The future of entertainment: The new reality and what to expect in the future
With streaming services growing in popularity, entertainment companies are partnering with well-known platforms to increase viewership. // Photo courtesy of Katrina O’Brien.
As the entertainment industry continues to evolve, traditional media may soon become a thing of the past. On Thursday, March 4, the Frank G. Zarb School of Business held an event called “The future of entertainment: The transformation of eSports, live streaming and more,” where panelists in the field discussed recent shifts in media and entertainment.
Over the past several years, media companies have begun launching their own streaming services at little to no cost, including apps that are free to download. In a more contemporary and affordable fashion, newer live television services such as Hulu + Live TV and Sling TV are replacing the classic cable TV package.
”I rarely ever watch cable networks mostly because the convenience factor of binging or time schedules are unmatched compared to streaming services,” said Alexandra Whitbeck, a graduate journalism student at Hofstra University. “I don’t even own a television that has cable access anymore; I solely stream.”
According to Digital TV Research, global online TV episode and movie revenues could double between 2019 and 2025 from $83 to $167 billion. Around $16 billion in revenues are estimated for this year.
“It’s nice that I can also pick up shows from any time I want versus having to wait for the next time it airs if it was on cable. I think it’s also interesting how much cable has adapted to mimic streaming,” said Julia Berk, a senior radio production major. “Pretty much anything I can do on Netflix, I can do through my cable provider now. If I want to watch ‘90 Day Fiancé’ and I know the newest season is only on cable, I can stream it from my cable provider.”
The panelists also discussed how sports entertainment specifically is making a debut in live streaming.
According to Statista, the Walt Disney Company announced that its sports streaming service ESPN+ had 12.1 million U.S. subscribers at the end of its first fiscal quarter of 2021. The service accumulated a good number of subscribers since Disney's first fiscal quarter of 2019, growing its base from 1.4 million to over 12 million since then.
“[W]hen I watch some of [my] favorite sport teams, I feel more engaged as a fan because of some of the unique experiences they have brought for the viewing audience and spectators at home – it’s great,” said panelist Karen M. Mendoza, Chief Business Development Officer of Legendary Shift LLC.
The COVID-19 pandemic has also altered many major events, like the Super Bowl and March Madness. In an effort to bring back a sense of normalcy, the National Football League and the National Basketball Association partnered with Microsoft so fans can virtually participate in games this season.
NBA.com reports that fans can download Microsoft Teams on their desktop, find the meeting invitation, join the meeting and enjoy the game. Although there is no cost to join the meeting, there is a limit on how many attendees will be accepted.
As the media landscape changes, the objective of many entertainment companies is to keep their viewership numbers high while serving consumers’ needs. As we face a new reality, going virtual is quickly gaining traction as we spend more time using our devices.
