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Literature Review: Entertainment Problems for the 2020s
The Trend Hunter’s framework decodes the chaos to make sense of emerging trends and insights, helping to understand why trends resonate with consumers and what might be next [1]. The Six Patterns of Opportunity are repeatable shortcuts that can be used to find innovative ideas, while the Megatrend Matrix acts as a guide to understanding consumer behaviors that are unchanging, just applied in different ways over time. Each top trend has been paired to an overarching Megatrend, a broader Insight and a Workshop Question to help you brainstorm for success in the next 3-5 years.
Brandwatch data reveals some of the biggest consumer trends for the entertainment industry as we head into 2020 [2]. Entertainment is known for its ability to adapt to and reflect quickly changing consumer tastes. Add widespread political and technological change to the mix, and you could say the entertainment industry is one that’s facing more disruption than most. It’s not just the content itself that needs to meet shifting expectations, entertainment providers must also battle with challenges around the medium of delivery, the cost, and audience access to that content.
According to Deloitte, as major networks and studios continue to launch their own direct-to-consumer streaming services in 2020, competitors will likely scramble to offer content libraries broad enough to both attract and retain customers [3]. This creates opportunities for media and entertainment firms to “reaggregate” their content libraries with a wide array of offerings: from video, music, and gaming services to ad- supported (non-subscription) content. Telecommunications providers, on the other hand, face the opportunities and challenges of building the infrastructure for 5G.
The media and entertainment industry continues to experience unprecedented change, with soaring customer expectations; a rapidly growing list of new, enabling technologies; a volatile macroeconomic and regulatory environment; and an intensification of competition. This report by EY [4] dives further into each of the change drivers, tackling issues from escalating content costs to 5G. It details the strategies and tactics for management teams to deploy in response to, or anticipation of, this shifting environment.
According to S&P, regulatory risk is increasing: internet companies face an increasingly challenging regulatory and political environment with greater focus on user privacy, unsafe content, and antitrust / market-power concerns [5]. What to look for in the sector? Escalating content costs, as media companies accelerate investments in premium content across the globe. An economic downturn that will pressure advertising growth. Advertising is sensitive to overall economic growth, but economic weakness will affect pockets of the media sector in different way.
Starting from such general references, this booklet identifies ten relevant areas from very recent contributions put forward at academic level in the form journal articles, conference proceedings and students’ theses. Ten freely accessible internet references have been selected for each area and direct links are provided at the end of each chapter for own consultation. Our selected references do not intend to mirror ranking indexes nor establish novel classifications. On the contrary, they are meant to represent peer-reviewed, diverse and scientifically-sound case studies for vertical dissemination aimed at non-specialist readers. They will also be able to scoop even more references through the bibliography that is reported at the end of each selected reference.
Without further ado, these are the “Ten Problems for Entertainment in the 2020s” that we are going to introduce in this booklet:
- gamification,
- personalization,
- co-creation,
- nostalgia,
- streaming,
- ar/vr apps,
- sports,
- operations,
- costs,
- advertising.
Each problem has its own dedicated chapter made of an introductory section, a short presentation of the ten selected references and a conclusions section.
The final chapter of this booklet will report the conclusions from each chapter again in order to provide a complete executive summary.
GENERAL REFERENCES CITED
[1] J. Gutsche, “Top 18 Trends 2020”, 2020, Trend Hunter Inc., online at https://cdn.trendhunterstatic.com/r/2020-Top-Trends.pdf
[2] G. Joyce, “2020: Consumer Trends for the Entertainment Industry”, 2019 Nov 15, Brandwatch, online at https://www.brandwatch.com/blog/consumer-trends-entertainment-industry-2020/ , accessed on 16 Jul 2020
[3] K. Westcott, “2020 Telecommunications, media, and entertainment outlook”, 2019, Deloitte Development LLC, online at https://www2.deloitte.com/content/dam/Deloitte/us/Documents/technology-media-telecommunications/us-tme-tmt-outlook-2020.pdf
[4] J. Harrison et al., “Top 10 opportunities and threats for Media & Entertainment companies 2020”, 2020, EY, online at https://assets.ey.com/content/dam/ey-sites/ey-com/en_gl/topics/tmt/tmt-pdfs/ey-top-10-opportunities-and-threats-for-media-and-entertainment-companies-2020.pdf?download
[5] N. Sarma et al., “Industry Top Trends 2020 – Media and Entertainment”, 2019 Nov 19, S&P Global Ratings, online at https://www.spglobal.com/_assets/documents/ratings/research/itt-2020-media-and-entertainment.pdf world wrestling entertainment, nintendo entertainment system, entertaining news, the entertainers
