Moving forward: What's in store for the media industry in 2024?

From the revolution of the TV experience, brought about by interactive shopping and monetisation, to a change the definition of who is a broadcaster, the industry is expected to see a number of changes in the next 12 months

By Jenny Priestley

Published: January 9, 2024 Updated: January 10, 2024

From the revolution of the TV experience, brought about by interactive shopping and monetisation, to a change the definition of who is a broadcaster, the industry is expected to see a number of changes in the next 12 months

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In the final instalment of our series looking at some of the predicted trends within the media and entertainment industry in 2024, we look at the industry itself.

From the revolution of the TV experience, brought about by interactive shopping and monetisation, to a change the definition of who is a broadcaster, the industry is expected to see a number of changes in the next 12 months.

Adam Leah, creative director, nxtedition I see 2024 as the year where we see centralisation, consolidation and localisation come to the fore. With the big tech companies encroaching more into the media and entertainment space the paradigm is beginning to shift.

The traditional incumbent broadcasters will need to work with the big tech companies while competing with them at the same time. That is going to need far more modern, digital native toolsets and agile workflows. Content needs to be on the big tech platforms as well as the broadcasters' own, it needs to be connected to where the eyeballs are.

Basically, no one can be YouTube, but you can be on YouTube. At the same time, big tech cannot reach a local community in the way a broadcaster can, so play to your strengths.

Meghna Krishna, chief revenue officer, Magnifi In 2024, we anticipate several key trends that will shape the media and entertainment landscape. The primary focus will be on collaborations between broadcast and media entities, resulting in top-tier content and increased audience reach through combined resources and expertise. In addition, the integration of ticketing assistance is primed to revolutionise how audiences engage, seamlessly fusing together to streamline attending live events and offering a comprehensive and immersive entertainment experience.

Social media is predicted to play an increasingly important role, as platforms develop to offer deeper levels of interaction. Technology has empowered creators to establish stronger connections with their audience, allowing real-time interactions and feedback loops. AI and Generative AI are set to contemporise collaboration in the media and entertainment industry in 2024. Automation will make content creation more efficient and time-saving, resulting in higher viewer engagement and satisfaction.

In the past decade, we've learned that providing viewers with instant and relevant real-time updates is crucial for an engaging experience in news and live events. Moreover, integrating chatbots and virtual assistants shall further enhance user experience, offering instant support, personalised recommendations, and streamlined user interactions.

In the future, we imagine a greater emphasis on crowd monitoring and support during events, incorporating cutting-edge technologies to guarantee the well-being and contentment of participants. The entertainment industry is moving towards a more dynamic, interactive, and audience-centric future.

Clive Kingston, UK director of production and operations, Memnon I think that there will be a growing need for the industry to address the widening skills gap, particularly in the engineering and operator segments of archive-base fields. While a plethora of digital-focused courses are available, there is a growing urgency both in archiving and across the broadcast sector to ensure the practical skills that have been the bedrock of the industry aren't lost. Bridging this knowledge gap requires re-training and mentoring to harness the diminishing existing expertise, and I hope to see more initiatives in this regard in the coming year.

Additionally, sustainability will continue to be of paramount concern for the archiving industry. Clients will prioritise eco-friendly practices, aiming to reduce the environmental impact of legacy heritage. This includes evaluating the carbon footprint of archives and considering the costs and benefits of transitioning to cloud-based storage solutions.

As we navigate the ever-evolving landscape of media and entertainment, 2024 promises to bring exciting developments and solutions to these critical industry challenges.

Johan Bolin, chief business officer, media and business, Agile Content Broadcasters and TV companies will, because they must, start to explore new technology stacks and new models where the roles of companies involved will look a little different - what vendors are providing and what the broadcasters and TV companies do themselves will change. Again, the key will be seeking inspiration from the internet industry and taking stock on how those companies operate and succeed. It will also require a competence shift in those companies and new models more inspired by software with open APIs, open source and continuous development in frequent smaller steps rather than big slow standardisation-driven leaps.

I expect some bold changes in direction among a few pioneering broadcasters and TV companies who will show the way by daring to embrace new technology and models that don't originate from the broadcast industry. The technology shift will trigger increased focus on operational, organisational and cultural aspects. We will see how such a shift enables or facilitates increased use of tools, such as AI, within production and curation. We'll also see how it enables experimentation with formats, such as the fusion of T

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