There is absolutely no doubt that technology has completely changed the entertainment industry. Today, every aspect of entertainment has been impacted by modern technological advancements. In the United States, approximately 60% of American consumers are aware of Apple Music. 62% has heard of Spotify at some point or another. The average household spends more than 9 hours a month watching video on demand content. And of course, Netflix is a leader in the streaming world. These are just a few of the ways that entertainment has been shaped by technology. More will be provided below.
The Radio Has Changed
Many years ago, consumers were forced to sit beside of the window to utilize their transistor radio. It is nice to listen to local radio stations every so often, but most people are turned off by the annoying ads. Today, the radio industry is completely different than it once ways. Satellite radio is enormously popular and Internet radio has continued to grow at lightning speeds. A recent study concluded that the average American spent 879 minutes listen to the radio online. And, iOS represented 41% of the radio market.
These numbers are staggering and it proves that the Internet and technology have completely changed the radio industry.
In the old days, consumers were forced to purchase CDs and cassettes to enjoy their favorite music. Unfortunately, these things were expensive and somewhat fragile. It didn’t take much for a CD to become scratched. And, if the CD became too damaged, it would skip at certain points. Or, it might not even play at all. Suffice to say, these things didn’t last very long. They were eventually replaced by MP3 players, which were replaced by the iPod and iPhone. Today, the mass majority of consumers stream their music, instead of downloading it and storing it on their device.
Today, the music streaming services generate a revenue of nearly 4 billion dollars. Apple Music has a customer base of approximately 27 million. Plus, it is hard to ignore companies like Pandora and Spotify. These streaming giants have nearly killed the CD. Plus, the popularity of the MP3 player has dwindled significantly. Music streaming sites are here to stay and they’ve proven to be a powerhouse in the entertainment industry.
Television And Movie Streaming
As you probably already know, the nation’s biggest cable companies have been hurt severely by companies like Amazon and Netflix. The number of customers cutting the cord and running from the conventional cable companies has continued to climb higher and higher during the past few years. Consumers find it much easier and more convenient to obtain their entertainment online. Plus, it is often much cheaper to use a streaming service like Netflix or 123movies. Why wouldn’t consumers want to make the switch to these alternatives?
Hulu, Netflix and Amazon have led the way, while singlehandedly conquering the television and movie industries. Today, consumers own more than 38 million smart television. And, it is safe to say that Netflix generates a hefty revenue each quarter. These services are cheaper and more convenient than convenient cable and satellite television.
On Demand Content
Many years ago, it was impossible for consumers to watch content on demand. In fact, if they didn’t catch the show live, there was a good chance they would never see it. Reruns were possible, but not always certain. Even the traditional cable companies have incorporated on-demand technologies to give consumers access to content that they might have missed live. Now, consumers can return home from work, sit down on their couch and watch content from several days or even weeks ago. This ensures that they’ll never miss anything ever again.
It is also possible to use on-demand services to watch the latest movies or PPV content. The possibilities are endless.
A Continuing Trend
When it comes down to it, technology is going to continue to evolve in the near future. At this point, Netflix is the streaming king, but that could change in the blink of an eye. Could 3D technology give another company the opportunity to conquer Netflix? Or perhaps it will be a new technology all together? While the future is totally unknown, it is clear the technology will continue to change modern entertainment well into the future.