Technology is the main driving factor for the media and entertainment industry. This comprises every feature from special effects devised for movies to streaming services, virtual reality gaming, and unique channels for news, music, sports, and advertising.
What started as radio transmission has now evolved into a multibillion-dollar industry because of technological advancements. A huge gap in this market was filled with the advent of VPNs because it has made local media networks available to an audience worldwide.
VPN service has only further contributed to an increase in the entertainment industry. Famous direct broadcast satellites like DStv of South Africa, Hulu of US, ITV of the UK and more other services became available in Australia due to VPNs. If you enjoy binge-watching and wanting to know about streaming VPN for BBC iPlayer in Australia, must read the blog and get to know how technology has enhanced the entertainment industry and make you easily access the geo-blocked content from anywhere in the world. Not only this, but the rise of subscribers on each platform from Netflix to Stan makes the entertainment industry successful.
Australia in ranked 7th in terms of highest video streaming penetration rate. The global pandemic has significantly impacted buying behaviour. In 2021, consumer spending in the media and entertainment industry was up 6.23% from the previous year, reaching $45.6 billion. This spending is foreseen to grow at a compound annual growth rate of 4% in the coming four years, reaching a total of $81.3 billion globally by 2026 and $3.3 billion in Australia.
For the year 2023, Australians are keen interested in watching the content via streaming platforms and the VoD streaming market is worth more than AU$2.4 billion (AU$1.70 billion). With the ability to access any type of content without a hassle, customers consume media at their own pace, stimulating the growth of mobile video consumption.
In this article, we will discuss the top trends in Australia's media and entertainment industry that have been enhanced by technology.
1. Current Trends in Digital Media: D2C Video Streaming
Since the pandemic, there has been a drastic drop in pay-per-view TV subscriptions, but overall digital video consumption has increased. So how did this happen?
By the growing popularity of Over the Top (OTT) services. OTT platforms such as Netflix, Stan, Amazon Prime Video, Foxtel, and Disney+ are some of the big names in the Australian industry.
Subscription-based video on demand drove up 100% of premium video streaming, out of which Netflix made up 43.2% Disney+ came in first at 82.79%, Prime Video at 69.77%, whereas Foxtel and Stan are also in the same race. They all have the capacity to support multiple platforms such as Windows, Android, iOS, etc, making them attractive to the modern customer.
Broadcast video-on-demand comprises the other 30%, which is why broadcast channels like DStv have upped their game by providing a mobile app for phones and tablets to cater to video-on-demand needs of the viewer. Aiding this further is the use of VPN, which allows viewers access to content produced in every country at their fingertips.
D2C stands for direct-to-consumer marketing, which is a retail sales strategy where businesses build, market, and sell products directly to the customer. An example of a D2C service is Foxtel, a subsidiary of Fox Channel, which owns streaming shows that were aired on the channel.
63.8% of Australian households have subscribed to at least one video streaming service, which eradicates the concern of whether consumers are willing to pay for a subscription to digital media entertainment.
2. eSports Broadcasting Trends
eSports is a fast-growing market within the world of gaming, driven by the rapid digitalization and increased usage of mobile devices. Interactive games and eSports revenue is expected to increase to A$4.9 billion by the year 2025.
There were numerous deals that have taken place in support of eSport broadcasting, for example, Foxtel Group’s three-year broadcasting deal to stream NFL matches were made keeping in mind consumer behaviour over the past year, in which viewer repeatedly turned towards digital streaming to access sporting content.
One other trend attributing to the success is legalized sports betting. Players have to place bets over telecommunication networks. Furthermore, with augmented and virtual reality technology gaining popularity, giants like WinZo and Mobile Premier League have invested heavily in real-money gaming.
3. Gaming Boost
After the global pandemic, sporting events took a backseat, and eSports and gaming took over. The video game market globally will hit $583.69 billion by the year 2030. Technological trends like AR, VR, and MR have shifted consumers’ interest in top games, whether you are travelling or sitting at home, entertainment is all with you.
Moreover, cross-platform video games are becoming a reality with developers working hard towards it. The gaming industry will change how we communicate with each other.
4. Sport and Mindfulness
Fitness apps and gaming is another such invention that has propelled consumers into the gaming world. Active video games have been around, but they will be gaining more popularity by the year 2023. Some of the most popular apps in Australia are MyFitnessPal, Sweat, and Zwift. You also have access to some fitness video-on-demand platforms.
Along with fitness, there are apps that specifically target mental health and well-being, such as Sober Time. Their main target is to help out their consumer, albeit in different ways.
5. Digital Data Privacy
Media entertainment companies should introduce user digital data privacy rights along with making sure that their information, such as geolocation and sources, stays private. Consumers will demand more control over their data. Public awareness will lead to corporate transparency.
Companies should keep on updating their privacy policies as new laws are regulated. More regulations mean greater investment in privacy technology.
6. In-Person Event Safety Technologies
There are some technological innovations that will help greatly in allowing people to have fun, such as;
· Technology to monitor crowds
· Contactless delivery
· Contactless admission
· Device for temperature assessment
In conclusion, a boost in D2C video streaming, eSports broadcasting, gaming, sports, digital data privacy and in person event safety technology are some of the trends which have aided in the success of Australia’s media and entertainment industry. To unblock the content of any country a Virtual Private Network (VPN) becomes the saviour. To prevent prying eyes from viewing your online activities, a VPN encrypts data before it leaves your computer, smartphone, or device. This VPN technology has shaped our use from working remotely to hacking and most important streaming the content of geo-block regions.