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Can you imagine a world without media or entertainment? Everything around us is surrounded by media or is dependent on media. It won't be wrong to say that the media industry is one of the most influential businesses globally. However, with the pandemic hitting the world by surprise, the industry had to dodge so many obstacles to make it engaging for its end-users. By large, they managed to reconstruct this relationship through content, devices, and meaningful interaction. 

Having said that, half of the media companies say that they don't rely on traditional business models and consider restructuring of operations as one of the priorities to stay in line with the transformations. But what's driving this change?

• Dynamic competitive landscape: There is an increase in fluidity across all sectors. With so many content producers moving to DTC distribution, MVPDs, and stepping into content creation, the competition is quite overwhelming.

• Technology is evolving faster: There is so much going on. With VR, AI, AR, and now 5G and IoT, a lot is changing. Thus, pushing the media industry to offer new options. 

• Shifting customer expectations: With everyone probably working from home or redefining work-life balance, there is so much time and interest in consuming different content pieces now.

But did you know not everyone is ready for a change yet? However, if you consider surveys, more than 34% of media and entertainment companies will cease to exist without restructuring. With data traffic expected to reach around 390 trillion megabytes by 2022, it's high time that you must evolve too. Also, 1 in 4 executives suggested a need to reinvent, but they don't know where to begin. 

 Here's what you must do to stay relevant according to today's landscape and dynamics! 

 Unraveling Media and Entertainment Industry 2022 Insights

• From on-demand to on-command: The world is already seeing so much hype around on-demand services lately. It has already changed the industry. The move from DVR to binge-watching has changed the entire dynamics. Long-term contracts aren't trending anymore. Subscription-based systems are giving consumers proper control over what they want to see. Thai data about consumer preferences will provide you with insights into engaging customers. And thus, send push notifications to pique their interest. This is why you must ask yourself a few questions to resonate with the customers of today.

1. How to focus on content development and licensing? 
2. What should you opt for: content aggregators or streaming providers?
3. How to innovate in pricing tiers, paid content, or loyalty programs?

• Introducing immersive media experiences: It's time to blend the real with the virtual. For example, AI Music in the UK uses AI engines to provide real-time alteration of music tracks. In times when personalization is the key, trust is becoming an issue. The fake content, misdemeanors, and misinformation is impacting customers' perception of media producers and providers. Using technology options like AR, VR, MR can help combine different marketplaces and platforms to give people an immersive experience. 

Trends like virtual meetings, social camera filters, motion capture, and AR and VR could be a potential foundation for the metaverse. In 2022, companies should focus on near-term use cases and early metaverses that can help them achieve success in the future. What should you consider here:

1. How can brands evolve to make them worthy for the customers?
2. What are the implications of existing companies and their operations?
3. How can NFTs and blockchain support virtual economies and asset ownership?

• The future of the media industry is human: The media industry will be dominated by human-centered designs by the end of 2025. APIs and platform economy will skyrocket, and the idea will exceed customer expectations. The use of AI will be an integral part of company operations to improve customer interactions and be in tune with every individual user. Even if the pandemic subsides, it is likely to leave a mark on behaviors for some time to come. Your focus must be on building a product or service that will engage with customers and provide them experiences offsite without going anywhere. This is what you must ask before creating strategies:

1. How can you cater to everyone and create services that click and engage with all your customers?
2. How to give exclusive, VIP content to those using your services?

• Making media more shoppable: Nowadays, we encounter new things on feed. Now imagine making your content interactive enough to push a customer to reach your website. This will help you boost revenues and opportunities for your company. This method will shift the commerce ecosystem into nimble creators than more established brands. This is what you must consider:

1. How can you integrate it into your existing customer journey?
2. How to promote media environments to promote the adoption of mobile and digital payments?
3. How to leverage virality and the power of the creator economy?

Final Thoughts: It’s time to ride on the wave of opportunities

Last year the media and entertainment industry saw a lot of changes in terms of technological changes, changing generational behaviors, and the impact of the global pandemic. Amidst these changes, customers look for more media and entertainment at home. Digital media engagement is skyrocketing. It is only accelerating the push towards the digital world. 

Now that we have entered 2022, the changes and evolution drive more innovation and competition. This puts a lot of pressure on the media companies to reinvent and reimagine their business models. The following are the most significant trends that will rule the year and beyond.

• The streaming platforms will evolve from subscriber counts to lifetime customer value. They will look for greater profitability amidst the severe competition. 

• It will be challenging to bring the customers out from their pandemic cocoons by evolving and differentiating their platforms into something that works around in-person entertainment. 

• Social media will rule the media and entertainment by pushing retail media shopping. 

• The NFTs and blockchain will continue to offer innovation, empowerment, and greater ambitions for smaller and bigger media companies. 

In short, the idea will be to give impeccable, unforgettable experiences to keep customers engaged with their brand and services offerings.