- Re-imagining the Entertainment Industry
During most of the pandemic, tourist attractions and entertainment facilities were shut down. Due to sport events, concerts, and festivals being cancelled, the entertainment industry took a huge hit. Due to the lack of in person entertainment, the way audiences interact and consume content changed. Sabrina Dorronsoro from Brandwatch states that, “In 2020, Sundance brought an estimate of $150 million to Park city. While music festivals like Coachella and stagecoach generated more than $700 million a few years ago. Cancelling SXSW led to an estimated $350 million hit to tourism for the city of Austin”.
While the media industry took a huge hit, it is continuously adapting to such recent and volatile changes and coming up with new and innovative ways to deliver the best entertainment experience to at home users.
- Customer Service Needs to be Prioritized for Subscription Services
Customers are increasingly complaining about the prices of streaming services, even though there are many options. As more users are streaming movies and TV shows, existing and future streaming companies will have to compete in releasing more content for consumers to prove they are worth the money.
- More Streaming Consolidation
Leichtman’s research group’s 14th annual study of streaming, utilizing a sample of 1,990 households, found that 78% of them have a subscription to a top streaming service, up from 52% in 2015.
The pandemic has accelerated consumers’ willingness to try different entertainment options. For streaming services to stay on top of the competition, they must partner up with other streaming services to produce more content and make more money. To do this, they will have to increase their monthly subscription rate. This would save consumers’ money by paying for one expensive subscription instead of paying for two different subscriptions.
- Lack of Representation on Screen Draws Criticism
There are many existing issues in the entertainment industry with regards to on-screen representation and casting decisions. The 2020 Annual Hollywood Diversity Report conducted by UCLA includes a workplace analysis of 11 major and mid major studios. This report found that most high level positions are held by white men, and Latinx and Asian Americans remain significantly underrepresented in nearly all industry positions.
Studios and companies will have to work harder to ensure they deliver inclusive stories with a diverse cast for viewers watching at home.
- The Joy Comes From Entertainment, Frustration From Paying.
Art has proven incredibly important for us during the pandemic. Entertainment has been the most discussed topic during the lockdown, with consumers speaking positively about various media products. Entertainment brands should continue to nurture this positivity to compete with other companies.
To learn more about trends in the media and how they have impacted our lives and changed the way we consume entertainment, visit the source link from Brandwatch.
Canyon Entertainment Group is a leading entertainment company and music label adapting to the challenges of the pandemic. To learn more about the music industry, check out the company website and contact info(at)canyonentertainmentgroup.com for more information.
