News By/Courtesy: Aakash Raj | 18 Jan 2021 16:30pm IST

HIGHLIGHTS

  • entertainment industry post pandemic
  • Streaming, Production and Digitalisation
  • innovation and technology

For businesses in any industry, this year has been very impactful, and the film industry is no different. It is fair to assume that no area of the entertainment industry has been left unscathed, with theatres shutting their doors, film sets going on indefinite delays, and halls, arenas, and other event centers remaining under lock and key. The positive news, though, is that the film sector still has hope for the future, just as other sectors are seeking avenues to return to a semblance of normality or innovating new strategies to maintain operations. Here are some of the most significant ways in which the film industry could evolve in the future. Streaming Many features of the entertainment industry relied on physical attendance at profit-making activities. This included movie theatres and festivals, which respectively took in the most revenue for both celebrities and performers. Today, because of the numerous prohibitions on public meetings and travel from place to place worldwide and also within countries, such activities have become difficult to arrange. The tactic that many players have taken in those sectors is to continue to push their attention on streaming. The most significant way viewers watch movies today is 'over-the-top' video content. In the U.S., OTT video sales for television and entertainment (think: HBO Go, Hulu, Netflix) hit $20.1 billion in 2017, up 15.2% over the previous year. PwC expects that as the market matures, growth rates will continue to decline, but sales in this region are projected to hit $30.6 billion in 2022. Many musicians are now prioritizing streaming concerts to engage their followers and get their earnings back on track with the introduction of Instagram Live concerts. Even stand-up comedy is done using Zoom and other video-conferencing platforms and is an occurrence that few people would have thought could happen without an audience. Production Participants have been committed to democratizing access and fostering inclusivity through numerous sectors to allow any qualified citizen to access the opportunities needed to achieve success. As seen on streaming channels such as YouTube, the entertainment industry is way ahead of the curve, encouraging actors, musicians, and other entertainers to highlight their talents while bypassing conventional gatekeepers. In addition, several services have been created to offer performers the chance to recruit staff on the cheap, such as producers, songwriters, and voiceover singers, or even to purchase items such as ghost-produced songs that they can use without any constraints. In addition, several services have been created to offer performers the chance to recruit staff on the cheap, such as producers, songwriters, and voiceover singers, or even to place orders such as ghost-produced songs that they can use without any constraints. Digitalization There is many individuals who still swear by their TVs and are devoted to keeping it a regular date with their beloved TV hosts, but those individuals are starting to be rare and far between. The move into digital has been going on for a while, but this year's events have just helped to speed things up. The number of TV subscribers dropped dramatically to under 300 million in 2018. The number of OTT subscribers rose to 198 million at the same time. Similarly, the amount of advertising ad investment going to TV dropped 2%, primarily due to a change of advertisers' focus to streaming video platforms. The move to digital usage is expected to be boosted by the introduction of 5G networks across the globe to grow even faster. The time spent on mobile media engagement in 2012 was 1.6 hours a day. The figure has more than doubled to 3.3 hours a day in 2018. The convergence of these innovations makes it possible for consumers to access content on-demand with such convenience and high quality that they are unlikely to be able to stick to conventional TV or radio programming. 

This Article Does Not Intend To Hurt The Sentiments Of Any Individual Community, Sect, Or Religion Etcetera. This Article Is Based Purely On The Authors Personal Views And Opinions In The Exercise Of The Fundamental Right Guaranteed Under Article 19(1)(A) And Other Related Laws Being Force In India, For The Time Being.

Section Editor: Pushpit Singh | 18 Jan 2021 20:47pm IST


Tags : #OTT #TechEvolution

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