Every industry goes through phases, one of which is revolutionary, and in the context of the entertainment industry, it is now being heavily influenced by "everything digital." In terms of the economic influence it brings, it can be called the digital economy, a kind of global economic growth engine that is underpinned by the Internet and digitalization. These are the two main factors that are inseparable in the digital economy. The digital economy has a wide spectrum and even online casinos in Nigeria
are an important part of it. Every industry development is preceded by trends and here are some of the trends that are shaping or influencing the digital economy about all forms of modern entertainment.
Streaming innovation
Streaming is, without a doubt, the "fuel" of the digital entertainment industry. Everyone loves movies and video platforms tend to attract audiences more easily than other digital platforms. They are racing to get ahead and adapt to market tastes. The leaders of course are Netflix, Amazon Prime, and other big names. Investing in original content is the source of their strength (streaming platforms) and only by adhering to copyrights and the completeness of their collections can they remain competitive. Even today, most consumers' decision to buy something is usually made after they read product reviews on popular streaming platforms.
Revenue diversification
There is one trend that can be observed in the activities of streaming platforms. That is the diversification of revenue to suit the nature of the audience. Some platforms make their revenue from subscription fees while others from advertising. But one thing is for sure, "both groups" are now paying more attention to the quality of the content and their relationship with the audience, instead of just increasing the collection of content. Diversification is closely related to monetization tactics and some digital platforms employ diverse monetization tactics to increase revenue. Every marketer is required to be creative in determining diversification because not every monetization technique is always suitable for certain conditions.
Video games are always on the list
Not everyone loves playing online video games but it's certainly a market that has potential year after year. For a long time now, the global video game market has surpassed what the movie and music industries combined have generated. That suggests that more people are willing to spend money on video games than movies and music. It's a reality that has been known for years and should be taken into consideration by any digital company looking to "conquer" the digital economy. Mobile gaming and e-Sports are the two largest markets of the entire global video game market. More and more people want to be able to play anytime and anywhere. The video game market now relies on a lot of microtransactions and free-to-play modes that are proven to generate significant additional revenue.
Digital Marketing
Hardly any niche industry is completely free from digital marketing and "viral platforms" like TikTok and Instagram not only promote but also influence hundreds of millions of people to the point of buying digital products. Digital marketing is closely related to the communication between influencers and their audiences and thus human communication becomes very important here.
In the end, digital entertainment will always be around us and the development of network technology and digital devices and their elements will be hard to stop. For producers and marketers, knowing the true preferences of consumers and their potential changes is crucial to not being left behind in this fast-paced world. Naturally, digital innovations are bound to be faster than other innovations and they must be responded to faster as well.