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Blockchain: 4 Tech Trends Shaping the Future of Media and Entertainment

Blockchain:

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We’ve all heard about AR, VR and blockchain, but what exactly are entertainment and media businesses doing with these technologies?

Blockchain: 4 Tech Trends Shaping the Future of Media and Entertainment

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Guest Writer

Serial Entrepreneur, Content Creator, Avid Learner


5 min read

Opinions expressed by Entrepreneur contributors are their own.


The last decade has seen massive changes in how consumers view media, how businesses create those media and how marketers advertise on them. Cable TV, for example, lost an unprecedented number of customers in Q3 of 2018, according to The Wall Street Journal, as people opted for subscription-based TV services. And live video streaming is captivating viewers and marketers alike, with adoption rates at 35 percent in 2018, up from 28 percent in 2017, according to Social Media Examiner.

Related: 3 Startups That Are Using Technology to Reinvent Entertainment

Even cryptocurrency has found its footing in the media and entertainment world, operating as a more decentralized mode of payment that many creators and users prefer.

The platforms through which we are exposed to music, movies and other forms of media are evolving at such a pace that it is difficult to wrap our heads around this phenomenon. And, despite this pace at which the entertainment sector is evolving, we can make certain predictions that will be beneficial to all involved: 

Blockchain: 1. Artificial intelligence

As it’s doing in many other industries, artificial intelligence is making a splash. One of the first examples of AI influence in the media and entertainment industry is TiVo, a cable service that made personalized recommendations based on the user’s watching habits.

Today, AI is making the process of creating new content significantly more efficient for businesses, publications and online creators. Even Forbes is using a bot named Bertie, which “recommends article topics for contributors based on their previous output, headlines based on the sentiment of their pieces, and images too,” Digiday reported.

Similarly, AI can be used to quickly create new ads and movie trailers, and to streamline pre- and post-production processes, making all steps involved more cohesive, less costly and faster.

Blockchain: 2. Virtual and augmented reality

While the use of VR and AR in media and entertainment is relatively new, those alternative realities are already captivating consumers and making businesses money. Captive, for instance, has paired blockchain tech with AR to create new user experiences in which consumers interact with brands in new and entertaining ways. Once users register with the app, they can acquire “Captive coins.” Those coins can then be used to buy real goods in the Captive marketplace.

In the same way Pokémon GO operates (as another example of augmented reality), businesses can encourage shoppers to visit their brick-and-mortar locations by rewarding users with tokens in exchange for visiting the business.

Disney has a similar vision with its Play Disney Parks app. The app provides games that users can play while they are waiting in line at Disney theme parks. Using Bluetooth beacons, Disney tracks where players are located in real time and then asks players to search for markers near their locations. Players can also use the app to trigger real-world events. Example: While standing in line near Peter Pan’s Flight ride, players can make Tinkerbell appear inside a lantern.

In 2017 The Global Entertainment and Media outlook forecast predicted that by 2020, VR content revenue would increase to $5 billion, making it one of the hottest trends in the media and entertainment industry.  

Blockchain: 3. Personalized advertisements

Due to the increased personalization made possible by AI, it’s likely that generalized, traditional advertisements and product placements will soon be non-existent. These methods will be phased out in favor of more targeted, personalized content. Imagine, for instance, a commercial using your name, or referencing a specific behavior that you took — sound crazy? Well, 71 percent of consumers prefer personalized ads, and — for that reason — marketers are doing more and more of it, according to Adlucent.

It’s only a matter of time until ads become so personalized (with the use of AI, behavioral data, and even facial recognition) that every ad out there is directed at a specific buyer persona and, eventually, a specific person.

Related: M17 Entertainment Launches Live And Social Commerce Service In Asia

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