The Institute of Global Futures has published the following Entertainment Trends for the 21st Century:
New digital technologies will reshape the economics, production, distribution, and marketing of the entertainment industry
- Traditional media enterprises must learn to adapt new Internet and computer technologies to maintain competitiveness.
- The convergence of the Internet with TVs, telephones, kiosks, autos, and wireless devices will create many new media channels.
- On-demand interactive entertainment content that is personalized for our preferences will be a standard feature.
- Advanced virtual reality bundled with digital agents and holographic entertainment worlds will transform our experience of entertainment.
Events are the ultimate engagement channel, and one event is equivalent to dozens of marketing campaigns in terms of business impact and reach. According to Doubledutch’s business report “The Path of Marketing Enlightenment” from 2016, the interest in event applications is here, but so far technology has not quite done the job. Event apps are not designed to maximize the potential of Live Engagement Marketing. They do not effectively energize attendees, they do not encourage the kind of connections and sales that sponsors hunger for, and they do not effectively demonstrate ROI to maximize business outcomes yet (Doubledutch, 2016).
Leading U.S. professional services firm Deloitte Consulting LLP, informs businesses on what they should be mindful of as they plan for growth. In their 2017 Media & Entertainment Industry Outlook, Deloitte projects that in the future, entertainment companies will be largely invested in R&D, focusing on exploring innovative platforms to keep audiences engaged (Westcott, 2017). Companies will experiment with offering consumers new ways to interact. The report highlights the trend of social tech wearable devices to emphasize the emergence of new markets in the entertainment sector. Any user experience centered application will continue to create evermore personalized experiences for the consumer. According to Deloitte, companies in live entertainment whose services allow them to leverage consumer data and offer a unique platform for audience interaction will see increasing opportunities for growth in the U.S. market. (Deloitte, 2017)