Technology trends in the media industry to keep track of for 2023

December 21, 2022 · 7 min read
Pavel Saskovec Technical Writer
Proofread by the expert: Oleg Gubin

Media and entertainment industry generates a ton of revenue, staying among some of the fastest growing industries with a CAGR of 4,6%.

Pandemic or not, we do love our entertainment.
Pandemic or not, we do love our entertainment.

Those media people know how to deliver their products to customers as quickly as possible, and seem to not shy away from challenges, such as the pandemic, or advertising budgets going from print to digital.

Answering those challenges, media conglomerates are embracing digital transformation to the fullest extent, changing the way the content is produced, delivered, and consumed.

Let’s see what technology trends of 2023 they might benefit from down the road.

The media industry: demographics

Nobody would argue that we have now fully realized the convenience of all entertainment being available at any time, from any place.

Despite the recent economic turbulence, the upper wealth class of society continues to increase in size, meaning that there are more people demanding media services that focus on convenience and personalized experiences.

It’s as if that advice from generational wealth heirs is true: you get wealthy, then you pay for Netflix, avocado toast, and overpriced lattes.

One day, I will do good enough financially to order both latte and avocado toast.
One day, I will do good enough financially to order both latte and avocado toast.

And it’s also who those emerging misters and misses moneybags are. Millennials, being the generation relying on technology in their everyday lives, have enough work experience under their belts to secure high-paying jobs in health, tech, finance, and engineering fields.

Another stat worth throwing in here is continuous urbanization of earth’s population — which means there are more people commuting than ever before.

It's all about the input. Let's hear it!

In conclusion, we got young adults working on increasing their income, who are very familiar with technology, and do not have much time to sit in front of the TV and click through hundreds of channels.

Let’s go through some of the technology trends that the media industry follows to cater to such customers.

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