5 Ways Streaming is Changing the Entertainment Industry
Streaming revolutionized the way we consume different forms of entertainment. From music to movies, tv shows, and video games, the advent of streaming disrupts traditional distribution models and creates new opportunities for creators and consumers alike. We’ll explore five ways streaming changes the entertainment industry.
Virtual World Building
Virtual world-building has created new possibilities in the entertainment industry. VR and augmented reality allow developers to create rich, detailed worlds used to explore and interact with in real-time.
Virtual world-building allows for new gaming opportunities. VR allows gamers to immerse themselves in digital worlds, offering a level of engagement traditional gaming can’t compete with. Virtual world-building led to new games that blur the line between reality and fiction. From escape rooms to enriching video games, virtual world-building has prompted developers to create a new generation of games.
In addition to VR, virtual world-building is changing how we consume media like movies and TV shows. The improvement in virtual reality allows users to step into their favorite shows and interact with media in new ways. Virtual world-building also improves education and training in various industries. For example, virtual worlds offer a safe and controlled environment for learners to explore complex topics, such as surgical medicine.
It’s no secret that streaming’s global reach is fundamentally changing the entertainment industry. With the rise of streaming platforms like Netflix, Amazon Prime, HBO Max, Disney+, and more, consumers can access an array of movies, shows, short films, and more from anywhere in the world, so long as they have an internet connection. Streaming’s global reach opens up new international markets.
Through expanding offerings beyond their main products, providing content to people around the world, and producing original content targeting different audiences, languages, and cultures, streaming’s global reach is changing the entertainment industry. Streaming creates new opportunities for worldwide audiences to discover new content from different countries and regions. Because of the streaming distribution model, it also changes the way creators and producers approach their work.
With streaming, creators have more flexibility to experiment with new styles of content and the ability to cater to niche audiences. Due to the free range producers have with streaming platforms, they can publish high-quality content across various genres and styles.
Additionally, because streaming models have changed how we monetize entertainment content, companies generate recurring revenue from an expansive subscriber base without needing expensive marketing and distribution costs. This allows streaming and production companies to reinvest in content creation and pursue ambitious new projects.
New production studios
With the advent of streaming come new production studios. Streaming giants like Netflix, Hulu, and Amazon Prime have established production companies investing heavily in original programming.
A key way streaming is changing the entertainment industry is through its new production studios democratizing the industry. With traditional cable TV, the role of production studios was often to gate keep and control the content that makes it to the big screen. Traditional media limits opportunities for independent filmmakers. As streaming platforms take over the entertainment industry, they open up new opportunities for content creators, enabling them to produce a range of diverse programming.
Streaming’s success led to an influx of new giants in the entertainment industry, like Apple, who are now investing in creating their own original programming. New competitors increase the overall quality of content across the industry as more tech giants strive to produce innovative programming.
The emphasis on original content allows for greater diversity in storytelling and a wide range of perspectives getting presented on TV.
Discovery of new artists
In addition to the entertainment industry, streaming has democratized the music industry too. Now more than ever, emerging artists have an easier time getting discovered by global listeners. The globalization of the music industry led to shifting away from the traditional gatekeeper model when record labels had complete control over which artists gained exposure and success.
Through playlisting, global listeners can discover new artists. Streaming platforms like Spotify and Apple Music use algorithms to curate playlists of emerging artists based on listener behavior, preferences, and current music trends. This means even unsigned, independent artists have the potential to reach global audiences through these curated playlists.
Streaming also has changed the music industry by providing data-driven insights. Streaming platforms offer analytics showing artists and their teams how to track their success and strategies for tailoring marketing based on their data. Moreover, streaming allows artists to reach a global audience without the need for traditional distribution models.
Video game streaming has transformed the way people engage and consume video games. The ability to stream new and old games has made gaming more accessible than ever before. Instead of purchasing a console or high-end PC, people can stream games with nothing but a gaming headset and a smartphone or tablet. With the expansion of potential audiences for video games comes accessibility to different groups.
Game developers, publishers, and content creators also have new revenue streams. Platforms like Twitch offer gamers new ways to monetize their content through subscriptions, donations, and sponsorships. These revenue streams present new opportunities for people to earn a living by creating content around gaming.
Streaming gaming content also fosters a greater sense of community and engagement among gamers. The ability for viewers to interact with streamers through chat rooms provides an interactive and social experience, more so than with traditional gaming models. With the rise of esports, professional gamers have an additional revenue stream by competing in organized competitions with notable prizes.
Due to the changes in the video game industry, new business models are presented for video game developers and publishers. Rather than relying on sales of individual games, companies can focus on creating long-term connections with players through ongoing content releases and subscriptions. This has led to a rise in video games as a service, where players pay a recurring fee for access to new content and features.
The ever-changing entertainment industry
It’s clear streaming continues to change the entertainment industry in profound ways. From expanding global reach to democratizing the industry, streaming transforms the way we consume and engage with various forms of entertainment. As technology continues to evolve, we can expect more developments in the world of streaming and entertainment.
Ashley Nielsen earned a B.S. degree in Business Administration Marketing at Point Loma Nazarene University. She is a freelance writer who loves to share knowledge about general business, marketing, lifestyle, wellness, and financial tips. During her free time, she enjoys being outside, staying active, reading a book, or diving deep into her favorite music.