2 February 2022
Author: The Future Laboratory
The media and broadcasting industry has experienced unprecedented turbulence over the past 18 months. The unique challenges posed by a global pandemic have transformed consumer behaviour, accelerated technological developments and impacted how everyone, from large broadcasters to amateur auteurs, creates, produces and distributes content.
In this report, we explore the social, cultural and technological forces that are shaping the future of the media and broadcasting across Europe. We examine:
: The emergence of hybrid media and broadcasting, where IRL and URL blur to enable truly global, communal and immersive experiences
: An accelerated decentralised future for media fuelled by smaller content creators, with access to content creation tools democratised
: The streamlining impact of digital transformation on the industry, enabling people to do more with less
: The adoption of new, holistic and collaborative approaches to sustainability
Through this examination, we have identified the emerging trends that are shaping media and broadcasting and inspiring all-new capabilities for the industry, enabling the creation of a new extra-ordinary, rather than a new normal.
A series of shifts unfolding today is set to determine what the media and broadcasting industry will look like tomorrow. Importantly, opportunities abound, as brands look to harness a new landscape to meet and exceed consumers’ evolving needs.
Here, we explore how the pandemic didn't just temporarily alter our way of working but has accelerated a range of developments that have transformed the industry for good:
: Digital Acceleration
According to research from McKinsey, society experienced five years of digital transformation in the first eight months of the pandemic alone. In Spain, digital adoption jumped from 84% to 96%, according to McKinsey, while Equinix research reveals that 41% of digital leaders in Germany say they have accelerated digital transformation plans because of the pandemic.
: Virtual Safety
Research from trade publication Pollstar shows that the global live events industry lost over €26.5bn worldwide in 2020 due to restrictions and lockdowns. The global film and television industry is projected to lose a staggering €141bn of growth over the next five years. Transformed consumer mindsets sit at the heart of this economic reckoning, with research from YouGov revealing that globally almost half (43%) of consumers remain uncomfortable about visiting live events such as sports, music concerts, or festivals.
: Creativity Rising
Amid the doom and gloom of the global pandemic, the constraints placed on people have served to spark a creativity revolution among consumers, giving them an outlet and pushing us from an information-based society towards a future where value is driven by imagination.
Discover our Sideline Studios microtrend – a look at how with the Creator Economy booming, broadcast studios are becoming an essential element in future residential, hospitality and leisure developments.
As the rapidly shifting landscape demonstrates, the pace of transformation within the media and broadcasting industry has never been higher. ‘A series of huge shifts is happening all at once, causing the industry to consider things today it didn’t have to a few years ago,’ says Giacomo Margutti, an Italy-based senior content producer.
Through our research, we have identified four themes that represent the future of media and broadcasting. Here, we explore the themes set to define how the industry evolves over the next five years and beyond, and the microtrends they will inspire:
: Hybrid & Immersive
As the world begins to adapt to the inter-Covid climate, the virtual spaces which have provided a temporary lifeline for brands are going nowhere. Instead, get ready for a future of hybrid media and broadcasting, where IRL and URL will blur to enable truly global, communal and immersive experiences.
: Democratised & Decentralised
A creativity revolution is emboldening a new wave of creatives to explore fresh routes to production – making way for a media horizon where the future, and the tools needed to get there, is accessible for all.
: Streamlined & Consolidated
As Covid-19 laid bare the fragile nature of supply chains, media production was forced to embrace digital techniques in order to survive. These tools are now emerging as streamlined solutions rather than lesser alternatives to standard production processes.
: Sustainable & Collaborative
With 2021’s global sustainability summits forcing every industry to rethink its place and its purpose amidst the global crisis, the next decade will see the media and broadcasting industry place sustainable action front and centre.
This is just a snippet of the Media & Broadcasting Futures Report. Click below to download the full report PDF.
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