With the continuing expansion in the capability of technology, the entertainment industry has gone through comprehensive shifts in recent years, with the internet, social media, gaming, and other factors causing an explosion in choice and variety.
No longer is it just a case of the highest budgets being able to operate in entertainment, as social media platforms have given everyone the potential platform to become the next star or simply share their content easily beyond their own immediate connections and friendship circle.
While there is now a huge demand for indie content, from music to games to movies and cartoons, big entertainment hasn’t gone anywhere either, and the industry continues to benefit from the huge budgets and productions that get everyone talking online.
However, as we move into the next decade of development, things could change even further, as technology becomes ever-more intertwined with the average person’s life, and younger people continue to be brought up on an entirely different entertainment diet than their parents.
Read on to find out more about the trends in entertainment in 2022 and what this means for the future going forward.
Industry growth continues
While the industry continues to change and adapt, it also maintains financial growth – but the varying fates of various forms of entertainment mean that this growth is by no means even, and some areas are falling away while others benefit from significant growth.
In terms of the industry as a whole, the entertainment sector is calculated to be growing at a rate of 2.1% every year and will be worth $43 billion by 2025, meaning the success is clear to see.
However, when comparing the numbers for different sectors of entertainment, it’s clear to see the changes in motion, as online entertainment is due to grow by 5%, while print media and magazines are predicted to fall by 10%.
Video games are the most profitable
While entertainment formats such as music and cinema continue to be as popular and as instrumental to people as ever, video games have also increased in popularity and additionally show the highest profitability potential.
Video games can take advantage of a large number of revenue streams, such as memberships and subscriptions, downloadable content, and new game iterations, meaning significant amounts of income can be generated.
Online casino sites and other platforms such as mobile apps make a fun gaming experience extremely accessible, too.
Online video reigns supreme
The biggest driver of the Australian entertainment industry’s impressive growth is the rapid expansion and adoption of online video.
Nowadays, the vast majority of people have access to a device that can access online video, whether this is a phone, laptop, TV, or computer – meaning the traditional visual stronghold of television and cinema no longer exists.
Instead, consumers continue to enjoy access to streaming services and choose their own shows, with platforms such as Netflix, Amazon Prime, Hulu, and others providing instant video streaming functionality.
This is only one aspect of it, too – video sharing social media platforms such as Instagram and TikTok are extremely prolific, while curated, longer-form entertainment can be enjoyed on YouTube.