The Forecast 2020 report explains how user-generated content is creating a fundamental shift in the entertainment industry
PSFK’s Forecast 2020 report is now live—and we’re excited to share this forward-thinking study, which helps brands and organizations remain relevant as the power of choice grows in the hands of the individual consumer. Below is a preview of some of our insights into how technology is facilitating collective change.
Deciding whether to watch ESPN or Fox Sports this evening? Or are you more likely choosing between two friends’ live streams of soccer matches in the city? In recent times, personal content creation has started to blur into our definition of entertainment. While previously entertainment was the territory of large media organizations, increasingly people are turning to each other as a more engaging and rewarding source of content.
The unbundling of traditional media packages, coupled with the mainstay power of social media, has ushered in a new entertainment era where the consumer has—and is—his or her own media channel. By creating their own content and sharing it among likeminded people, consumers are tailoring the information they consume within an echochamber of established preferences and perspectives.
For example, Musical.ly is a music-focused social media and content creation platform, which encourages members to edit and post original songs, lipsyncs and dances. Major popularity is reached for users who are upvoted by the community. The platform encourages amateur musicians to put themselves out there and be heard by strangers.
Whether it’s a friend’s stream on Twitch, or a song created by a stranger, there’s a clear trend of decentralization in the entertainment industry unraveling. As more people turn to each other for amusement, brands and organizations need to pay attention to these new patterns and develop new kinds of services that cater to new consumer behaviors. Check out our Forecast 2020 report for more information on why this trend is happening, as well as specific recommendations for companies looking to be at the leading edge of this change.
The PSFK 2020 Forecast strategizes how brands and organizations can remain relevant as the power of choice grows in the hands of the individual. By analyzing important shifts over the past year, PSFK’s research team has studied how consumers are increasingly tailoring information and products to their own needs. The full report is designed as a roadmap for brands, retailers and organizations to reestablish themselves as platforms for guidance and encouragement. Download the full report here, and learn more about PSFK’s Intelligence Platform.