From a commercial, economic, and consumer standpoint, Mediatech appears to be on the verge of a revolution. And while the mediatech industry may not be as well known as many other tech fields, it plays a vital role in most aspects of day-to-day life.
Mediatech refers to any business that merges media with digital or online technology. The media elements typically involve music, television, movies, and gaming, as well as commercial, academic, and journalistic media, and chat forums.
‘Accelerated change’ was one of the most prominent themes to emerge throughout the media industry’s reaction to the pandemic crisis, with corporations quickly moving to adopt new technology methods and transition to a new style of working. For media startups, the impacts of the last few years will be long-lasting and irreversible, and it will add a major chapter to an industry that is already experiencing dramatic transformation.
Over the next few years, entertainment and media will continue to adapt swiftly, not just in reaction to industry-wide trends and upheavals, but also in response to pandemic-driven behavioral shifts. Let’s take a look at a few trends that are likely to have the greatest effect throughout the sector.
Blockchain: In the coming years, blockchain will rock the boat in the media sector. The most significant advantage of blockchain technology is that it aids in the creation of a decentralized online market that is protected against excessive manipulations. Blockchains are known for the transparency and autonomy they provide, rendering them resistant to any form of tampering. This decentralized environment is especially effective in the media, where standardizing fair remuneration for creative work has long been challenging, owing to the ease with which copies can be made and shared on the digital medium.
Non-fungible tokens (NFTs) have grown in popularity thanks to their ability to authenticate one-of-a-kind digital assets such as art, songs, videos, and more. This is possible because an NFT can operate as a unique token that can then be assigned to something such as a digital painting. The NFT can then be traded, sold, or held on the blockchain, and it will always be associated with that painting. This introduces the idea of digital ownership and provides new ways to monetize and sell different types of media.
Data Analytics: Although the media industry was one of the first to employ data analytics, its full potential has yet to be recognized. The vast amount of data created in this industry, which is primarily digital, has the potential to transform the consumer research landscape. Data Analytics is being used by everyone from Bollywood to Hollywood to large entertainment firms like Netflix to better analyze consumer behavior.
Semantic publishing, data-driven journalism, user research, social media analytics, product development, marketing, targeting, advertising, and distribution are just a few of the avenues where it may be used. For instance, in journalism, enormous databases may be analyzed to extract fresh perspectives, stories, and material, which can then be sold to provide new income streams for news outlets.
Artificial Intelligence and Machine Learning: By automating current tasks in content management, video analysis, media operations, transcription, translation, and tagging, animation, script proofing, structural and semantic analysis of video, scene sequencing, content cleanup, and more, AI and Machine Learning (ML) are enabling significant cost savings. All of these factors have a substantial impact on consumer engagement and satisfaction. Consumer knowledge graphs, geo locations, voice inputs, and rich content metadata are all combined by AI-powered voice assistants to improve content search and deliver tailored suggestions.
AI systems are identifying the appropriate level of compression and enhancing fixed bitrate chunking to scene-based encoding based on the intricacy of scenes throughout many quality parameters, allowing uninterrupted video streaming in developing countries where poor bandwidth is a persistent concern. Netflix has already begun to use this technology.
Israel is among the world’s most vibrant startup hotspots. California’s Silicon Valley is often accredited as one of the most well-known technology centers as it’s home to companies like Google and Facebook. However, Israel has quickly grown to be one of the world’s top startup hubs and centers of innovation. This is further shown in several high-potential Israeli startups looking to change the mediatech landscape.
One startup’s platform enables content producers, owners, and publishers to expand their global reach and grow their offers without sacrificing quality. This may happen in a variety of ways, including movies, television, gaming, advertising, and e-learning. Folks can now watch their favorite movies or TV shows in any language they want, without having to give up any of the original experience. Because everyone enjoys a good film, their solution has the capacity to influence billions of people across the world. It also helps to bridge the language and cultural divides that continue to exist in our society.
Another startup creates simple and user-friendly apps that allow more people to turn their curiosity into interesting content. They mix current trends, social media insights, and cutting-edge technology to help their users’ content eliminate barriers and receive the recognition it needs. Everything they create is intended to make it easier for users of all skill levels to express themselves and enjoy the beauty of creation.
An additional startup has an AI platform that serves as a link between creative content and audience analytics, allowing users to quickly test what will appeal to their target audiences. Users can submit content at any point throughout the production process, and the platform can evaluate 150,000 data points related to their story, talent, and production, which can then be compared against 50,000 titles from 60 different nations. Thousands of pieces of material have been tested by this startup’s AI to assist clients with idea training, pilot testing, trailer editing, and green light projects.
There are immense prospects for these mediatech startups. The world’s top tech giants, now each valued at more than US$200 billion, all began in mediatech: Amazon with online book sales, Apple with mobile music, and Tencent with online gaming.
Baidu, Facebook, and Google, for example, are all enormous worldwide advertising markets that use the web’s capacity to challenge traditional media channels like television, newspapers, and phone directories. The success of these established companies bodes well for budding startups as it proves that innovative solutions in this industry will always have the attention of the global audience.