What next for entertainment?

What’s been happening in the world of entertainment?

The world of entertainment has seen a dramatic shift over the last decade or so. Technological advancements have improved entertainment (specifically watchable content i.e. TV and Cinema) in a number of ways, such as; our access to it, it’s diversity, its quality and quantity available to us. This shift has also been accelerated by COVID-19. A testament to this shift is the fact that Netflix’s penetration rate is 53% in the US.

The rise of streaming giants such as Netflix, Apple and Disney has revolutionised an industry that had been dominated by traditional TV and movie theaters for decades. In fact, streaming services now command the greatest share of TV viewership vs traditional cable.

The rise of streaming is no surprise. Streaming allows viewers to consume content in their own time, have greater choice, better recommendations and watch tv uninterrupted.

TV is not the only industry affected

Traditional cable TV is not the only sector of the entertainment industry that has been impacted by the advancements of technology and emergence of challengers in the industry. The emergence of streaming and other ways to watch movies has impacted movie theaters too - with many movie makers deciding that some movies should just go straight to streaming. The decrease in the popularity of movie theaters cannot be solely attributed to the rise of streaming; COVID-19 also significantly contributed, as people were confined to their homes, making a trip to the movies a distant luxury.

However, contrary to popular belief, the movie theater industry is not dying, just yet. There is just a need to evolve and technology will have a large part to play in this evolution. In addition to a growing trend of premiumization, there is a belief that movie theaters can become a much more immersive and multi-sensory experience than in the past and this change may be accelerated by the development of technologies such as AR, VR, 5G and of course, AI.

Does the innovation benefit everyone?

Although technologies such as streaming and AI have overwhelmingly improved the entertainment experience of the viewer, we’re not so sure it has benefited everyone.

Unless you have been living under a rock for the past few months, we’re sure you are all aware of the ‘Writers Guild of America’ strike that has been going on. Amongst the issues the writers were striking about were the effects that streaming has had on their job security and the worry that AI may take their jobs (join the club, writers).

Many other professions integral to creation of movies and TV series have been adversely affected also. Akin to music streaming, artists who’s music is played on a movie that is just streamed may not be compensated nearly as much as the traditional route of theater release and then streaming/traditional tv may. The same goes for actors. Most famously, Scarlett Johansson sued Disney for releasing Black Widow on Disney+ on the same day it was released, potential depriving her of millions of dollars (he contract stated she would get a % of box office revenue).

In this ever-evolving tech-driven entertainment era, innovation continues to redefine how we consume and create content. We’ll be eagerly watching (mind the pun) to see what happens next.

What else is going on in the world of tech?

Apple considered buying Bing from Microsoft in 2018. No surprise, given that Apple pays Google as much as $19 million a year.

There is a new EPIK app that has become all the rage… The app uses AI to help people create 90’s inspired yearbook photos of themselves.

OpenAI are considering making their own chips. The owners of ChatGPT are considering the option due to the shortage and costs related to buying them elsewhere.