Technology has influenced almost every sector today and entertainment is no different. The following are the 5 biggest trends in the Indian entertainment industry that you need to know:
1. Video Streaming
Traditional TV is quickly becoming obsolete as modern entertainment users are preferring streaming platforms like Netflix and Amazon Prime more and more. In fact, Netflix subscribers base is growing by around 10% every year and has more than 59 million subscribers in the US already.
While leading platforms like Netflix have certainly become all the rage today, what’s interesting is that the Indian TV channels are also capitalizing on the new trend. For instance, popular channels like SonyLiv, Zoom, Times Now, etc. can now be watched live online either through their dedicated platforms or apps like Hotstar and Voot.
2. Virtual Reality
According to a report published by Zion Market Research, the global virtual reality market is projected to hit a valuation of 26 billion USD by the end of 2022. As new and exciting products like YouTube 360 and Facebook 360 are emerging on the surface, we can see more services using immersive technologies like virtual reality and augmented reality.
3. Online Casinos
Gambling has been non-existent in India for many years, no thanks to the stringent legal system that bars such activities across the country. However, now that online casinos have penetrated the Indian entertainment industry, more and more people have started playing games like online roulette, slots, rummy, etc. for real money to win real money.
4. Artificial Intelligence
Artificial Intelligence (AI) technology is truly powerful which is why it’s been applied in various areas including healthcare, customer service, autonomous driving, etc. However, it’s started to venture into creative processes too.
Today, many entertainment companies are using AI to develop effective plot points based on past box office performances. It’s also been used to create the actual content. For instance, one company, in particular, created a horror movie trailer based on other trailers that an AI program had processed. The result of this was that it was able to generate the final trailer in 24 hours which would otherwise have taken up to 30 days or more for manual editing. In the same way, AI-powered drone technology is used to capture awe-inspiring aerial footages that are used in movies.
5. Smart Advertising
Today, the customers expect digital ads to be personalized for them, and technology has been able to make that possible. For instance, retargeting techniques are able to track visitors from one website to another.
Some companies are able to take personalization to a whole new level. For instance, digital marketing company Conversant is using its proprietary algorithm to send as many as 800k variations of one ad to the leads of one client in a way that the customers are tempted to buy the products as the ads are personalized and catered towards their needs.
Today, media and entertainment companies are able to see a massive opportunity in modern technologies. They want to leverage the same to cater to the shifts in consumer expectations and behaviour. To a huge extent, they have succeeded in that.