10 growth opportunities for media and entertainment industry during the COVID-19 crisis
Growth opportunities for media and entertainment industry have increased manifold during the COVID-19 crisis.
The media and entertainment industry reaped 10 benefits of the COVID-19 crisis, which are:
1-Significant growth in VoD market
The COVID-19 crisis has increased demand for VOD services around the world.
The global VoD market is primarily driven due to growing adoption of mobile devices for watching online videos and increasing internet based consumer spending. VoD solutions help viewers reach any connected device, providing key competitive advantage in terms of consumer reach. In addition, the rapid developments in high-speed networks are enabling video on demand service providers to deliver faster downloading and streaming service to users. (WiseGuyReports).
2-Growing use and reliance on new technologies in Artificial Intelligence journalism
The Covid-19 crisis has helped in increasing opportunities for the growth of artificial intelligence technologies and their use in many fields to limit the spread of the pandemic.
3-A breakthrough in media techniques to identify fake content
During the spread of the Covid-19 pandemic, the world has faced a torrent of news and fake content through the internet and social media, even using the name of the pandemic was used in thousands of fraud and cybercrime.
4-Video games became one of the largest winners of the pandemic
As a result of the Covid-19 pandemic, the world has faced restrictions on travel, activity and public gatherings imposed in most countries, where many people have been forced to stay at home, in some cases completely negating the social life of a consumer.
5-Enhancing the role of the media based on social responsibility, education and raising awareness
The current crisis has given a great opportunity to the media to play a significant role to educate people and play its responsibility role to protect people from the pandemic and misinformation.
In World Economic Forum’s report about Building Back Better Media, Entertainment and Culture Industry. This has been the moment for media, entertainment and platform companies to step up to their mission to inform, educate and entertain.
6-Accelerating of media digital transformation and growth of Artificial Intelligence journalism
After the pandemic, the Covid-19 crisis has sharpened the focus on digital transformation in an industry that has long been at the forefront of innovation. Accelerating digital transformation for many in the industry, investments over recent years have enabled them to react quickly. (World Economic Forum) .
7-Up to 90% of media and publishing companies working and hiring remotely
After the escalation of the Covid-19 crisis, companies and governments had moved fast to innovate new ways to work remotely , and now, we can see more than the half of the global workforce, and students are working and studying remotely and as the pandemic continues to threaten health, we are looking at a prolonged period of hybrid working – from home and office in different proportions.
8-Increasing journalists’ skills in using new technologies and to communicate with the public remotely
The media has succeeded in creating new tools and solutions, either through artificial intelligence technologies or upgrading old tools, which were considered as new tools to some journalists and media workers, and it was required to gain new skills to communicate with the target audience and create new content adapting to new media channels of the Covid-19 crisis.
9-Growth in media and entertainment workforce number during Covid-19 crisis
As lockdowns continue worldwide, to curtail the spread of COVID-19, media has to create varied content and news every single minute to keep its target audience.
Global Web Index found that over 80% of consumers in the US and UK say they consume more content since the outbreak, with broadcast TV and online videos (YouTube, TikTok) being the primary mediums across all generations and genders.
10-Social media becomes first source of information compared to the traditional media
The pandemic has made social media the protagonist of this era. Reportedly, WhatsApp and Facebook are the top social platforms to connect with friends and family during this time. 69% of consumers in US are using Facebook and 66% say they’re using Facebook messenger. WhatsApp continues to take the top spot in the UK across generations, gender, and income – rising to 77% among millennials and those in the highest income bracket, according to GlobalWebIndex’s report.
