Digital content has shifted the balance of power in the industry from producers to curators
The entertainment and media markets have been one of the earliest adopters of connected technologies. In a short space of time, we’ve seen a shift from audiences in their millions consuming the same digital content to millions of individuals consuming their own, personalised entertainment and media.
Over the last century, the advancement of technology has led to the democratisation of creation and distribution. Affordable media equipment, powerful software and mobile devices have lowered the costs of production and, on the internet, made distribution virtually free, this has eliminated many of the barriers to creation and made it easier than ever to create digital content. As such, the quantity of entertainment and media readily available has surged to almost limitless levels.
All this content has shifted the balance of power in the industry from producers to curators – those with the ability to get content heard, seen or read. With connected technologies, curators are essential not only to provide a quality filter on content but to target content tailored to consumer’s individual preferences. Curation in this manner is made possible through algorithms or specific selection, gathered from data. As such, the recent ‘winners’ in the entertainment and media industry are companies that have accumulated large customer data to build significant stickiness and direct traffic to through their platforms – e.g. Facebook, Spotify, and YouTube.
In 2020, the value of the connected entertainment market could be:
- £67bn Social networking ad spend market
- £35bn Electronic home video market
- £22bn Digital news market
- £11bn Online music market
The home is a critical extension of the first port of call for all this content – the mobile device. The smartphone is increasingly the opening interaction consumers have with entertainment and media. Compatibility across mobile to multiple devices will be critical to the customer experience and engagement with content. Also, the real-estate of apps remaining to draw consumer attention on devices is scarce. Successful companies must look to partner and collaborate to strengthening their customer relationships and establish a distinct voice.
What’s become clear is that the future of entertainment and media will be increasingly driven by individual influencers, exemplified by the political events of 2016. Companies must create technologies and update strategies to drive content and traffic based on how these individuals’ tastes and ideas resonate with their audience.