional content will help the company open the window for an increased monthly subscription rate.
To draw criticism, On-screen representation continues.
Usually, the entertainment industry has never been under severe scrutiny for controversial movements, casting decisions, debates representing challenging situations, etc.
According to the reports tracked, women and minorities both had made gains in almost all the 13 employment categories in the television industry. But both the groups have still not represented proportionally to the US populations’ shares even after the continuous outcry of the audience.
There is still a lot to be done in the field of representation front and diversity. But one thing is for sure; audiences will be paying attention from everywhere to know how the entertainment industry will be moving forward with the proper handles of diversity.