4 Digital Entertainment Trends for 2020
2020 looks set to see the digital entertainment industry take big strides towards improving their services for their customers while at the same time making them more profitable for their investors. The balancing act between spending and earning is done on a knife edge, and the war for revenue is aggressively fought across the board. But what does this mean for consumers? It means better service, better content and hopefully a great year ahead – but it could also mean higher subscription rates and an influx of advertising.
2019 was the first year that the streaming service, Netflix, reported a subscriber loss in the US since 2011. This was huge news in the world of digital entertainment and Netflix’s stock value took a hit that shook the entire industry. A collective tightening of purse strings could be heard throughout the sector. When we look at the top digital trends for 2020, we have to start here because Netflix’s hit is possibly the spark that will ignite an influx of ad-supported video. Most consumers are drawn to streaming sites because they would rather pay a subscription than be bombarded by unwanted ads.
Unfortunately, producing original content at such a high standard costs exorbitant amounts of money. This means that in order for Netflix, Amazon and the like to continue providing top content, they may have to either hike up the subscription costs or introduce advertising. We also predict that 2020 will bring about some dramatic mergers and acquisitions – after all, most people are unwilling to pay for more than 2 streaming services and that doesn’t leave much room for competition.
2020 will also see the digital entertainment sector make great strides towards better standards of privacy for consumers. The grumbles surrounding the use of personal data are becoming too loud for the industry to ignore. Whether its gamblers playing at the best online casinos or gamers playing multi-player adventure games or audiences watching TV shows, online privacy is a legitimate concern and it’s finally being properly addressed. Digital enterprises are working hard to repair the trust between themselves and their customers. This will result in greater levels of transparency regarding how data is used and a greater level of choice in this regard for the consumer.
The flip side of privacy is personalisation. Millennials and Gen Z’ers are much more inclined to pay for and expect and a more personalised experience when they use a subscription-based service or a social media style platform. 2020 will see digital entertainment enterprises utilise AI and Machine Learning technology to improve their handling of data in order to provide a better, more tailor-made experience for their end-users. It’s certainly time for most online companies to up their game in this regard. Those companies that ignore the trend for personalisation run the risk of losing a huge proportion of their audience. And there is really no excuse for it. Most people are creatures of habits and by reading those habits it’s not hard to provide niche content and truly relevant advertising.
The final trend on our radar for 2020 is Virtual Reality. Affordable VR headsets are already on the market and the scope for VR is huge. We expect to see digital entertainment enterprises utilise this technology in exciting ways. Documentaries and travel shows, for example, could use VR to truly take the audience on a mind blowing adventure. Journalists could use VR to add weight to their stories and give people a much clearer perspective on what’s happening in the world around them. We’ve already seen online casino software providers turn to VR in order to produce more exciting games for their punters and we’ve seen the technology work for multi-player games, but there is so much more to be done with this incredible technology.