From radio shows to on-demand movies: the way we’re entertained has evolved over time. In recent years, staple activities of going to the movies or listening to music have been replaced or upgraded with new technology. And those changes to entertainment trends impact more than just the entertainment industry as lines blur between businesses. This week brought three stories of how entertainment is changing and what that means for all customers.
NBA Sees Huge Drop In TV Viewers
Live sports have long been a huge draw for TV viewers, but the current NBA season has seen a dramatic drop. Individual games are down 15% over last season, which is notable because viewership numbers are typically fairly steady across seasons. There are a number of contributors to the decline, including injuries to many popular players and pre-season controversy with the NBA in China. However, it also highlights changing trends in how people consume media and sports.
Modern consumers have multiple options when it comes to consuming content, ranging from streaming services to social media. The NBA example shows how quickly viewers will jump ship when they lose interest or find a better option. In order to connect with customers, companies in all industries need to stay ahead of trends, build relationships and find new ways to keep their interests.
Vinyl Records Hit Record Sales
Vinyl records are back in a way not seen for decades. In the week before Christmas, more than a million vinyl records were sold in the U.S., the highest weekly tally since 1991. Records accounted for nearly one-third of all physical music sold that week and represented both current and vintage artists. The weeks around Christmas 2018 also saw a boost in record sales, though to slightly lower numbers.
While most consumers have transitioned to digital music, there is still a strong demand for physical music and unusual gifts. The growth of vinyl record sales shows that music lovers are passionate and particular about what they want. Many companies are quick to move over completely to digital solutions, but a large number of customers still appreciate traditional channels. Brands that can tailor their experiences to these niche markets can become very successful, no matter if they are in the music industry or another area.
Box Office Falls To Streaming
The 2019 box office total is expected to come in at around $11.45 billion, a drop of nearly 4% from last year. Although the year featured numerous films that grossed over $1 billion each, the biggest culprit to decreased sales could be streaming. With new streaming services in 2019 from Apple and Disney, as well as increased original content from Netflix and other providers, more consumers are staying home to stream instead of seeing movies in theaters. Many anticipated and critically acclaimed movies were only in theaters for a few weeks before making the move to streaming.
Consumers love streaming media and the convenience that comes with it. Instead of having to accommodate their schedules to movie times, they can watch whatever they want, whenever they want it. Many studios are having to re-think their strategies of how best to connect with customers in the streaming era. We’ll likely see the disparity between box office numbers and streaming grow in coming years as new services are released and existing services expand.
Consumer trends and technology are impacting entertainment at all levels. To build a great experience, brands need to understand and stay ahead of changes.