The film industry is a huge and growing multi-faceted industry that impacts people in numerous ways. Although it is mainly an entertainment sector, it’s also a driver of social interaction and a significant source of employment. Several trends are worth noting.
The film industry is constantly evolving, adopting new techniques and moving past outdated ways of doing things. For example, film streaming and home entertainment are booming. Today, Netflix is just one of a number of major players in the big-budget subscription video on demand (SVOD) market. Amazon too seeks to increase its market share through exclusive acquisitions. From 2019 and 2020, for instance, the number of online video subscriptions globally reached 1.2 million, a 26 percent rise. By 2025, the figure is projected to hit 1.6 billion.
Film production levels and launches have also soared. The production of film series is the new norm, with a single studio having 10 or more series. Since 2020, Netflix's original programming has more than doubled. In 2021, Warner Brothers caused industry waves when it announced its entire 2021 slate of films would be released via on-demand platforms and in theaters simultaneously.
Consumer demand has also changed. Consumers no longer rely solely on major television networks or movie studios to deliver content. Today, movie streaming is the fashion. Likewise, content creators are now more free from many traditional formalities associated with filmmaking. Many can now create and even distribute their productions.
The social-political arena has seen an increased presence across several media, including satirical comedy shows, social media, and traditional news outlets. Social commentary has made its way into the traditional film industry. This has led to the making of blockbuster hits and award-winning films that focus on social issues such as diversity acceptance, political unrest, and social-political unity among populations.
Perhaps because of the increased social commentary, the film industry is witnessing more diversity. By incorporating more racial diversity and casting female leads in roles that were previously the preserve of white males, the film industry is becoming more creative in production and allowing more flexibility and diversity all the time.
The film industry is not slow in adopting emerging technology. In recent years, for example, the demand for virtual reality (VR) and augmented reality (AR) content has expanded exponentially. Today, filmmakers use VR and AR technology to boost immersive viewing offerings.
In traditional films, the viewer is just a spectator, but the audience becomes an active participant in virtual reality and augmented reality films. With virtual reality technology, film producers use computer simulation to generate a 3D virtual world. As a result, audiences enjoy the immersive experience through external interactive devices.
The film industry leverages emerging technology in many areas, ranging from computer-generated imagery (CGI) to artificial intelligence (AI) and innovative sound system upgrades. CGI uses computers to generate previously impossible to create images in art and media. In addition, film producers and directors use AI to advance their craft and their business.
Companies need smart systems to turn large volumes of data into useful insights. In films, AI can improve data analysis and routine processes such as paperwork handling and billing, thus reducing production and labor costs. The film industry can also leverage machine learning (ML) and smart inventory management software to enhance efficiency in its supply lines.
