Los Angeles: As the credits roll over to 2021 and the curtain rises to 2022, we’ve rounded up some sneak peeks of entertainment trends to look forward to for the year ahead and beyond. The convergence of new technologies, the growing dominance of smart devices like smartphones and smart TVs, 5G internet, the growing demand for streaming content combined with the ubiquitous blockages of Covid have been the driving forces behind these trends.
OTT STREAMING SERVICES
The global over-the-top (OTT) streaming industry is booming. According to a report published by Research Dive, the OTT market is expected to generate revenue of $ 438.5 billion by 2026, with a compound annual growth rate (CAGR) of 19.1%. The Covid-19 outbreak has contributed to this growth, however, key players are focusing on developing strategies to support growth in a post-pandemic market. Netflix leads the pack with 35% of the global OTT streaming market share, followed by Disney +, Hulu, ESPN +, Prime Video and HBO Max.
SOCIAL VIDEO
By 2022, it is estimated that online videos will represent over 82% of internet traffic. These clips may be short, only around 30 seconds, but the ones that go viral have been viewed over a million times. Social media platforms such as Facebook and YouTube have tried to hold onto the social video throne, but rising star TikTok is working hard to topple them by taking advantage of Gen Z users during the Covid lockdowns. Growth was also seen on Instagram, which focused heavily on optimizing the video experience for users. Likewise, LinkedIn users increasingly prefer video content to other types of posts. Twitter, Snapchat, and Vimeo are also seeing a significant increase in video content. However, whatever platforms are capable of increasing their user share, one thing is for sure: social videos are here to stay.
CLOUD GAME
The ability to play the best video games without the need for a console has now become a reality and has driven this industry forward. It is estimated that there are around 3.2 billion gamers in the world and very few have the necessary hardware to play the newest and most demanding games. Cloud gaming solves this problem by streaming video game content from remote servers to your device. The range of video games is vast, from casinos to adventures. Major offerings include GeForce Now from Nvidia, Stadia from Google, PlayStation Now from Sony, and Project xCloud from Xbox. It is a new and evolving technology, but a growing trend to watch in 2022. According to a report published by Allied Market Research, the global cloud gaming market generated $ 244.8 million in 2020 and is expected to reach 21, $ 95 billion by 2030, with a CAGR of 57.2 percent from 2021 to 2030.
PODCASTS
The number of people listening to podcasts in 2022 is expected to reach 164 million in the United States alone. Podcasts have taken off and are no longer seen as a hobby but as a legitimate business model offering new opportunities for brands and businesses. In a world where influencers reign supreme and people trust them more than traditional media, podcasts have been an effective way for their hosts to develop their influence and share their perspectives and niche knowledge on issues. specific topics. What’s more, with growing tolerance for advertising – a recent Nielsen poll found that 78% of listeners don’t shy away from sponsorship ads – podcast ad revenue is expected to hit $ 1.33 billion in 2022. Now, big names like 20th Century Fox and Spotify are jumping on the podcast bandwagon, supporting and developing content, and in so doing, increasing the quality and value of the output.
BROADCAST OF THE GAME
Game streaming has been around since the early 2000s, but is now gaining traction. It involves video game streaming where people stream themselves playing to a live audience online. Professional streamers often combine high-level play and entertaining commentary and earn income through sponsorships, subscriptions, ad revenue, and donations. Game streaming became popular on the US site Twitch before expanding to other sites, notably in China.
In 2014, Twitch was acquired by Amazon and since then it has seen explosive growth. In the first quarter of 2020 alone, Twitch recorded more than three billion hours of viewing, 100 million hours of streaming and an average of 1.4 million simultaneous viewers, making it the number one platform. for streaming games around the world.
THE KOREAN WAVE
The Korean wave or “Hallyu” refers to South Korea’s growing international popularity rise for its culture encompassing dance, music, TV series, movies, food, etc. In 2012, recording artist PSY’s “Gangnam Style” music video was one of the first Korean hits to go global, became the first YouTube video to reach a billion views, and sparked international enthusiasm for dance. K-Pop bands exploded onto the music scene in the early 2000s and currently the boy group, BTS is South Korea’s largest cultural currency whose sales rival big names like Ariana Grande, Taylor Swift and Billie Eilish.
In 2020, South Korea’s black comedy thriller, ‘Parasite’, written and directed by Bong Joon-ho, won four awards at the 92nd Academy Awards: Best Picture, Best Director, Best Original Screenplay and Best International Feature, becoming the first non-English-language film to win the Oscar for the best picture.
Now in September “Squid game”, the South Korean survival drama series premiered stealthily on Netflix, then took off like a rocket. With more and more fans every day, Bloomberg announced that the show would bring Netflix $ 900 million (it was produced for $ 21.4 million). The Korean wave is in full swing and fans all over the world are enjoying the ride.
It will be interesting to see how some of these trends fare in a post-pandemic world, but, at least for now, we’ve come to value these forms of entertainment just like the devices we access them from. – our cell phones, smart devices, laptops and PCs.
