Streaming is the name of the game in this industry and major players like Netflix, Hulu, Amazon Prime, Spotify and Pandora are the frontrunners. Each with original shows and music, they are effectively competing with established companies like CBS, NBC and iHeart Radio. In fact, last February at the Oscars, Netflix and Amazon took home awards for the first time ever.
Millennials rely heavily on online video streaming services and for the first time, the default viewing mode is their smartphone instead of a TV. The revenue from video streaming will triple in three years, due to subscription increases and advertising spend.
Approximately one hundred million people have music streaming subscriptions and that number is steadily rising.
Given this, if you are in the entertainment industry, what should you do to prepare for the future? Here are five thoughts to keep you ahead of the competitive curve in today’s entertainment scene.
Follow this Blueprint to Flourish
- Invest in Information Technology and Engineering.
The Walt Disney Company added 1-3% to these budgets this year. If your company is to be leading edge, more dollars must flow into these arenas. Many organizations are embracing Virtual Reality as the way to keep audience members engaged.
Not sure what you need or have limited capital available? No problem! Consider a rental or lease arrangement for the equipment you want to test drive.
- Add More People.
Streaming companies, like the ones mentioned above, have grown more than 150% in the last five years and there is no slow down expected in the future.
- Look Outside of Hollywood and Nashville.
Every major city, including San Francisco and Settle, is becoming entertainment and music hubs. Setting up shop outside of a major hub may seem daunting, but it doesn’t have to be, especially when it comes to technology. Work with a national entertainment industry technology rental organization before moving to ensure they can fulfill your equipment requirements.
- Test Your Streaming Locations.
If you are setting up viewing or listening rooms around the country for your TV pilot, film or album, make sure the venue’s Wi-Fi is fast enough. In some cases, Wi-Fi hotspot rentals may be required to stop buffering, especially if you expect many users in a room and they will be viewing large, 4K files.
- Measure, Measure, Measure.
Keep track of the number of subscribers, view and listen times, growth patterns and survey results. Use AI and BI to automate and interpret outcomes. Keep the feedback loop constantly open on social channels, including Twitter, Instagram and Facebook and respond quickly to any problems.
Need an Entertainment Tech Solution?
Contact Hartford Technology Rental for 24/7 sales and technical support, state-of-the-art equipment, local delivery, and same day service – no matter where you are!
If you need a vendor to provide full service entertainment rentals and who understands the importance of providing excellent customer service at an outstanding value, give us a try – you won’t be disappointed. Call 888-520-5667 to get the conversation started!