The Entertainment Industry entered a new era of hope and success due to the Covid-19 situation. In a time, where theatres and live shows turned from a normal thing to a dream for many, technology helped people by serving them the perfect dose of entertainment.
Video-on-demand and online live-shows became the new normal for us. As we have to maintain social distance, the best way to have some fun and to freshen up was through the Entertainment industry.
When businesses and companies were suffering from the lockdown situation, companies like Netflix and Amazon were earning millions, and their shares were skyrocketing in the share market as thanks to various technologies, the entertainment industry shined as a Mega Star for our entertainment.
Entertainment Industry + Internet of Things = Ultimate Experience
In recent years, the Entertainment Industry started adopting the Internet of Things (IoT), and it has been causing significant rifts in the Entertainment Industry. Moreover, the Entertainment Industry is also going to benefit from the increasing demand for IoT devices.
The latest research has reported that the use of IoT-enabled devices will be increased up to USD 6.3 trillion at the end of 2025. Furthermore, it has been reported that the sales of IoT-enabled devices will constitute up to USD 2.5 trillion at the end of 2020. It is approximated that the Entertainment industry will contribute to around $2.5 trillion, and the healthcare industry will make $2.3 trillion approximately.
The changing trends of the Internet of Technology are all set to benefit the Entertainment Industry in many ways, but before we dive deep into that, let’s have a clear look at what exactly IoT is.
What is the Internet of Things?
The Internet of Things refers to the network between things (devices) embedded with software, sensors, and other technologies. This is done so that the things (devices) can connect, link, and exchange data between themselves over the internet, without human intervention.
Some of the IoT examples are home security, AR Glasses, Activity trackers, Smart Watches, and so on.
The Dawn of IoT Era
One study by TCS reveals 79% of large global companies already use IoT solutions to track their customers, products, and premises. When integrated with the Entertainment Industry, this will help the industry a lot in understanding their customer and their wants, and in turn, this will increase the customer experience.
Moreover, this will also help the Entertainment Industry target the right content to the right person, with the help of the data transferred by IoT.
However, the advantages of the Internet of Things come with a fair share of challenges that have to be tackled to get the benefits, so let’s have a look at the challenges first.
Challenges to IoT before implementation
Here is a list of challenges that slow down the implementation process of the Internet of Things:
Various Regulatory Authorities and Government bodies have worked for the same but have not established proper regulatory rules for IoT. The IoT works based on the information. Often, the information can be confidential, and therefore, collecting all and every information can pose challenges, as this may not fall under some regulatory rules.
One of the biggest, however, a genuine stepping stone for the Internet of Things is cybersecurity. According to the Federal Trade Commission, fewer than 10,000 households using their company’s IoT device can generate 150 million discrete data points on a daily basis. This is a huge invasion of privacy.
The boom of the Internet of Things has come with a fair share of legal challenges. The Internet of Things has to tackle and overcome various legal challenges before it can be fully implemented in the Entertainment or any industry. Gadget breakdown, privacy infiltration, ownership issues are some of the challenges.
It is human nature that we do not want to be bothered with a new change, as a change is unwilling and will increase the work at the start. However, even if we are going to get better results with the change, we will still fear and avoid it. Moreover, the companies are also unaware of how to undergo a quick digital transformation at pocket-friendly rates.
Advantages of IoT for the Entertainment Industry
Target Specific Advertising
It goes without mentioning that specific advertisements demand exact user-data that could supply advertisers a crystal clear summary of focused advertisements.
IoT detectors may crank out voluminous info for advertisers and broadcasters to construct tremendously targeted advertising campaigns that are closely related to this goal audience.
IoT may assist entrepreneurs and company associations to get out to clients with all the powerful intentions to get. It’s a cost-effective way of helping clients prevent insignificant advertising. IoT can be an all pure development within the online revolution that expresses data sharing and collection. IoT has the possibility to exceed bounds.
Creation of Impressive Content
In contrast to new music, films, music, and tv series, interactive online games are believed to be the main source of entertainment.
The Internet of things will make the gaming experience more interactive by means of indicators that invariably produce the gaming products brighter. Furthermore, the mix of IoT and augmented or virtual reality makes video games a whole lot more immersive than previously.
The medium of online gaming continues to be in existence for several decades. But, this medium has been being replaced with portable video games and gaming consoles which simply take the playing experience to new heights of interactivity and engagement. It’s led to the development of scientific sensor-enabled gaming tools that delivers an impressive gaming experience.
Wider Reach & Expansion to the Audience
The IoT allows the enjoyment industry to both forecast and understand consumer behavior by analyzing the accumulated info and placing the appropriate content on the client’s table.
The Internet of Things could help perceive suggestions and place the perfect advertisements and content which targeted audiences will watch till the best finish. The IoT makes it possible for organizations to know their customer’s emerging trends.
By using sensors and actuators, IoT can furnish users with highly adaptable and multisensory experiences that are infinitely more engaging than today’s entertainment; no wonder IoT could revolutionize entertainment potential.
Improving the personalized content
The entertainment industry is full of millions or billions of videos, series, movies, music, and so on. Now the challenge that many users face is searching and exploring the perfect content for themselves.
However, this can be solved using the data collected by the Internet of Things devices. With the information of what the user has watched and what they search for, the personalized content section can be improved as this data will not only select a genre as the personalized content, but it will help the companies in understanding the overall taste of the users, and therefore they will be able to suggest improved personalized content.
The Internet of Things is very likely to increase speed, efficiency, and productivity. Savings will occur. Efficiencies will increase. Sensors would free-up humans from routine monitoring tasks and allow for more productive activity. However, the very same technology is destined to deliver unimaginable information security challenges.
The real advantage of the Internet of Things in the entertainment industry, especially advertising, is building excellent premium info, generating unstructured insights to help entrepreneurs assemble targeted advertising that is more aligned using their customers’ needs. All these tips and the capability to exceptional customization, lastly creating a reward for your efforts.
This is just a glimpse of the Internet of Things in the field of the entertainment industry. IoT products can be used to create a home monitoring system for children and elderly people. There are endless possible applications of IoT that can improve our lives and help us manage ourselves and our families more effectively.
To know more about IoT or want to share your IoT idea with us, connect with us NOW!
We are Capermint Technologies, dealing with implementing entertainment technology solutions, and it’s very vital to partner with an IoT solution company for effective implementation of the emerging technology.