Media surveys have pointed out how consumer patterns have changed in the previous year due to the pandemic. It has also set forth projections regarding the fate of NFTs and the future of story-telling.
Recapping the events of the year 2021 amidst covid-19, Anshul Ailawadi, Business Head – Youth, Music, and English Entertainment, Viacom18, spoke about the various shifts in consumer patterns and the expectations for 2022.
Major developments
2021 was a year of experimentation and innovations. The digital platform, in particular, departed from the norms to sustain the educational and professional institutions which were unable to function correctly amidst lockdown.
It also changed the structure of many media programs and content. Virtual platforms employing virtual methods have superseded physical auditions and live audiences ensuring contactless functioning, exercising proper safety.
Another significant change was the replacement of theatre releases with OTT releases. Many of the movies scheduled for theatres eventually reached OTT platforms.
The change in consumer habits also made it strenuous to manage prime time content. The restrictions imposed during lockdown increased the screen time of many users. The expanding reach of OTT platforms also managed to muster many viewers.
The remarkable changes in these fields and the evolution of various media have compelled M&E personnel to reanalyze and strengthen their economic performance.
Projections & expectations for 2022
Connecting with the customers is an extremely important aspect of survival in the field. The popularisation of digital and social media has resulted in feedback loops, transforming from “reach and ratings” to “searches and transactions.”
Transmedia story-telling or the story experience is sure to grow due to the irregular division of audience across various platforms. It would be profitable for IP operators to focus on the fandom of their various possessions as a whole and direct it to numerous platforms such as TV, OTT, etc.
NFTs (Non-Fungible Tokens) also offer a promising growth spectrum. The proliferation of digital artwork in the form of NFTs has seen a rapid increase in the near past. Although debatable, this could expect to continue well into the future, altering the framework of art itself.
Thus 2022 promises many remarkable advancements, upsets, and new launches which will mark an evolutionary journey.
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