Photo Source : newsletter.banklesshq
The coronavirus pandemic led to the revolution of the cultural content industry. The center of the cultural content industry has moved to virtual channels such as over-the-top media service (OTT) and metaverse.
The pandemic can be seen as both a crisis and an opportunity for the content industry. Offline-oriented industries such as music concerts and theatre are struggling whereas the online-oriented industries such as games, video platforms, and webtoon are facing an opportunity to grow. In other words, the overall cultural activities are shifting to become offline.
During the pandemic, the content consumption itself expanded, and it is expected to continue its growth further. More and more content businesses would be revolving around streaming subscriptions and merger between different types of content such as videos, music, and webtoons will become more active. Moreover, virtual activities would be one of the most important structures of our lifestyles. Establishment of human relations and interactions are evolving around virtual communication and such a trend would remain even after the pandemic.
The future of the content industry will be focused on personal media users, especially the MZ generation. In the future, it will be an era where users enjoy various original contents on numerous media platforms online through mobile devices. As it is difficult to track the consumption, users are always ready to switch from one channel to another. Therefore, it is crucial to obtain the IP of killer content.
It is also expected that various types of new content and media platforms will emerge as content and media that adapt to changes in users' lifestyles. The importance of social media will continue to grow as well as the usage of streaming services. The main players of such a trend are the MZ generation and creators and producers of IP. The ultimate key to success is the content, and the current media is in need of high-quality content.