The pandemic did a number on all of us. It entirely changed the world as we know it. There is now a pre-pandemic and post-pandemic way of life. Different industries across the world have been affected due to this and there have been significant changes across the board.
When the pandemic first hit, a lot of us didn’t know how to respond. It all started rather tame but it got out of hand very quickly. The world over was confined to their homes, people were shifted from offices to their homes, and a lot of people found themselves not knowing how to keep themselves busy. This led to exponential growth in the media we consume. As a result, consumers bought more digital media while avoiding large gatherings. Even though the pandemic is in the past, its impact on the world is ever-lasting. While we no longer maintain social distancing, use masks, or take other extreme measures, the consumption of content has been on an upward trajectory for the most part.
Trends in the Media Industry
This has led the way for many different trends to emerge in the media industry. A few are building on existing offerings while others are entirely new and unchartered territory. Let’s learn more and get into it!
Streaming Services
We have always loved streaming services. Having a collection of content available whenever you want it is one of the greatest feelings out there. Moreover, streaming services have a bit of everything. In the mood for a rom-com? Available. In the mood for a crime documentary? Available. In the mood for an animated children’s movie? Available.
A few years ago, there were a handful of streaming services. Among these, Netflix stood tall and proud as king of the hill. However, in recent times, thanks to quality content and cut-throat competition, more names have emerged. Gone are the days of DVDs and movie rentals, video-on-demand is the way of the future. You now have Netflix, Amazon Prime, Hulu, HBO MAX, Disney+, Funimation, Crunchyroll, and Peacock. This gives customers a lot to choose from. This also means that these services need to ensure they can retain existing customers and also attract new ones.
Streaming services are now moving towards lifetime customer value. They want the service to become an important part of the customer’s life, something they must include. This is a challenge for most brands but an important one that needs to be completed. This translates to customer retention which results in greater profitability. Moreover, when customers feel attached to a brand, they will remain loyal to it.
In-Person Decline
The pandemic has proven that in-person interaction is not as important as we were led to believe. You don’t necessarily have to meet someone in person, hold in-person events, or rely on venues to get a message across. With the growth of services like Zoom, it has never been easier for us to communicate, share information, and get work done remotely. You can offer the same value as you would in person, from your home.
As an individual, this is ideal since it saves you time, effort, and money that you would have spent if you went out. However, as a business that relies on in-person attendance, you are in a tough spot. As a business owner, you are left wondering what you must do to make people leave the comfort and serenity of their homes in exchange for your offering. You must make something that would have people get out of their pajamas, off their beds, and into a proper outfit. This is an Olympian task for many and a constantly growing trend that brands need to watch out for.
Among the many different ways this will play out, the cinema industry will be adversely affected. One such instance is the AMC-Universal deal. As per this agreement, Universal Studios will be able to show a movie on an on-demand platform just 17 days after its release in theaters. This is a departure from the past when movies would take several months to arrive on streaming services if they weren’t launched on the service, to begin with. This deal has consequences. For starters, smaller theaters don’t stand a chance. The larger theaters can make the deals and pay the money but for the small businesses that relied on screenings, this practice could force them to wind up their efforts.
Naturally, streaming services like Netflix would feel the burn due to this as they have always been at odds with AMC who have refused to screen Netflix movies. However, for movie studios, this sort of deal could allow them to focus on movies that rent about superheroes or a part of a franchise. Nowadays, when a movie doesn’t have a Marvel or DC hero or villain or isn’t a part of a franchise, it doesn’t perform as well. 11 of the 20 highest-earning movies of all time are either a comic book adaptation or part of some franchise. Making a deal where you show a movie in theaters and then move it to an on-demand platform makes it easier for you to save on advertisement expenses and distribution. This will bring down losses and make it easier for studios to profit from their movies.
Social Media
In 2022, social media is one of the single largest drivers in almost every industry. At any given point, there are billions of people using at least one social media platform. This has made it an incredibly important aggregator of human beings which will influence everything from entertainment to shopping to activism and beyond.
When it comes to the media industry, a lot of it now hinges on social media. For instance, when a new movie is announced, the first time you see its poster is on social media. Actors in the movie will share different pieces of content on their social media and so on. There is no better way to reach millions of people across the globe than by using social media. You have Facebook, Instagram, Twitter, Snapchat, and the current king, TikTok and by extension, YouTube. Traditional print media cannot compete with the reach these networks have. Film studios know this and they are working hard to leverage it as much as possible. Streaming services are also climbing the bandwagon and focusing hard on social media presence. With millions of followers and billions of interactions, they are able to gather a lot of people to come to watch their content.
A Different Perspective
Another aspect worth noting is the impact that social media has had on the type of content we are now seeing. For example, social media has played a pivotal role in providing marginalized communities a voice across all facets of life. Moreover, social media has also brought several problematic practices in the media industry to light and this has changed the way people now make movies and TV shows. You will now see more diverse casts in movies with more black, Asian, and other ethnicities in lead roles.
This is incredibly important because movies have the ability to change the way people think. A child who watches a black actor achieving great things will be motivated to do the same in their life. An Asian superhero will give an Asian child the concrete belief that they too can go out and change the world for the better.
This would not have been possible without social media.
Conclusion
The media industry is one of the biggest in the world. Billions of people across the globe want some form of entertainment they can enjoy from the comfort of their homes or on their mobile devices. COVID-19 has changed the way the world works and it is important for the big brands and industry leaders to pave the way for meaningful change in this space. Just like every other aspect of life, 2022 has seen the rise and evolution of trends across the board.
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