While the entertainment industry was among the first business sectors to experience the power of digital transformation, the disruption is far from over. In fact, research shows that the entertainment industry will reach $792.3 billion in revenue by 2022, rising from 2017’s $666.9 million. The tremendous growth during the five years will result from technologies like over-the-top (OTT) video, Virtual Reality (VR) and internet advertising, to mention a few.
Here are the top five tech trends that will shape the future of entertainment in the next decade.
- The Rise Of Virtual Reality
Lately, new developments in VR are occurring from left, right and center. As such, you can expect virtual reality to have a huge impact on the entertainment business in the future. Many companies will keep trying to experiment with the technology, offering special and unique experiences to the consumers. For instance, Facebook and Youtube are already investing heavily in 360-degree videos.
In the future, you can expect many media companies to try and exploit this technology for the new possibilities it offers to their consumers. These companies will provide new virtual reality experiences, which will help to align the consumers with their brands and offers.
- Virtual Sports Betting Is Here To Stay
While virtual sports are still unfolding and presenting its potential to the gambling industry, it will continue growing bigger in the future. Today, it’s the third most popular type of betting behind horseracing and soccer. Virtual sports will shape the online casino industry over the next decade, with its growth rivaling other casino markets like ones available at https://www.betway.com.ng/Casino and many leading bookies.
Today, Betway and other major operators have embraced virtual sports betting, and developers are still looking for ways to create the next generation of games. 5G network services will be key to the creation of the next generation of virtual sports games, as it will allow companies and people to more data quickly and securely.
- 5G Networks Will Increase Entertainment Possibilities
With the rise of 5G networks, speed will increase significantly, and devices will have the power to do much more than ever before. That will fuel huge changes in the entertainment industry and that may include an increase in video streaming through mobile phones. For instance, several mobile companies are already considering offering mobile TV packages to their subscribers.
- Higher Focus On Original Content
As many media and entertainment companies now understand the importance of creating original content on their distributed platforms, the industry is set to undergo a huge change. For instance, Netflix started a unique distribution model that allowed viewers to watch their favorite movies and TV shows, though it has changed quite a lot over the years.
- Limited Music Streaming Continues
About 38% of internet users don’t use music streaming services. However, the narrative is starting to change with the creation of new streaming services such as Spotify. Smart home streaming devices might also increase the number of people using music streaming services daily.