The Internet of Things (IoT) is gaining importance of gigantic proportion and the entertainment industry is clearly not an exception. Past few years have witnessed growth of mammoth level and taken a ballistic shape. It is certainly not a technology fad, rather will stay here for years to come. This makes it important to partner with a IoT solutions company for effective implementation of this emerging technology.
There are connected devices everywhere, ranging from phones, wearables, and cars to home appliances, sensors and much more. The seamless interconnection of ‘smart objects’ creates an integrated solution with the Internet which is what we call the Internet of Things (IoT).
As the number of connected devices keeps on growing, the wave of IoT is shaping different industries such as manufacturing, education, healthcare, travel, and retail. One industry that is witnessing rapid change due to implementation of the IoT is the entertainment sector.
With IoT ecosystem revenues globally projected to reach US$4,300 billion by 2024, the IoT sector is attracting players from various industries – creating a competitive landscape in which consumer entertainment companies, and internet players are all heavily investing in resources.
Entertainment technology solutions enhance media companies’ capacity to deliver content to connected objects, and to collect, transmit and monetize data in the IoT value chain – particularly in the consumer domain.
- According to International Data Corporation (IDC) estimates there will be 30 billion connected devices in the market by 2020.
- Economic value of IoT is expected to be around $1.46 trillion in 2020.
- Gartner forecasts 20.8 billion connected devices and $3 trillion IoT economic value during the same time frame.
The entertainment industry has witnessed complete transformation in the past decade, with rapid transition from scheduled television series in the 2000s to a rapid growth in the number of video-on-demand services and live streaming in the recent years. Consumers are gaining more control over what they watch and on the other hands creators now have access to a sea of information more insight into what the audience needs.
Emergence of IoT Era
Digital Content Providers & Aggregators for IoT platforms and devices leverage emerging technologies and device features to provide engaging content experiences, as well as deliver and monetize content on a multitude of new devices and connected objects.
Key success factors:
- Adapt content for IoT consumption, and be ubiquitous
- Offer immersive content experiences at each and every touchpoint
- Embed IoT technology in content production
- Monetize valuable new insights
How is the Internet of Things Changing the Entertainment Industry?
Technology is now an integral part of our lives. The Internet of Things has redefined each and every aspect of our lives, and we are able to experience unimaginable technology in sci-fi movies. Before we dive into the world of IoT and its implementation in the entertainment industry, it is important to understand the functioning of entertainment industry. Ultimately, a lot depends on advertisements and without advertisements, entertainment channels would completely fade out.
Gone are the days when conventional mediums such as newspapers, radios, and televisions defined advertising strategies. These mediums are slowly vanishing. Today, the world is heavily inclined towards the internet, and it is the only channel that has the potential to increase advertisement revenues.
The Internet of Things is creating a sea of opportunities for the entertainment industry. With the IoT, entertainment companies can gather, analyze, and measure information to place their advertisement in front of target audiences.
Here is the way IoT will impact the entertainment sector:
It goes without saying that targeted advertising requires accurate user-data that can give advertisers a clear outline of targeted advertising. IoT sensors can generate voluminous data for advertisers and broadcasters to build highly focused marketing campaigns that are closely relevant to the target audience. This will help marketers and business organizations to reach out to customers with strong intent to buy. It is cost-effective method helping customers avoid irrelevant ads. IoT is a natural progression over the Internet revolution that augments information collection and sharing. IoT has the potential to transcend boundaries.
Creating immersive content
Compared to music, movies, and television series, interactive games are among considered the most important source of entertainment. Internet of Things will make the gaming experience more interactive with the use of sensors which invariably make the gaming equipment smarter. Further, the combination of IoT and virtual or augmented reality, makes video games much more immersive than before.
The medium of computer-based gaming has been in existence for several years. However, this medium is being replaced with mobile games and gaming consoles which take the gaming experience to new heights of interactivity, and consequently more engaging. This has led to the development of specialized sensor-enabled gaming equipment which provides a more immersive gaming experience.
Reaching Audience and Expanding Channels
The IoT enables the entertainment industry to predict and understand consumer behavior by analyzing the collected data and placing the right content on customer’s table. The Internet of Things can help understand preferences and place the right advertising and content that targeted audience will watch till the very end. The IoT allows businesses to understand their customer’s emerging trends.
By using sensors and actuators, IoT can provide users with highly adaptive and multisensory experiences that are infinitely more engaging than today’s entertainment; no wonder IoT can revolutionize the future of entertainment.
The real benefit of Internet of Things in the entertainment industry, especially advertising is generating high quality data, creating granular insights to help marketers build targeted ads that are more aligned with their customers’ needs. These insights and the ability to harness data provides unique personalization, ultimately creating value for your campaigns.