3 ways the media & entertainment industry will change in the “new normal”
The photo App reminded me of an amazing experience. In the photo, we were enjoying the ride at an amusement park exactly 3 years ago. It was a crowded place and we had to wait long to get a chance for our ride. The current COVID-19 pandemic situation makes me ask the following questions.
- Will we ever go back to the same experiences in the amusement parks in the near or distant future?
- How will be the movie theatre experience change?
- Will, I ever to get to visit the cricket stadium to watch the Indian Premier League?
Most of these questions got answered in one of the recent interviews we had done for a podcast.
Here are my 3 key takeaways:
- Revenue streams will get affected due to fewer footfalls. Personal health concern will be paramount leading to sceptical visitors. The operational cost will increase due to higher maintenance. Higher visitor health scrutiny and more guidance will be the norm. The studios will be creative in looking for alternative business models.
- Creative use of digital technologies to give the user earlier/ better experiences.i.e.,
- Augmented reality headsets for immersive visitor experience. To replicate the earlier stadium/park/cinema experience, there can be “fake crowds”. To enrich the viewing experience, AR headset/ glasses can also provide exciting statistics. It also opens up opportunities for “targeted advertising”.
- Increased usage of animation and visual effects. There has been a drastic reduction in the creation of content due to social distancing. This provides an opportunity for the content creators to use more animation/ VFX.
- More Digital Adoption.
- Sportsperson/ celebrities will increase their online and live activity.
- More OTT services adopted by the big studios. Big studios are changing their model to reach audiences via streaming services. Disney+ achieved great success in their online subscription.
This blog series in part of my effort to pen down all my learnings. The interviews of industry experts and veterans are the basis of my insights. You can find the interviews here: sap.to/podcast
If you have any comments or feedback, you can reach me on twitter @subhankarp