Entertainment technology has revolutionized the way people consume content with emerging technologies such a virtual reality, simulations, and 3D experiences. It adds life and thrill into movies, as special effects are added to give the viewers an experience to remember for a long time. The acceleration of entertainment technology is driven by the rapidly growing amount of content available via the Internet and the proliferation of devices such as tablets and smartphones offering high quality viewing experiences. The entertainment market as a whole continues to be reshaped in light of technological advancements and new industry partnerships. Developments in online video, IPTV and home media centers are intensifying as the underlying technologies continue to converge. Much of the world is also moving towards all-digital broadcasting and North America and Europe are considered to be the most developed TV markets in the world, with growth occurring rapidly in parts of Asia. Home media entertainment centers worldwide continue to evolve as the technologies converge to incorporate a variety of consumer electronic devices, from digital TVs, to multi-room DVRs, digital media adapters, set-top boxes, Blu-ray players and game consoles. Most of these techniques and their resultant effects quickly added to the palate from which creative storytellers draw upon as ideas and tools, which in turn led to newer sets of needs and requirements for the public. Consumer spending forecast on entertainment and media spending is expected to increase at about 5% to $595 billion in 2015. But spending on digital content is rising at a faster pace and will nearly match that of traditional or legacy content within five years, amounting to 46% of overall spending up from 34% in 2014.
The broader show business market is now essential for the growth and continued good health of the entertainment technology industry as a whole. It wasn’t long ago that entertainment technology was the purview of Hollywood and traditional broadcasters. Millions of consumers have switched from subscription pay television to relying solely on web services for their entertainment. Today, with the convergence of bandwidth and enhancements in media technology coupled with consumer interest, everyone can be a producer – resulting in a surge in media distribution over the web. The Internet makes it very easy for entertainment technology companies to target their market audience by spreading audio and visual content online and via social media channels. Millennials are also spending extra for more interactive experiences such as 3D, IMAX and D-BOX technologies specifically in the cinema. These enhancements to the movie-watching experience are continuously changing how consumers interact with media content and is considered to be the next staple in the history of cinema technology. The technologies are also proving to change the way producers create content as well. Syncing audio and visuals with entertainment technologies for extremely immersive entertainment.
Everyone wants to get their feet wet in the entertainment technology sector. Leading tech companies like Facebook are also investing into entertainment technology companies such as Oculus, virtual reality gaming startup, spending a whooping $2 billion. It’s with no doubt that entertainment technology is continuing to change the way we interact with media content and will continue to change the standards for production.