Media and Entertainment Industry Trends – What Are They?
Through this pandemic, there have been several notable changes in the way the entertainment industry is operating. Most of the things fans and entertainers enjoyed a while back are not available in the ‘new normal. These changes have also shaped the entertainment industry and forced talents to become more creative. It is challenging but some were able to succeed.
There are several noted changes in the industry that is affecting different players. Some companies find it easier to navigate around the modifications, while others are forced to change their approach to business completely. However, these trends are here to stay, and eventually, companies will have to adapt to the new changes to survive the market.
Some of these media & entertainment trends include;
Cable Companies Make the Most
Ever since people have begun working from home, since the offices were closed, the cable companies have made the most out of the situation. Conducting meetings, watching updates and streaming stuff required fast and reliable internet. The cable and internet industry has made the most sales, and there is high competition among the companies.
With many alternatives, the customers distinguish the cable companies by their reviews, prices, and response rate to their inquiries. One of the most considerable significance is that most of these companies make a lot of profit compared to how the industry was about five years ago. Internet connectivity is critical to include in your home since, during this pandemic, we’re forced to do most of the operations from the house.
No Live Shows or Album Tours
The lockdowns, social distancing, and inaccessibility of venues have resulted in a complete shutdown of live shows. Previously entertainers could freely hold their concerts and get millions of fans attending, which earned them much profit. However, the current regulations don’t allow any live concerts and album tours, resulting in another trend.
Fans are beginning to embrace the ‘new live concert.’ These are concerts held online where fans can watch and follow from start to finish. They are paid for with tickets, just like the normal ones used to, but in this case, you can only see the entertainers behind your screens. Although there’s no similar experience and satisfaction as before, they still come through.
Improvement in Customer Service
There has been an improvement in online customer service unlike how it was during walk-in visits. Since all orders are done online, the companies with subscriptions have been forced to improve their customer experience to keep them subscribed.
Customer service is not only fixated on the approach, but it also stretches to the end product or service delivery. This is because reviews from other customers are crucial since they tell potential customers what to expect in advance. If you are performing well, you’ll definitely get more clients, but with bad reviews, you are at risk of losing customers.
Increase in Online Streaming
People are no longer allowed in the movies or stadiums. However, that does not prevent them from accessing what they usually do. Another importance of the technology is that you can now follow up on the ongoing activities by streaming their live coverage. Be it sports, interviews, movies, etc., all you have to do is get a subscription, although others don’t need one.
Streaming has increased because fans want to be updated on what their teams and entertainers are doing and what new stuff they have underway. This has caused a significant increase in the subscriptions of multiple content providers and platforms, for they give the customers what they want at a fee. This keeps the fans happy and the content provider happy too.
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