When we first founded MIDiA eight years ago, we saw that the new world of entertainment would require a new way of combining entertainment businesses. With the rise of smartphones, we made a smart bet that everything will become more interconnected, interdependent and competitive. Our vision at the time was to build analytics and data that spanned silos to help previously unrelated industries understand how they were becoming interconnected. The “connect the dots” tagline we launched in 2014 was correct at the time, but now the world has moved on. The points are now connected. That job is done. Now is the time to decide what to do with these connections.
In recent years, we have discovered new drivers of the entertainment economy, such as:
- Fragmented frenzy
- attention economy
- attention deficit
- Creator Independence
- The rise of creator tools
When we introduced these concepts, they took a while to land, but are now more widely accepted as industry currencies. Even other research firms are starting to follow our example, focusing on the economy, recessions and fan splits through webinars and research.
But while these trends will continue to play a pivotal role, they will shape entirely new market dynamics going forward as the world enters a period of uncertainty and chaos unprecedented in modern times:
- Attention Bloat: As consumers return to their pre-pandemic behaviors, they are trying to squeeze all their newfound entertainment into less available time. Multitasking is booming, which means that every minute of entertainment is becoming less valuable as it’s being done more and more with other things.consumes much more time than actual hours Attention swells.
- The division of culture: The water cooler moments may not be over, but they are fading. The hits are getting smaller (just ask Beyoncé) and the audience is getting more fragmented. But cultural relevance can actually increase in these scattered fan bases (again, just ask Beyonce). The culture is splitting, but it may eventually become more alive because of it.
- Scenario and Identity: The basis and consequence of this cultural divide is the rise of scenarios, especially the micro-scenarios that emerge on platforms like Twitter. Scenes are not just a group of fans, they are a cultural movement of people seeking identity and belonging. Fandom is just a subcomponent.
- Keep improving: Consumers used to just, um, consume. But now, each of them wants to participate. The lines between creation and consumption are blurring.Leaning forward is no longer enough, now the audience wants rely on and create.
- Creator Economy: Perhaps the biggest shift in the entertainment industry in recent years has been the rise and rise of the creator economy, which encompasses nearly all forms of entertainment. The creator economy isn’t just about vloggers and influencers. It represents a reshaping of culture, rewards and audiences. As such, it will forever reshape entertainment.
- Post-Peak Growth: With inflation soaring and a recession looming, consumers will spend less on entertainment and leisure. Some industries will be affected, some will persist, but others will grow. To survive or thrive, entertainment companies need to reshape their strategies and goals.
- Rediscovery is the future of discovery: The first phase of streaming is all about discovery. Now, as the attention slump limits supply and demand, consumers want as much as new to rediscover what they already know and love.
Business as usual no longer exists. The next chapter in the entertainment industry will require a fresh approach.This is MIDiA’s CREATE Entertainment Manifesto What entertainment companies need in this brave new world.
- Cultivate every moment: Multitasking means time consuming is losing value. Every moment needs to be as valuable and interesting as possible. Entertainment companies need their audiences to pay attention to what they consume.
- Reward creator economy: Streaming and social platforms are increasingly reliant on the long tail. Economies of scale work for platforms by summarizing multiple niches, but not for long-tail creators. Platforms and rights holders need to nurture more than harvest creator economies.
- Let consumers be creators: Keep improving Consumers are also huge fans. More platforms and services need to provide consumers with the kind of engagement tools that TikTok has built to succeed. Not only because it’s what audiences want, but because it also builds a fan base and expands the entertainment brand.
- Adding value and escapism: Both subscriptions and ad spending are at risk as consumer wallets tighten. But it doesn’t have to be the end of the entertainment world. Instead, entertainment companies should give consumers what they want: 1) value for money and 2) escape from the harsh realities of everyday life.
- Aim for the middle: While it’s tempting to always chase hits, the reality is that hits are getting smaller. It’s easiest to succeed in the next few years by cultivating a string of mid-sized hits, rather than betting all on mega-hit hits.
- Embrace the scene and identity: Scenarios and identities are underrated superpowers in entertainment. Music, games, sports, creators, books, movies, TV shows—they all move people, they all help define who we are. Truly understanding and utilizing identity will be the difference between survival and prosperity.
we hope create The framework and our new coverage of key developments help companies and creators chart their path through the tough times ahead. But more importantly, develop a sense of purpose, define why you do what you do, and communicate that to your audience and partners.entertainment industry has