Key trends to look out for in the entertainment sector in 2022
The film industry has hit another COVID roadblock as the rapid spread of the Omicron variant has pushed alarmed governments in some prominent states to shut down cinema halls again. Elsewhere, the re-imposition of night curfews has reduced the number of shows in movie halls. After some months of recovery in 2021 as India unlocked after the devastating second wave, the movie industry is staring at some more challenging times ahead.
Apart from the movie industry and live events, the 2021 has been a remarkable one for the entertainment industry. Digital content consumption saw an unprecedented rise during the pandemic period, a growth which continued in the unlock period as well. The rising popularity of film and television programming supplied over the Internet via the various OTT players, was one bright spot in the tough 2020-2021 period for the $2 trillion global entertainment and media business.
According to a recent analysis by global consulting firm PwC, the entertainment sector, which witnessed a revenue drop owing to the pandemic, is expected to rebound significantly and rise by more than a quarter by 2025.
Returning to the big screen in 2022 is projected to boost box office receipts, although regaining pre-pandemic levels will be difficult due to revised release periods designed to avoid theatre closures. The symbiotic link between supplying high-value movies to streaming services faster and growing expenses leads to increased costs and is projected to postpone profitability for emerging entrants while smoothing the post-pandemic growth landing.
Here are some trends to look out for in the entertainment sector in 2022:
Augmented Reality & Virtual Reality
Augmented Reality is a technology-based “improved” version of reality that adds visuals, information, or both to the environment. Virtual Reality (VR) is a type of computer-generated virtual environment. The film business, live events sector, sports, gaming, and theme parks/ amusement parks are all subdivisions of the entertainment industry. Each of these subcategories might use Augmented and Virtual Reality in distinct ways. In the live events sector, for example, individuals in Delhi may see a performance in Hyderabad. They may possibly get a replay and watch it at their leisure. It doesn’t have to be a concert; a play, an opera, or even a comedy performance may suffice.
Despite the fact that overseas shows and films have been quietly gaining traction in India, they have mostly stayed as urban entertainment phenomenon. From Netflix’s drama-filled Spanish adolescent series, ‘Elite’, to its riveting French mystery thriller, ‘Lupin’ – which cracked the platform’s Top 10 list in just four days – we saw the rise of numerous binge-worthy international shows in 2021. ‘Money Heist’, a Spanish crime drama on Netflix, was likewise a smash, with higher demand than 99.6% of all drama titles in India. There’s also ‘Squid Game’, a South Korean survival drama that made history as Netflix’s most-watched programme launch ever.
Streaming services will undoubtedly take note of this and provide viewers with even more global programming in 2022.
More Streaming Services to Come Out
By 2025, income from video streaming (SVoD) is predicted to exceed $108 billion per year. As a result, it’s no wonder that many media businesses want a cut of the profits. To compete with Netflix, Hulu, and Amazon Prime Video, paid over-the-top (OTT) streaming companies have been springing up left and right. There are currently about more than 40 providers of over–the–top media services (OTT) in India, which distribute streaming media over the Internet.
Increase in Original Docuseries
‘Tiger King’ was not only a cultural sensation, but it also cleared the way for a slew of eye-opening films to follow. HBO’s ‘The Vow’, which delves deeper into the NXIVM cult, and Netflix’s ‘Night Stalker: The Hunt for a Serial Killer’, in which two detectives race against the clock to capture a murderous criminal, are two more standouts. We should expect to see even more docuseries in the next year, since millions of people have gotten engrossed by these riveting genuine stories.
Podcasts are the Modern Radio
140 million people are anticipated to listen to podcasts at least once a month by 2022. And that’s just in the United States. That figure is expected to rise to 164 million listeners by 2023. Every day, more amateur podcasts emerge. In fact, there are already more than 2 million podcasts available. However, the sector is becoming much more professional. Also, transforming podcasting from a pastime to a viable business strategy.
Branded podcasts show that the format can be used for marketing as well as entertainment. In addition, podcast networks are buying and creating new programmes in a big way. Some of them have connections to current events and famous television series.
Cloud Gaming is gaining popularity
Over the last five years, searches for “cloud gaming” have increased by 192 per cent. In 2018, a slew of connected acquisitions and product launches made headlines. From 2020 onwards, the search phrase has accelerated significantly.
There are a number of significant entertainment trends in the gaming business at the moment. In November 2020, both the Xbox Series X and the PlayStation 5 were introduced. Gaming technology based on virtual reality and augmented reality is progressing. Mobile gaming is more popular than ever, and esports are gaining traction.
Cloud gaming, on the other hand, may be the most important entertainment trend in 2022. The global gaming population is estimated to be at 3.2 billion people. And just a small percentage of them have the necessary hardware to play the most recent and difficult games. Cloud gaming overcomes this problem by delivering video game material to your device from remote servers. That way, the hard work isn’t done by your computer (or phone, or smart TV).