The entertainment industry is undergoing constant transformations, largely influenced by the rise of digitalization. These advancements in digital entertainment technologies have led to significant changes in how people discover and consume entertainment, particularly with the growing popularity of home-based entertainment. One notable shift is the emergence of immersive technologies like augmented reality, virtual reality, and interactive content, which enhance user engagement. To delve deeper into the subject, let’s examine the prominent trends and innovations that are shaping the entertainment sector.
Metaverse
The COVID-19 pandemic and travel restrictions have sparked a rapid rise in the adoption of metaverse technologies. These immersive tools are being developed by startups to create shared environments where users can interact through customizable avatars, transcending geographical boundaries. While the metaverse has initially found popularity in the entertainment industry, its applications extend far beyond that. In the realm of productivity and collaboration, startups like British-based RD Land and US-based Topia are utilizing metaverse technologies to enhance virtual events and create immersive, interactive worlds with advanced privacy features.
In the context of online poker, WSOP (World Series of Poker) has also embraced the metaverse, providing players with the opportunity to engage in virtual poker tournaments, simulate the WSOP experience, and compete for prestigious titles and prizes within the virtual realm. The metaverse is revolutionizing how we interact, work, and play, with the World Series of Poker adapting to this emerging technological landscape.
Streaming Video-On-Demand (SVOD)
The rise of remote work has led to increased usage of video streaming services. These services offer numerous advantages over cable TV, including personalized content, cost-effectiveness, and accessibility across devices and locations. However, issues like limited bandwidth and inconsistent video quality have hindered the growth of streaming platforms. To address these challenges, startups are developing software and hardware infrastructure to deliver seamless viewing experiences.
Singaporean startup ClippTV has created an AI-based streaming platform that allows event organizers to create unique, shareable links for each special moment in their channels. Authorized guests can also contribute their own clips to enhance the social experience during event streaming.
Meanwhile, British startup Condense specializes in live-streamed volumetric video, enabling content creators and performers to stream events into 3D virtual worlds. Their platform combines portable multi-camera systems with cloud-based real-time rendering and streaming capabilities, simplifying the technical complexities of live streaming for businesses, venues, and performers.
Artificial Intelligence (AI)
Startups are using AI algorithms to automate video and music creation, addressing the challenges of meeting consumer demand for high-quality content and engaging advertising. Indian startup Artmetrix offers an AI-based filmmaking platform that evaluates scripts and compares actors, aiding in faster and better script selection and improving promotional activities. Turkey-based startup Clipcil provides Cevelyn, an AI music composer with emotional awareness, enabling personalized music composition for various applications such as malls, movies, commercials, games, and TV shows, speeding up the creation process and enhancing the natural sound of synthetic music.
Blockchain
Startups are utilizing blockchain technology to enhance security and transparency in the entertainment industry. Nigerian startup Dramebase has developed a decentralized media streaming platform using Blockchain InterPlanetary File Systems (IPFS) to ensure transparency in royalty payments and prevent copyright infringements. It also enables artists to monetize their content as non-fungible tokens (NFTs) and addresses issues like underpayment of royalties and copyright violations.
Belgian startup PlayTreks offers a blockchain-based music distribution marketplace that allows artists to secure their songs and establish digital proof of ownership. It offers features such as unlimited music data, free distribution, airplay monitoring, and NFT integration, enhancing transparency in music content ownership and distribution. Additionally, music uploaded to major streaming platforms through PlayTreks is automatically added to the blockchain marketplace.
Social Entertainment Apps
Startups are developing social entertainment apps that combine social interaction with entertainment and lifestyle activities in the growing global mobile app market. Hong Kong-based ROJU has created an eSports fitness app that combines eSports, entertainment, and online training, gamifying fitness and offering global athletes and coaches as mentors. UK-based Live Tech Games offers live mobile games during tournament broadcasts, connecting players from different regions and enabling broadcasters and advertisers to enhance fan engagement.
It’s amazing to look back and see how far we’ve come with entertainment technology in our lifetimes. Back in school, we thought it was exciting when we got to watch a film strip. Can you imagine how disappointed today’s kids would be with that technology? Or what about 8-track tapes and players? I’m sure those would elicit puzzled looks today. And TV and movies. Try to think back and remember the days when a VCR was a modern marvel. Before that, if you missed a show, you had missed it. Then along came that wonderful bit of technology and changed our lives forever.
We’ve come so far since we were young, and I can’t even fathom what entertainment technology will look like in another 40 years.
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