The entertainment industry has undergone significant changes in recent years, most notably a shift from more traditional formats to today’s digital platforms. With users altering the way they consume content and a sizable increase in the number of streaming services available, the landscape of modern entertainment bears little resemblance to its original form. Keeping up with this shift is increasingly important for all companies within the industry, as those who fail to embrace the newest trends risk losing out in a very competitive market.

The rapid development of technology offers all companies in the entertainment industry a wealth of opportunities, enabling them to reach more customers than ever before.

 

The Trends Making Waves in 2024

Given the great strides being made in technology, businesses working in the entertainment sphere can drive progress if they can harness the massive potential on offer. These are some of the most up-to-date trends set to increase growth and engagement in 2024.

 

The Rise of Podcasting

The popularity of podcasting has been on the rise for a number of years, but it is now beginning to compete as a mainstream medium. There has been a staggering increase in the number of podcast listeners, with annual growth estimated at around 17% between 2019 and 2023 in the US alone. In 2024, monthly listeners are predicted to hit 164 million.

Given this surge in popularity, podcasters have more opportunity than ever to generate significant revenue from releasing podcasts. Once regarded as a hobby, podcasting is evolving into a professional business model with the potential to make thousands of dollars a month. Although advertising can generate funds, podcasters can also earn revenue through offering merchandise, digital products and leveraging sponsorships.

With investors recognizing the vast potential of podcasting, it is inevitable that the quality of podcasts will continue to improve and attract new listeners.

 

The Embedding of Generative AI

Generative AI refers to computer algorithms which can produce content akin to that created by humans, be that text, music or images, among others. The beauty of Generative AI is that it can study data, analyze its patterns and then produce its own content based on those patterns.

Any business, no matter its size, can take advantage of the range of benefits offered by Generative AI. Collecting data on consumers’ preferences and using AI to examine these trends can enable companies to tailor the content they offer and personalize it to each customer, serving to keep users engaged for longer periods of time.

Generative AI can also work in tandem with Virtual Reality and Augmented Reality. Utilizing the technology to enable users to create digital avatars which can imitate a user’s unique character traits and behaviors adds another layer of realism to the interactivity of VR and AR experiences.

As the metaverse continues to develop, businesses would be wise to consider using Generative AI to create more immersive virtual worlds and digital characters to interact with their users.

 

The Development of More Interactive Online Gaming

Gaming has undergone its own revolution over the decades. The very first game consoles, while still represented in their modern counterparts such as the Sony PlayStation and Microsoft Xbox, have a far more varied range of competitors in today’s gaming industry. Mobile gaming has become increasingly popular due to the powerful capabilities of today’s smartphone.

Virtual Reality is transforming gaming, creating a far more interactive and engaging experience. Seeking to blur the lines between the physical and digital worlds, VR allows users to see and hear the virtual world. The coming year looks set to further develop this technology, with companies exploring the potential for gaming across platforms, creating an inter-connected gaming experience.

The potential of VR and AR for certain sectors can be seismic; online casinos, for example, are utilizing the technology to bridge the gap between themselves and their bricks-and-mortar counterparts. VR enables users to participate in live dealer games, connecting and interacting with other players and the dealers, creating a more engaging experience. Traditional table games such as roulette and blackjack can be elevated in their online version.

Roulette odds remain the same regardless of the format, whether online or in a visit to a land-based casino. That is, regardless of technological developments, the probability of the ball landing on a particular number or set of numbers remains constant, as it is determined by the inherent design and mechanics of the roulette wheel itself.

However, while the odds may be identical, the overall experience of playing roulette online was once considerably more basic and stripped-down compared to the immersive atmosphere of a physical casino. Early online roulette games, while functional, lacked the ability to truly replicate the sights, sounds, and social ambiance that contribute to the thrill of the live casino experience.

This is where the advent of virtual reality (VR) technology has proven to be a game-changer for online casinos. By leveraging cutting-edge VR systems, online platforms now offer players a remarkably realistic and engaging roulette experience that closely mirrors the excitement of a physical casino floor.

The Potential of Social Media

Users consume content in a markedly different fashion to how it was consumed in the past. Short-form video has become increasingly popular, with social media users finding in-feed short-form content the most engaging form. Platforms such as TikTok have always offered short-form videos to connect with new followers.

2024, however, may see popular platforms such as TikTok exploring the possibilities of longer videos, emulating the provision offered by YouTube. There is scope for offering a wider variety of video lengths, complimenting their short-form videos with longer storytelling.

For businesses, social media is unique in its ability to facilitate a more personal relationship between themselves and their followers. Recently, businesses have become more aware of the potential for a more mischievous and fun relationship between the two; playful content is far more on-trend than formality, creating a more human touch. Businesses who are willing to explore this are likely to attract more followers.

 

A Growing Range of Streaming Services

Video streaming has revolutionized the TV and film industry. A far cry from the days when users had access to only a few TV channels, streaming services can allow people to watch whatever they want at any hour of the day or night. With significant revenue on offer to media companies who tap into this growing industry, it is no surprise that users are reaping the benefits of a wide range of streaming services on offer.

Netflix and Amazon Prime Video have more competitors than ever; Hulu, YouTubeTV, Disney+ and Apple TV, to name but a few. Disney+ has capitalized on offering new programming alongside its back catalogue.

However, an emerging trend in video streaming is the provision of programming relating to a specific niche. Discovery+ is one of most well-known platforms for reality TV, but there are others such as Shudder, which caters to horror fans, and Crunchyroll for fans of anime. There is enormous potential in programming which appeals to a more narrow audience.

 

The Importance of Exploring New Trends

The entertainment industry will continue to thrive, especially given the public’s appetite for easily digestible content. In an increasingly crowded market, it is vital for businesses to keep up with their competitors and connect personally with their audience. New trends offer new opportunities and help to drive progress and growth.