Changes and further predictiton on Media and entertainment industry in Digital Economy

The job role I have chosen to examine the effects of digital economy is the media and entertainment industry. Everyone has their own ways to get rid of the pressure and stress as well as entertainment. Nowadays, smartphones which are accounted for by digital entertainment such as video platforms, E-books or music apps, make life more convenience and comfort. There are some factors improved the digital entertainment industry in terms of easier to access, more innovation content, affordable rates but all of these are based on the big data. These factors will be gone through in detail in the following. Also, the development of this industry will be talked about in the lower half.

The outlook of Media and Entertainment industry. Although it is a historical record, what’s more important is the expectation of further development.

People were used to going to the cinema for a movie last for one and a half hour or probably longer. However, the media and entertainment industry provides a free or acceptable price for watching films or videos anywhere and anytime.

Besides, music is now available for free downloading with different music websites or apps. People would like to prefer the free one rather than buying a new CD. The internet inevitably provides a quick way to gain those free downloads and the best way to enjoy music everywhere.

In addition, other entertainment which is reading. Of course, there are many people like physical books or newspaper, but there is a faster and frugal way to access is online reading. As we can see, the entertainment are easy to access and available enjoy them at home. Those examples are telling us lifestyles of entertaining is no longer as rigid as the traditional entertainments. But the changes doesn’t mean the digital entertainment will totally replace the activities people were used to do.

As a post-90s, I really felt the change from traditional entertainment to digital one. What I saw is fewer people likely to read books or magazines in the library. Although most of the music I have heard are all online, I witnessed the phase-out of mp3 as well as iPod after the introduction of the first smartphone.

Preview the media and entertainment industry afterwards, there are a few trends directly impact the future. To commence with, the content will be expanded. Since the information is shared within everywhere including the websites, advertisements in the apps or games, this changed the communication between the entertainment industry and consumers into the direct way. The companies can recommend similar types of entertainment to their potential consumers after collecting the data. Meanwhile, the customers expect the entertainment companies can provide more positive and creative services.

Regards the advertisement, furthermore, it will be optimised as the big data share the preference of consumers. Traditionally, the advertisements are provided on the television during the rest of a film or drama or shown on the newspaper or magazines to sell their products and services. Compared to the digital advertisements today, we can see many different styles and categories promotion on Youtube, Facebook, even in the games! I am the one who is often disturbed and confused by the sudden jump out of the advertisements. I know you might be the one as well. In this case, we know how the data shows their effect on us.

On the other hand, this change not only advantages the companies who promote their goods and services but also benefit the consumers. Why does that probably happen? Transparency is one of the targets of public chasing. To gain more trust and loyalty, companies are willing to share their information about the products or services with providing personalized experience and brand loyalty. In a place with free privacy, the engagement can be increased which also longer the viewing time. Consumers will take more time in comparing the different brands because they have to choose the best one.

All in all, the media and entertainment industry is one of the most significant changes within the digital economy. Maybe we can say in other words, many of the physical items have been changed to the internet ones. For examples, a movie was played in cinema but can be watched at home though it is not as shocking as watch in a theatre and music can be enjoyed from a smartphone instead of a CD. Such activities can be done anytime and anywhere. It proves how the technology alter our daily lifestyle, isn’t it? With the introduction of 5G, accessing the internet and gaining information at a lightning speed decrease the time on receiving the messages and knowledge. Although it is not common globally and even not completely cover in United Kingdom, the emerge of 5G gives surprise to all of us. I believe that the future development of media and entertainment industry can provide more tailor-made experience for each person with the improving digital economy.

Word Count: 801 words

Reference

  1. Cortada, J. W. (2005). Digital Applications in Entertainment Industries: Movies and Recorded Music. The Digital Hand: How Computers Changed the Work of American Financial, Telecommunications, Media, and Entertainment Industries, 371–412. doi: 10.1093/acprof:oso/9780195165876.003.0011
  2. Granados, N. (2018). Digital Video And Social Media Will Drive Entertainment Industry Growth In 2019. Retrieved January 30, 2020, from https://www.forbes.com/sites/nelsongranados/2018/12/18/digital-video-and-social-media-will-drive-entertainment-industry-growth-in-2019/#1e96093c4661
  3. Ismail, N. (2018). How technology has changed the world of home entertainment. Retrieved February 1, 2020, from https://www.information-age.com/technology-changed-world-home-entertainment-123470132/
  4. Johnson, K. (2019). The Future of Media & Entertainment in the Experience Economy. Retrieved January 30, 2020, from https://cloudblogs.microsoft.com/industry-blog/media/2019/04/29/the-future-of-media-entertainment-in-the-experience-economy/
  5. The Enterprise World. (2020). Digital entertainment platforms, a new king in the entertainment business. Retrieved February 1, 2020, from https://www.theenterpriseworld.com/digital-entertainment-platforms-a-new-king-in-the-entertainment-business/
  6. 2019 Telecom, Media & Entertainment outlook. (2019). Retrieved 2 Februrary 2020, from https://www.youtube.com/watch?v=EKFGhBKVpvM&t=1s

Changes and further predictiton on Media and entertainment industry in Digital Economy 有 “ 5 則迴響 ”

  1. Amazing blog and opinion! You described the impact of the digital economy on the media and entertainment industry in an easy-to-understand language. Newspapers, paper books, and movie theaters are facing threats by the digital economy. In addition, big data makes the website tailor-made advertising content for each user, which brings huge economic benefits to advertisers. However, these also make me think. Is the overly convenient and comfortable entertainment mode easy to get the crowd into the “entertainment to death" problem? How can the traditional entertainment industry (such as theaters, cinemas) change to adapt to the digital economy era? How does the Internet protect copyright? You know, we all hope that the digital economy will bring positive development to people. Looking forward to your next blog ^_^

  2. Hi shing,
    I fully agree that the digital economy has undergone very significant changes in the media and entertainment industry and has impacted how we consume and entertain. This blog mentions the media and entertainment methods in the Internet era, such as smart phones, e-books, Facebook, YouTube, etc. These smart media and platforms realize information sharing. What I want to say is that, in addition to what is mentioned in the blog, in fact, the market of the media and entertainment industry in the digital economy is more concentrated and services are more personalised than ever before. Development, the industry will become more international.But I think in the context of the rapidly developing digital economic media, piracy is also an increasingly serious problem. May I ask, what are your ways to prevent this?

  3. Hi
    You have chosen a topic that is closely related to our daily life, which brings me quickly into this situation. With the development of network technology, our life more and more rely on the network, such as you mentioned the media and entertainment industry, we can free or cheaply to listen to music and watching movies, watching their favorite books anywhere at any time without having to go to the library or bookstore to purchase, and we also can online shopping rather than go to retail outlets, that’s bring us a lot of conveniences.

    I would like to ask some questions about how we can make people of every age adapt to digital business? For example, they may not be able to use some intelligent tools smoothly. Then, how to protect the privacy of users? As one of the users I often receive some advertisements and scam calls.

  4. After reading your article, I feel in touch as I also witness the development of digital technology improves the media entertainment industry in past decay. When I was young, I can only watch movies on TV with low video quality whereas nowadays I can easily videos on my phone with fast speed and high video quality. As computer graphic introduces in the movie industry, it makes movies look marvellous and the audiences are more enjoyable to it. Besides, these improvements of technology allow the advertising industry has more platforms to increase their public awareness and it shifts from the old boring words advertising to new eyes catching attracting short videos clips. Overall, I am looking forward to witnessing the development of the media entertainment industry and get joy with the outcome they make.

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