Today’s media consumers are becoming increasingly mobile and selective in what they watch. That is according to the 2018 Deloitte Media and Entertainment Outlook, which found that nearly half of US households are using a streaming service since 2016.
The number is even higher with tech-savvy millennials, which subscribe to an average of four streaming services. This indicates to me that we are more and more becoming an “on-demand population.”
With the proliferation of connected devices and an expectation of ‘real time’ information, it was not going to be long before user demands for immediate access to specific media content took over previously standard forms of media provision. And there is no going back, as media providers now focus their attention on this style of delivery.
The report also found that investments by media companies in emerging technologies such as Virtual Reality and Augmented Reality (VR/AR) grew by 137 percent in 2016. This is sign that the media and entertainment industry is no longer seeing VR/AR as nascent technologies to keep an eye on, but real opportunities for the future.
Technology is now the forefront in meeting the high expectations of media and entertainment consumers, so any new technology that can bring a competitive advantage is very much sought after. As a result, many media and entertainment providers are now setting aside a sizable portion of their budget for technology innovation.
Mobile video is already a popular way to consume media, and this is only expected to get more commonplace in the coming years. By 2021, Deloitte foresees mobile devices being responsible for a quarter (24 per cent) of all Internet video traffic.
With the advance in speed and coverage of mobile networks, provision of Wi-Fi and improved quality of hardware/devices that can be used to access media, it is no surprise that people can now have a rich mobile video experience on their mobile devices. Linked to very busy work schedules, increased time in transit and our growing expectations for on-demand content, mobile media consumption will become, at least in the medium-term, the most used form of access for entertainment.
We’ve already assisted media and entertainment companies such as Foxtel, Multi Channel Network, Telstra, Channel 7, Network 10, News Corp, Optus, and Vodafone with their digital transformations. If you are looking for guidance with streaming and mobile technology, contact us today to learn how we can ensure the best quality experience for you and your audience.