December 30, 2022
As the stakes related to entertainment industry trends rise, media companies race to adapt. Here are some trends to keep an eye out for next year:
Excitement around AI was one of the major industry technology trends in 2022, and it’s going to continue into next year. When we say AI, we’re talking about the tools used to search the internet, shopline, navigate, and entertain ourselves – smart algorithms.
In the coming year, AI will transform into something even more accessible to the general public. More AI-enhanced products will break into new marketing trends to enhance our lives and make them smoother.
While this integration of AI will undoubtedly make some human jobs obsolete, it will aid in the creation of many more by leveraging new tools, tasks, and ideas.
Ever since the pandemic, things have changed at the movies. Box office revenue is down 30% below the annual totals it saw pre-2020, and the number of films released in 2022 did not live up to the average of the past 10 years. Because there are less movies to choose from, people are heading to the theater less and driving down admissions and revenue.
Because of this, studios are taking a closer look at what genres ‘work’ and what genres don’t, then using that data to decide which movies will be released in theaters and what ones will go to streaming services.
Theater owners are doing their best to amp up their loyalty programs so they can stay engaged with customers. That paired with grouping movie releases together during busy periods (like blockbusters in the summer) will help theaters get back on their feet.
Regional sports networks (RSN) are experiencing a significant decline in subscribers thanks to customers cutting out cable and TV operators dropping networks to avoid affiliate fees. Because of this, professional sports teams and leagues are looking towards the future before their RSN rights expire.
Many teams rely on RSNs to support fan engagement through a regular-season schedule, but they are concerned about the team’s income thanks to the financial stress that RSNs are experiencing.
As a remedy, some teams and leagues are implementing transactions to purchase RSNs and help the business transition to DTC streaming. RSN owners are also looking to enable bundling opportunities like discounted game tickets, concessions, fan experiences, team-branded merchandise, and more, to encourage fans to sign up for a DTC service.
You can count on Trax Analytics to have intel when it comes to technology trends. To learn more about what to expect in 2023, check out our website.
