Think back to the olden days and you’ll realize that the entertainment industry is barely recognizable. Previously, the only way to watch the latest movie releases at home was to go to Blockbuster to rent a VHS tape.
Today, you can turn on your phone or tablet and load Netflix within a couple of seconds. Streaming is the newest trend, and one of the best examples of the scale of the evolution. There’s no doubt that several factors have played a significant role in the way entertainment, and society, have altered, especially from a business perspective. The expectations consumers have are the combination of many things, including a fast-paced, consumerist lifestyle.
The business industry, like the entertainment industry, is no longer the same. The latter very much has a lot to do with the evolution of the former.
The Push Towards Digital
It seems strange that we would ever invest in an entertainment industry that wasn’t digital-centric, yet that was the case over a decade ago. Customers happily bought tickets to watch movies at theaters or bought hard copies of video games to play on physical hardware. Today, mobile apps and web apps dominate businesses because those who don’t have them tend to struggle to engage customers.
Sectors have jumped on the bandwagon as a result of the way entertainment is consumed. For example, Sony and Microsoft, two video gaming giants, incentivize downloading games from the internet instead of purchasing physical copies. The Xbox Series X is fully digital, which means users don’t require hard copies of their favorite titles to enjoy the Xbox experience. All of these services can be accessed via an app. PlayStation, the leading brand in the gaming world, has even had to admit defeat and announce it will devise a strategy to make its offerings fully digital in the future.
With entertainment showing the way, apps have become an integral part of a successful modern company. That’s why 42% of SMBs already have an app optimized for mobile use.
Prioritizing Time
There’s a side-effect of the push towards digital – customers value their time correctly. In the past, it was tempting to make excuses for brands that didn’t hit the market straight away. Due to the likes of applications, that view no longer exists. You want your service or product instantly or you’re willing to shop around. This attitude is one that many companies have taken into account when implementing their strategy. Streaming giants, Netflix, YouTube, and Spotify, for instance, use algorithms designed to match each user to videos and songs they are most likely to enjoy. By saving a user’s time in finding songs and videos to their liking, these companies also enjoy increased time on site as users are kept entertained.
Online streaming providers aren’t the only operators that implement this strategy. Online casino providers have also jumped in on the trend. Whether it’s an app or a website, you can click on an online slot game or poker table and begin playing right away. Moreover, the companies also take care of the storage requirements, either through their servers or the cloud. This means that you can claim your rewards and prizes at a click of a button at the best real money online casinos, with zero administrative responsibilities. Everything is dealt with rapidly thanks to the focus on time and storage capacity.
Welcome Offers & In-Game Purchases
Added value isn’t a new theory. It’s proven that consumers will choose a product or service over another if they get something in return. Everybody loves a freebie! Before entertainment platforms altered shopping habits, the tactic was used sparingly as businesses wanted to maximize profits. What welcome offers and in-game purchases highlighted to businesses was that these promotions were vital to their bottom lines.
This is even the case with brands that don’t necessarily charge, such as eSports. Punters still want to attend tournaments and buy merchandise, making an offer for customers essential since it helps brands stand out from the crowd. It’s not surprising that the most successful players in business follow this tried and tested rule.
Amazon Prime Video, for example, is notorious because of its generous free trial offer. By signing up, you will receive the first 30 days for free and can cancel at any time. As a result, the service has gained nine million subscribers in five years in the UK alone, and Amazon became the first-ever trillion-dollar company in January 2020.
While the entertainment sector can’t take all the credit, the industry has been at the forefront of technology that’s now widely used by businesses that are considered to be household names.