Top 7 Media and Entertainment Industry Trends in 2023

The media and entertainment industry evolves every year. Digital companies constantly find new ways to provide a smoother user experience, ensure higher customer satisfaction, and increase user engagement rates. If you don’t want to lag behind, you should keep abreast of digital media and entertainment trends and implement the latest solutions for your business. Conveniently, today's article is all about them. In the following paragraphs, AnyforSoft describes the most prominent trends in the media and entertainment sector for 2023. We wrote this article to help you make more informed decisions about your business and ensure that you have a fruitful year. Enjoy! Short-form video content According to Dyana Najdi, managing director of Video and Display at Google, one of the most impactful media and entertainment industry trends in 2023 is short-form video content. Take YouTube Shorts, for instance. Since its global release in July 2021, it has gained over 1.5 billion monthly users and this number only continues to grow. Of course, we couldn’t help but mention TikTok—the company that pretty much started this trend. Since its release, the TikTok app has been downloaded over 2.6 billion times worldwide. What’s more, the amount of money users spend in the app is mind-boggling: in the fourth quarter of 2021 alone, users spent 824 million dollars, as per a Statista survey. But why is short-form video content so appealing? Well, one of the reasons is that it is extremely easy to consume. Shorter videos don’t require as much effort and time resources as long ones. Given that we live in a world with millions of little distractions, the attention span of modern internet users has become shorter. Thus, it is hopeless to try to make your visitors sit through a 20-minute video about your product. A short video, on the contrary, doesn’t require such efforts. By making it, you will have a higher chance of reaching your audience and conveying your message. Pretty good reason to step into the digital world of 2023 with short-form videos, right? Customer experience focus 86% of consumers are willing to pay more for a great experience. That’s why we included the customer-first approach on our list of digital media and entertainment industry trends for 2023. This trend will never lose its importance and will remain a driving force for the entire digital media and entertainment industry. However, with the growth and development of technology, it is no longer enough to just be where the clients are, i.e., follow them to their phones, tablets, and other devices. The high competition encourages the creation of a unique and exciting customer experience that would keep users as long as possible. This approach includes not only new marketing strategies, perks, and bonuses to subscribers of streaming services and channels, but also the use of new technologies. Quite frankly, users expect innovation. According to Salesforce, 69% of customers believe companies should offer new ways to get existing products and services, and 54% believe they should offer entirely new products and services. Focusing on the younger generation of consumers, many companies have already begun to implement VR and AR technologies and thus completely transform the customer experience. However, a wider audience reach strategy allows for greater profits and is more promising in the long term. Interactivity to User Journey can be also added with special website or application options. For example, animation of processes, adding gamification (with integrated advertising), and similar functions are still very popular and sometimes more relevant for certain digital media businesses. Analytical Tools Implementation New trends in the media industry appear every month, but what always remains the same is the importance of data analytics. It's not just a way to get better—it's practically a guiding star. The opinion of your customers influences everything: from content creation to the placement of advertisements and the choice of promotion methods. Therefore, it is imperative to adopt the required set of analytical tools. These can be: Built-in plugins Third-party applications Software tools (paid and free) Custom-developed tracking systems to meet the needs of a digital media company Analytical tools collect, sort, and classify information, simplifying the work with large amounts of data. By analyzing it, you can better understand what your visitors expect from you, optimize your site accordingly, and thus improve conversion rates as well as customer satisfaction. Consumers know that the more information you collect about them, the more customized the experience they will get, and this applies not only to recommendations but also to advertising. However, everyone is concerned about the safety of personal data, so you should choose only reliable solutions for collecting and analyzing data. And, of course, take care of the security of your platform. Read more

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