Digital media and entertainment are, by nature, constantly changing. The industry is shaped by a wide variety of forces, including technology, current events, societal shifts, and many others.
In 2022, we’re seeing more innovation than ever before – something that is exciting for both media creators and consumers alike. Competition is intense, creativity is key, and new advancements are reshaping the consumer experience and the entire industry.
Here are some of the top entertainment and media industry trends to watch for in 2022.
Streaming video services will continue to sweep the industry.
Within the last several years, streaming entertainment has become one of the top mediums for film, television, news, and other forms of media. Throughout 2022 and beyond, experts predict that the competition among streaming platforms will only increase.
As more and more people subscribe to multiple streaming services, the providers will need to work even harder to prove that they can earn consumers’ attention, time, and money. There are plenty of challenges facing streaming video platforms, so it will be interesting to see how they overcome these obstacles going forward.
For example, some questions that providers will have to consider will include:
- How much should be invested in creating original content vs. licensing?
- What shifts are needed (if any) in pricing tiers, loyalty programs, and other programs to keep customers interested?
- What are the best ways to stand apart from the competition?
“Shoppable media” will expand.
Most of us have seen the different ways in which media and commerce intersect today, opening up a new way for companies to connect with potential customers. Social media influencers share “product round-ups” that can be shopped with just a few clicks; ad pop-ups in smartphone games show you other apps you might be interested in purchasing.
Moving into the future, it will be interesting to see how shoppable media evolves. Both companies and content creators are realizing the vital balance between being transparent about advertising while avoiding an overly forceful sales pitch. Also, consumers are proving just how much they value authenticity alongside convenience. Not only do today’s consumers want to be able to easily shop their favorite influencers’ top picks, but they also want to believe that the recommendations are genuine.
Media creators and companies will need to evaluate how to integrate shoppable media experiences into their current platforms and user experiences. The companies that are ready to adapt their approach to the customer journey could likely have the opportunity to outperform those that are not.
The concept of a “metaverse” may get closer to becoming a reality.
A “metaverse” is a digital space that blends platforms, audiences, marketplaces, and experiences to create a place where users can digitally interact. Essentially, it’s a virtual version of our real world, complete with all the goods and services, events, and activities needed to attract people and businesses. A metaverse might combine technological features such as virtual (VR), augmented (AR), and mixed (MR) realities and can extend across physical and digital spaces.
Right now, wrapping your mind around the idea of a metaverse can feel pretty challenging. However, we are seeing signs that we might not be as far from this futuristic concept as we think.
For now, you can look for businesses that are laying a foundation for the metaverse in the making. This could include ongoing conversations about digital currency (Bitcoin, NFT, blockchains, and others) and virtual economies, as well as how brands and services might be able to benefit from building a presence in the digital landscape.
Take Your First Step Towards a Career in the Media and Entertainment Industry
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