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The entertainment industry is one of those being drastically impacted by technology breakthroughs. Given this information, it should come as no surprise that due to the rapid pace of technological innovation, it has undergone a drastic transformation in the period of a few decades.
Almost every advancement in digital technology has found its first application in the entertainment business. Companies such as Netflix, Apple, and Amazon have completely disrupted the market, resulting in some seismic alterations in the media landscape as well as the way we access the entertainment content we consume. Rahul Telang, a professor of information systems and management at Carnegie Mellon University in Pittsburgh, described the convergence of diverse technologies as a “perfect storm.” Telang stated this about increased internet speeds and digitization. But how precisely do these technologies work, and what does the future have in store for us?
What Is the State of the Entertainment Industry Right Now?
According to various industry analysts, the value of the entertainment and media business is predicted to reach around $2.5 trillion by 2021. This figure is mind-boggling on its own, and that’s before we get into the intricacies of how much other industries adjacent to this one will benefit from it. The video game market alone will be worth $30 billion, a 100 percent increase from 2012. In less than ten years, they were able to more than double their income.
Consumer content, which had a value of $422 million in 2016, is expected to rise the most in terms of percentage growth. It is expected that it would reach $6 billion by the end of 2021. One of the first effects of digitalization was the shift toward the usage of apps for digital music downloads; today, over 200 million people use apps regularly. The number of enterprises going into the field of video streaming has recently increased. By the end of 2021, its revenue will have climbed by a factor of three. The fundamental driving force behind the majority of this activity is Internet advertising, which is also rapidly rising and expanding.
Artificial Intelligence (AI)
When the word artificial intelligence (AI) is mentioned, many people see Skynet and Arnold Schwarzenegger appearing from the future to save us. Even if it is difficult to rule out the possibility of hostile AI in the future, the reality is that today’s AI is still light years away from anything remotely feasible.
Skynet is still a long way off, despite certain frightening developments, such as an autonomous killer drone hunting down a human target without orders last year. There are other aspects of AI that we can and do use daily, such as data analysis and pattern identification. Artificial intelligence is at the heart of a wide range of casino software that monitors user behavior and detects indicators of excessive gambling. This type of software can make a big contribution to the fight against gambling addiction. The most recent version of AI-powered editing software is even capable of handling a full film, including editing and music composition, on its own.
Blockchain
Although blockchain was primarily developed for use in the finance industry, it is quickly becoming the most important security technology that we have ever devised. It simplifies and streamlines international money transfers, and it does so without the additional levies and costs that banks traditionally impose for such transactions.
This is especially useful for microtransactions, which would otherwise be impossible because the associated fees would typically exceed the value of the payment if the transaction failed. Micropayments allow you to buy a single article from a website or watch a single episode of your favorite television show. This increases the amountnumber of opportunities available to independent makers and artists dramatically. Because of blockchain technology, they are no longer dependent on large media distributors and can simply engage with their target audience. The abolition of content aggregation is critical to the survival of independent artists, and its implementation in the future is something we anxiously await.
Virtual and augmented realities (AR and VR)
We have been exposed to increasing amounts of information about virtual reality over the last three decades, but we have never had the opportunity to try it out for ourselves. The great majority of virtual reality (VR) content is still in the early stages of development, with few examples ready for mainstream use. It was dangerously close to being a VR game only for the sake of having a VR game at one point.
We hope to be able to obtain more titles and materials in general as the prices of various pieces of equipment finally fall to the point where the majority of people can afford them. Following the release of Pokémon Go, which swiftly became one of the most popular games of all time, augmented reality (AR) appears to be establishing itself as a viable gaming platform in its own right. The game prompted numerous companies to develop similar augmented reality applications, and we may expect to see more of this type of game in the future.
Standardization of 4K UHD
Even the best content is of no use if it is not presented correctly, and the ultimate standardization of 4K UHD will ensure that everyone can view it in the manner in which it was intended to be viewed. A great number of creators have recognized that the poor quality of the display is one of the issues that has been preventing them from advancing.
Because technology has advanced to the point where it has finally caught up with the artists’ creative visions, we are now in a position to appreciate the aesthetic value of ultrahigh resolution in precisely the same manner in which they envisioned its application. The fact that the vast majority of streaming services already provide 4K video as an optional paid upgrade indicates that the format is rapidly becoming the standard in the industry. The video gaming industry is beginning to close the gap, and Microsoft and Sony are currently in the driver’s seat. In the not-too-distant future, the display setting that will be the default will be 4k Ultra High Definition.
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