McKinsey’s 2022 Technology Trends Outlook report is now available, listing some exciting areas of opportunity in the media industry. The survey found that the media and entertainment industry is highly correlated with 7 of 14 key technology trends, covering what it defines as the “Silicon Age” and “Future Engineering.”
These include:
- Advanced connection
- Applied artificial intelligence
- Cloud Computing and Edge Computing
- Immersive Reality Technology
- Industrialization of Machine Learning
- Trust Architecture and Digital Identity
- Web3
The report also cites areas such as next-generation software development, the future of mobile and the future of sustainability, as they are closely linked to the media of today and tomorrow.
Lead the charge into the metaverse…
The emergence of immersive reality technology and Web3 are two of the main trends we’ve seen on FIPP.com over the past few months.
Earlier this week, Hearst took over the OMNI gallery in Soho to launch a new experience division, HearstX. The division will oversee platforms and activities in physical, VR, AR and hybrid experiential spaces, including initiatives such as virtual influencers, VirtuELLE Reality fashion shoots and the fully playable Cosmopolitan world.
The McKinsey report states: “As new devices (eg, AR and VR devices) enter the market, the ability to meet increased data creation and the growing number of consumer connected devices can lead to better entertainment experiences.”
…and practical applications of NFTs
One emerging technology that has undoubtedly been hotly debated in the media industry so far is NFTs. While some see this phenomenon as little more than a passing fad, we’ve seen countless examples of mainstream publishers entering the space with great success.
Over the past 18 months, we’ve personally interviewed a wide range of experts in the field, and it’s clear that there is at least a broad consensus on irreplaceable alternatives: while today’s headline hype won’t necessarily last forever, the underlying technologies and opportunities are important to what they represent. The digital monetization of – not going anywhere anytime soon.
This is a reality, highlighted by the latest McKinsey report from a consumer and B2B perspective:
According to the report, “Web3 enables interoperable gaming and tokenized digital assets, facilitating new gaming experiences and in-game rewards (e.g., non-fungible tokens) [NFTs]governance tokens) are distributed among different utilities.
“Creation and ownership of digital media (e.g. artwork, video content) – sold as NFTs – allows for new business models and creative possibilities, while providing artists with more control and, in some cases, Ongoing perpetual royalties.
There are more insights into the evolving nature of streaming, personalization and events, and you can access the full report here.