Emerging digital trends are creating a revitalizing branding impact, looking to strike a chord with today's customers.
FREMONT, CA: There is no doubt that the practices and expectations of consumer media have altered profoundly. This involves increasing consumption of content via laptop and smartphone rather than TV, as well as experiential content becoming the next service evolution.
With more than 300 streaming video services to choose from, only a few consumers try and purchase a variety of video streaming services based on subscriptions or ad-supported. One of the main reasons consumers choose a specific streaming video service is access: they can't get anywhere else to watch shows and movies. Streaming services appreciate this, and this is one reason why they spend billions on producing award-winning entertainment. Some have rapidly become new cornerstones of media experience; without them, life is difficult to imagine.
Another significant phenomenon is the fact that, beyond the professional content manufacturing of traditional film studios, the proliferation of user-generated content online fuels new manufacturing types. These trends will only be compounded by a ramp up in the deployment of 5G networks, which will make content delivery up to 100 times quicker. Video content sales will continue to expand, and social media will fuel the development of the industry.
While one of the first business sectors to navigate digital disruption was the media and entertainment industry, its transformation is far from over. This is the key insight of PwC's annual "Media & Entertainment Outlook 2018," which sketches industry revenue to attain $792.3 billion by 2022, up from $666.9 billion in 2017.
As 5G suppliers and social media businesses create or buy original content, as well as current media businesses and incumbent streaming services, the fight for consumer dollars will intensify. Customers now, have new and improved video entertainment options.