The video production industry constantly evolves and innovates new technologies to replace outdated effects. The newest trends in the industry are expected to shape how media is delivered. These trends act as a sunrise in the media sector economy and make significant advancements. A report by EY stated the growth projection to Rs 2.23 trillion by 2023, with an estimate of the sector standing at 1.73 trillion in 2021.
We can anticipate the growth in the video-producing industry to be the ongoing phase of digitalisation. With a span of audiences in bigger geographies, video-on-demand acts as an acceleration of digital adoption. Affordable packages and subscriptions drive increasing demand for the industry to relatable content. The pandemic has contributed to the growth of this sector.
TRENDS THAT HAVE TRANSFORMED THE VIDEO PRODUCTION INDUSTRY
Technological and informational access to a wide variety of content has influenced the media industry. Moreover, certain trends have helped shape the industry in the last few years to where it has come to stand now. Some of them are listed below.
- New ways of distribution
We believe that great content is the main source of attraction to the customer. But what matters is that the content should be made available to the viewers to get the best of importance. If the content is not promoted and shared on the right platform, it will never reach the audience and get the praise it deserves.
The media industry seems to have understood this concept better. In 2022, 61% of content marketers expect increased spending on in-person events, while 42% of marketers intend to increase their budget on virtual reality (VR) based video availability and augmented reality (AR).
- Smart media
Traditionally, the viewer engagement with the video delivery network was confined to a schematic method of television rating points. However, this measurement only provided a smaller sample picture where an individual’s viewing session could ascertain not much.
The aim is to give a personalised experience to the users; the video networks started using a smart way to understand the pattern and interests of the viewers, helping them boost their streaming hours. The introduction of a video recommendation engine has led to the simulation of experience by the users and their prolonged retentions.
- Attractive advertising
The video production industry earns huge revenue from continuous advertisements on streaming videos. They have started to promote featured content with the help of affiliate marketing.
Zee5 entertainment private limited has its own SVOD based model wherein it provides original content. The main source of their direct income is from the 400 million hours spent watching the advertisements on the official application.
- Consumer engagement medium
Gone are the days when the content service providers had to revive the unending scripts of advertisements so that the consumers could relate to them. Augmented reality and virtual space have created a medium for the advertisers to create a novelty factor where the platform allows them to communicate with the viewers in various real-time experiences.
The seismic shift in consumer engagement due to such innovations has increased the potential to interact and deduce the physical barriers connected with the availability of the services.
- Focus on feedbacks
Feedback on the types of services provided by the video delivery network has been extremely helpful in broadening the content’s horizons. It has been observed that consumers tend to retain to a video providing site where their feedback is valued.
The notes from the pre-production phase come into the frame where the elements help the alignment of the content so that the least variance can be expected.
CHALLENGES IMPACTING THE FUTURE OF MEDIA PRODUCING COMPANIES
With the emerging trends that have attributed to the growth and development of the industry, certain challenges are being faced by the media producing companies that are difficult to keep up with.
The biggest challenge in today’s time is the inability to comply with the rules and regulations that are required in the industry. To act following the laws that have been filed is a cost-booster for the video providers.
Moreover, a sound and informed team of legal practitioners is needed to prevent the organisation from lawsuits and to deal with unintentional violations.
Lack of transparency is another such obstacle faced by the media companies where a pile of risks affects the complexity of the contracts in terms of advertising, handling of funds, and retainment of personnel.
Advertising has always been the simplest form of providing the necessary information to the viewers and clients. Still, it has been observed that the same has become a concern for the media houses where the direct method is moving out of the game, bringing in a set of new standards and fluctuations.
Often, it is observed that the media houses cannot express a strong and bold opinion over a social aspect that concerns a particular group or race of people.
They are often bashed and targeted for creating content that might be sensitive and might hurt the sentiments of people, while in reality, people are just opposed to the fact that someone is trying to put an opinion different from theirs.
Due to such uncalled backlashes, the fear of judgment resides within the creators, confining their talents. The unfolding of the covid-19 pandemic has impacted the industry in more ways one could have imagined.
While people were at home most of the time, leading to a tremendous increase in the demand for video-on-demand services, challenges have restricted the boon in the concerned industry. Due to the lockdown restrictions, the limited spread of the workforce made it difficult for the companies to provide the desired content to the viewers.
There was an amicable rush in the industry where the availability of services became an obstacle due to limited technology and a confined labour force. While the OTT services saw an enormous increase in viewership, the physical screenings experienced a drop so bad.
GROWTH OPPORTUNITIES IN THE VIDEO PRODUCTION INDUSTRY
The increase in internet-based viewership has led to a manifold increase in the video-on-demand market. The primary advantages in the consumer reach have driven the users to shift from a physical model of viewing content to an online mode.
The ongoing pandemic has led to an upwards positive impact as the restrictions on the movement of people caused them to rely on the OTT services. It has been forecasted that the industry is anticipated to grow at a CAGR of 12.2% between the years 2020- and 2025.
The covid pandemic has even resulted in innovations in artificial intelligence sectors using augmented reality and virtual reality to create a specialised impact for the viewers.
Various implementations have been made in the genre to decrease the impact of plagiarism, and fake content hampers the industry’s growth.
A breakthrough is experienced with organisations partnering towards a reliable and impactful infringement contract to benefit from the first mover’s advantage.
The sharp digitalisation of the economy has been at the forefront of innovation.
While physical and traditional consumption spaces are no longer competitive in the race, consumer interactions have been a key source of new opportunities for video production to engage new users.
The industry has accepted the change and is ready to be a part of it.
For example, news network media has started to rely more on distributed home studios to better function in this digital age. It helps in cutting the extra costs and drives better content and the potential to innovate with new technology being at the comfort of your own house.
More than 5 billion internet users at the moment have found their peace with the developments in social media to access video-based content. The pace at which the escalation is observed is worth all the appreciation. New ways of working, analysing, and developing business strategies according to the current challenges and trends in the market is a crucial job in itself. It all seems so easy, while it is far from it in reality.
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