One of the first examples of artificial intelligence influencing the media and entertainment industries is TiVo, a cable service that makes personalized recommendations based on users “viewing habits. For example, Captive combines blockchain technology with AR to create new user experiences that consumers can interact with in a unique and fun way. New alternative realities can captivate consumers and transform businesses into money by using VR and AR in media and entertainment.
In the last decade or two, smartphones, advanced sound systems, high-speed computers, and technologies such as AI and mixed reality have transformed the media and entertainment industries. Social media, digital advertising, enhanced access to the Internet, and various devices have shaped media trends. Last year the COVID 19 pandemic increased digital content consumption more than ever before. According to the Social Media Examiner, Live Video streams captivated viewers and marketers alike, with the adoption rate in 2018 at 35 percent over the 28 percent in 2017. Innovation is the new norm in the media sector, and these trends are unlikely to change regarding the future of media concepts.
The 2017 Global Entertainment & Media Outlook predicted that VR content revenue would reach $5 billion by 2020 and make it one of the hottest trends in the media and entertainment industry. As each new iPhone hits the shelves and the graphics in video games get a little better every year, it can be hard to keep up with how much the world is changing as technology advances. The entertainment industry is developing new trends, processes, ideas, and new technologies undergoing significant changes. Some of the most exciting changes in the entertainment industry are driven by innovation, upheaval, and growth opportunities in the industry. Blockchain is an element that has the potential to transform the entertainment and media industries.
In an age of marches and global pandemics, the entertainment industry must know how it moves to future technology and what it means for the world. The world is connected in ways that go beyond the bold imaginations of technological innovators of the past to the Internet and social media. The growth and progress of technology have helped people in many ways. The drivers and effects of these significant changes include how content is created, the way we share media, the way we deal with media, the distribution of media, our media consumption, and of course, how we pay for media.
The information age was called the computer age, the new media age, and the digital age. One area that has seen a paradigm shift in technology is the entertainment industry. In recent centuries, entertainment has become widespread among the world population with many leisure activities such as reading books, visiting museums and cultural sites, practicing sports, and traveling commonplace. In the field of entertainment experience, technological developments have helped to make entertainment more affordable, accessible, and comfortable. Growing access to countless devices such as smartphones, smart speakers, connected cars, and connected houses has enabled people to consume music and television shows on the go.
Looking at technological change today through the eyes of the various entertainment industries, one seems to be following a common evolutionary path. In the television, film, music, and video game industries, technology is constantly changing and is the source of great innovation. I believe that technology plays a significant role in entertainment and show business and tops the television and film industries list.
However, enterprises that win in entertainment employ a dedicated and talented team—a team, who learns and tests existing and emerging entertainment and content development forms. But the cost of such a test is exceptionally high, and only big houses can afford it. Those who rely on reports fail to reveal innovative thinking that could afford such an expense. How can a startup bring innovation when the cost of the test is so high?
Technological developments such as artificial intelligence and virtual reality allow media and entertainment companies to create online content that appeals to a particular audience. As consumers become users of multiple platforms and devices, brands are stepping up their game like never before. Successful companies are developing the infrastructure for new forms of entertainment and entertainment consumption.
Video streaming brands can also benefit from other media growth engines such as digital music, e-books, and podcasts. Media companies should develop an effective end-to-end strategy to build their platforms as a central entertainment hub for users and implement a 360-degree approach to development.
Entertainment technology is the discipline in which components are manufactured and improved to enable entertainment experiences. Entertainment Technology refers to real entertainment experiences made possible by the advent of computer-mediated digital technologies, animation, and game design. Virtual reality, for example, is part of entertainment technology. The entertainment category is the world’s most comprehensive entertainment model and, in many ways, a broad-based technology derived from several sources. Many household computers, consoles, and other types of handheld computers have games.
Ted Schilowitz, a futurist at Paramount, said that certain technological advances in gaming media, such as rendered avatars and social media phenomena, will transform the entertainment industry. Commercializing different digital properties in the next five to seven years will create a considerable niche market for consumer goods.
Entertainment technology dating back to ancient times dates back with the development of tools such as the Hero of Alexandria and the vending machine used to improve and automate aspects of theatre performance practice. An analysis based on trends in the consumer advertising spending of 53 middle- and high-income countries looked at eight sectors: book publishers, newspapers, traditional television advertising, Internet access, VR technology, and e-sports. According to the report, industries that experienced declines in sales during the pandemic can expect some return to standard consumption patterns, as consumption patterns developed during the crisis have become less rigid.
The panel called “The Future of Entertainment” was moderated by Travis Floyd, FIU futurist, and co-founder of XR. Panelists discussed how much entertainment will change and how this will affect society as a whole.