The entertainment business moved online, like pretty much all businesses we know. Computers and mobile devices are much more than tools for working and studying – they have become a one-stop station for games, movies, music, etc.
Indeed, the online entertainment business is gigantic, with a global market size above USD 367 billion in 2022, with projected growth until at least 2030. No wonder why we’re seeing more games being launched. Online gambling platforms offer all kinds of bonuses, and new streaming services seem to come up daily.
Come with us and learn more about this vast and fast-moving niche.
Fun 2.0
There was a time we couldn’t do much for fun on our computers: solitaire, mines, and a few poorly designed games. The machines were limited, and the internet was even more so. The situation today is dramatically different, though – good for us. There are nearly 5 billion people with access to the internet today. Most go online from mobile devices: 58.5% of all internet traffic worldwide comes from mobile users.
Let’s have a look at the major trends in the online entertainment business at the moment.
Artificial Intelligence
AI has opened new avenues for developing entertainment options, but not only so. This kind of software is also used for the automation of content creation. Companies use AI solutions to generate new videos, music, and blog posts at ultrafast speed.
There are programs like Artmetrix, developed by an Indian startup, which can create scripts and films using a database of over 10,000 movies. There’s also AI for music composition. So, it’s possible to generate creative and artistic content with little to no human intervention.
Streaming Services On-Demand
Streaming services, like Netflix or Spotify, are hugely popular. In fact, they turned physical media into something for enthusiasts. Video streaming services have several advantages over cable TV. Personalized content and cheaper subscriptions are some of the key benefits.
Streaming video services are limited by poor internet connection and video quality, though.
There are already startups working on it, providing hardware and software solutions for such cases. Live streaming is also handy for organizing 3D live-streaming events, like ClippTV and Condense.
Metaverse
The metaverse gained traction in the past few years when millions had to start working and studying from home. Branded by some as “the new internet,” the metaverse can be used for entertainment. Also, companies are using it to increase overall productivity via gamification tools. In the metaverse, users interact via 3D avatars.
There’s still a lot of room for growth in the metaverse. According to the platform ByBit; there are 400 million monthly users, most of them under 18 years old. Nevertheless, startups are working on creating highly detailed virtual events platforms, like RD Land, or social interactivity solutions, like Topia.
Blockchain
Tech companies have been using blockchain to improve security in online environments. The amount of creative content stored online calls for solutions to protect intellectual property and the safe monetization of such content. This technology can also automate online transactions via smart contracts.
Also, blockchain can manage and control royalty payments and copyright infringements. The startup Dramebase has developed a platform called IPFS (Blockchain InterPlanetary File Systems), which pays artists instantly when their content is used or bought. It also allows users to turn their music into NFTs.
Social Apps
There are mobile apps for everything these days. Social entertainment apps can close the gap between consumers and companies, as it’s the perfect media for targeting specific audiences. Hybrid solutions that combine esports with fitness and entertainment through the gamification of physical exercises, such as ROJU.
Indeed, the possibilities are limitless. Live-Tech Games, a British startup, provides live mobile games during real-life tournaments, connecting users based on geolocation. Such an approach fuels online engagement across the fan base, creating awesome opportunities for targeted advertisement.
