Where Is the Video Industry Headed?
The video industry is growing incredibly quickly. It’s not just big production companies or broadcasting corporations like the BBC that are now industry giants. Digital platforms like YouTube, Netflix, and TikTok have been making gigantic leaps and changing the field.
The growth of these digital platforms has paved the way for independent video creators, and the industry is more competitive than ever. It's impossible to predict precisely where the industry will go, but some clear trends are emerging.
Here are three ways the video industry is changing and what it means for businesses and content creators:
1. The Rise of User-Generated Videos
User-generated videos are created and published by an average consumer rather than a professional filmmaker, studio, or brand. This type of content has become increasingly popular in recent years, thanks to the rise of social media and video sharing platforms like YouTube, Instagram, Snapchat, and TikTok.
User-generated videos have become incredibly popular because they provide a more authentic and relatable point of view compared to traditional, professionally-produced videos that are meant for advertising. They are also more engaging and compelling due to their relatively personal and intimate nature.
Additionally, user-generated videos have a higher degree of authenticity and trustworthiness since they are not created solely for selling a product or service.
User-generated videos are changing the landscape of marketing. More and more brands are collaborating with niche creators and influencers to drive sales and engagement.
2. Videos-on-Demand and Streaming Services
Video-on-demand and streaming services have drastically changed how people watch TV and film. Audiences are consuming content at a much faster rate, and production companies have ramped up their creation to keep up with such high demand.
Video-on-demand and streaming provide many advantages over traditional broadcast and distribution methods. You can watch what you want, when you want, without waiting for a specific screening schedule or worrying about missing a TV timeslot. Streaming services are also much cheaper since you don't have to pay for a movie ticket, cable subscription, or physical media.
The shift to streaming has expanded audiences and market reach. Streaming companies can now easily target international audiences for new subscribers.
3. Distribution and Production
Video production and distribution are undergoing a significant shift as digitization and technology are creating new ways to film and edit video content. This has impacted the film and TV industry in many ways, especially the way that content is created and distributed.
Digitization and Production
The digitization of video production and distribution is revolutionizing the entertainment industry. With the advent of digital video cameras, editing software, and streaming platforms, the traditional Hollywood model of filmmaking has been disrupted. The barriers to entry for video production are lower than ever, and new voices and perspectives are beginning to emerge.
Independent filmmakers, advertisers, and even users can use the software on their mobile phones to create content they can edit and improve with simple apps and entry-level editing software. These developments have made video production affordable, and for many marketers, much more cost-efficient.
Distribution Goes Global
Digital platforms, streaming services, and video-on-demand have also created a global audience that has exceeded local film industries in recent years. Platforms like YouTube and TikTok can be used for short ad snippets and reels, and could reach viewership and shares in the billions.
Streaming services like Netflix and Amazon Prime offer very low subscription rates that provide customers with new content they could repeatedly watch in their homes. The comfort, convenience, and cost-efficiency of these services are unparalleled, with consumers willing to pay for multiple streaming subscriptions to get access to what they want to watch.
In 2022 and beyond, it will continue to e easy for small production companies and niche creators to advertise on a worldwide scale. Independent producers and creators will continue to use cost-efficient technology to produce high-quality video content.
But where is all this leading the video industry? It’s hard to say, but for now, increased globalization is making room for more digital platforms and independent creators. The way we watch and create videos is ever-changing, and brands must keep up with these trends to remain competitive in their industries.
References:
https://www.weforum.org/agenda/2021/08/4-things-to-know-about-the-future-of-media-and-entertainment/