The Effects Of Online Platforms On The Entertainment Industry
SocialB Digital Marketing Blog
Last modified: 02 Nov 2018 by SocialB Digital Strategy
Video content has been on the rise for many years with its first introduction in 1986. But in the last few years, it seems to have boomed, and the stats speak for themselves.
72 hours of video are uploaded to YouTube every 60 seconds
51% of marketing professionals worldwide named video as the type of content with the best ROI
More than 500 million hours of video are watched on YouTube every day.
So we’ve established that Video Content has become an essential part of today’s world, but why is that? What have been the driving factors that have caused this? The main drive for this drastic change is digital advancements. There is a direct correlation between mobile advancements and video content consumption growth. Humans are lazy and if something is more available to us e.g. watching on our mobile phone rather than on the computer, we will do it. Which brings us to our first point.
The Transition To Mobile
In the last 10-20 years, video content has made the most growth. Netflix and YouTube are great examples of companies that have used this to their advantage and even pushed for the transition to mobile.
Over half of video content is viewed on mobile
Netflix is one of the most disruptive companies in the modern age. Many people think that they are the main reason for Blockbusters downfall, including me. Netflix changed the way we watch movies; Saving our time of having to go out to the shop and pick out a DVD, let’s not forget the horrendous late fees! With Netflix, we turn on the TV and pick from thousands of different titles, they now offer the ability to watch your favourite movies across all devices, from your TV to your mobile phone. Netflix saw the future of how technology would advance and continued to adapt their product to stay on top.
Twitch is the latest platform to reach great popularity. Recently setting a world record for concurrent viewership in a live form of entertainment, reaching over 1.4 million people.
Broken by the popular online third-person shooter: Fortnite. During an esports event involving celebrities from NBA All-stars to popular DJs and influencers. Twitch has shown the world the opportunity and market for live video. especially as the millennial generation is growing older. I think this is providing a big opportunity to use influencers within the live streaming community.
I think by now we are all aware of the effects Video has made on business in the last decade. We can all agree that YouTube has been at the forefront of this movement. It has brought statistics that we would never have believed 20 years ago, here are just a few:
6 out of 10 people prefer online video platforms to live TV
300 hours of video are uploaded to YouTube every minute!
YouTube has brought through hundreds of influencers. They have covered a range of topics, from fitness and nutrition to the most recent phenomenon, eSports.
I think, with the recent growth of eSports, we will be witnessing the latest generation of athletes who are even more popular than our traditional athletes. This is due to its massive availability to watch, with worldwide events being streamed for free, to platforms like YouTube and Twitch.
Entertainment Makes Money
With the rise in popularity of these entertainment services, it is becoming more evident that entertainment is becoming an important part of sales. From using influencers to creating your own content, the aim is to make it the most entertaining. Some examples of brands that were quick off the mark are LADbible and UNILAD who have now become some of the most recognised brands in the world.
I think there is a huge change currently taking place within the entertainment industry, that is reshaping the industry but the way we live life as well. With that, I think this brings many opportunities for marketers and businesses to get their foot in the door early and partner with influencers or get involved from a grassroots level.