Importance Of Entertainment Marketing 2023

 

 

 

Importance Of Entertainment Marketing Predictions regarding the year ahead are always popular in January. Concerns about the global economy have contributed to a cautious attitude as we start the new year. Will things be so bad, though? In that case, what are the potential outcomes? To overcome obstacles, creative solutions must be found. In 2023, we’ll see several fascinating breakthroughs.

In light of this, let’s examine eight trends that will significantly impact the media and entertainment industries in 2023.

Promoting Entertainment’s Crucialness in 2023

 

Importance Of Entertainment Marketing 2023

 

1. Choose Quality Over Mass-Produced

Moderate original content spending growth is predicted in 2023. The tougher economy of 2022 is affecting broadcasters and streaming providers. In 2023, Ampere Analysis predicts a 2% increase in original content spending, down from 6% in 2018. After spending so much on client acquisition, streaming services want to make money. Ampere reports that streaming firms are ordering fewer scripted episodes but prefer high-quality, broad-appeal projects. Commissioning more low-budget unscripted content is changing.

2. Film Revenues Rebound. The Importance Of Entertainment Marketing

The global box office will recover in 2023, although revenues will be smaller than before the pandemic. Gower Street predicts a 12% box office gain to $29 billion this year. Many will watch “Mission: Impossible – Dead Reckoning, Part 1” and “Indiana Jones and the Temple of Doom: The Dial of Destiny”. If the 12% projection continues, the film industry won’t reach pre-pandemic global box office levels until 2024. Cinemas worldwide made $42.3 billion in 2019.

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3. Inflation Pressure

As living costs rise, many people are cutting discretionary spending. The younger generation is particularly stressed. All of 2023 will be affected by this. It may cause consumers to cancel memberships to save money. The home entertainment sector has survived economic downturns. Some experts predict that during a recession, consumers will watch more streaming media because it’s cheaper than going out.

4. Media Industry Deals

Many observers expect media and entertainment to consolidate in 2023. “Strategic combinations will simplify the streaming marketplace for consumers, and generate cost savings that can fund better content, marketing, and technology,” says consulting company EY. If mergers and acquisitions aren’t possible, partnerships and joint ventures with industry peers can assist media companies in entering new markets, splitting investment costs, and enjoying synergies.

5. Advertising Growth. The Importance Of Entertainment Marketing

The advertising industry grew rapidly in 2022 despite political and economic challenges. Dentsu’s latest forecast for 2023 is 3.8% global growth in the advertising business. Global spending is expected to reach US$740.9 billion this year. Brand consultancy Kantar thinks large corporations will keep advertising despite global economic concerns. After all, advertising is still a good defense during recessions. Strong brands have more economic worth during tough times and recover faster when market conditions improve.

6. Advertising VOD Services More

Disney+ and Netflix’s AVOD tiers are timely. AVOD lets viewers watch their favorite shows and movies for less. It gives streaming providers greater earning opportunities.

Deloitte predicts that by 2023, over two-thirds of developed country users will use at least one AVOD service monthly, up 5% year over year. Deloitte expects all major SVOD services in developed regions to offer ad-funded tiers by 2023.

7. Invest in IT. The Importance Of Entertainment Marketing

Forward-thinking companies will invest in technology in 2023 to enhance productivity, innovation, and cost savings. Future media businesses will feel more comfortable integrating AI/ML solutions, speeding up workflows, and improving client engagement. Virtual production reduces wait times and takes CGI and VFX from the editing room to the set. More filmmakers will use it.

Deloitte expects global VR sales to rise 50% from $4.7 billion in 2022 to $7 billion in 2023.

The metaverse and NFTs will remain the focus. They were less exciting by the second half of 2022. Many welcome this because it frees up the field for further investigation without speculators. Media giants are studying how full-immersion online environments affect content consumption, ad interaction, purchasing, and sociability.

8: Ecological

COP27 and growing energy costs will keep environmental sustainability and carbon emission reduction at the top of the agenda in 2023. In 2023, brands will offer green products and services, media owners will offer energy-efficient services, and content artists will evaluate how their work might inspire customers to live more sustainably.

Extra Pattern

We will continue to aid our clients with video production and localization should be the ninth 2023 trend. We’ll also continue investing in cutting-edge technology to modernize media production.

NAB, IBC, and MIPCOM are our 2023 media and entertainment trade fairs. If you’re attending these events, say hi. MediaNEXT offers many options to help you communicate globally. Discover our solutions and services.

 

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