The year 1998 saw the very first introduction of HD TV across the U.S. Just eight years later, in 2006, the first commercial release of several Blue Ray titles took place. Enter the second decade of the 21st century, and streaming began gaining a lot of traction. By the year 2015, the online video sharing platform YouTube had already accrued hundreds of millions of daily views, while the popular streaming platform Twitch already had over 1.5 million broadcasters on it. At that point, it seemed as if the future of video technology was already here.
But that was far from the truth. Indeed, the advancements that have been made in the field of video technology in less than two decades are astonishing. However, technological advances in the world are exponential. But what does that mean? It means that the future of video is just beginning!
As of 2020, video has become the most popular type of media out there. With most of the world making a shift from traditional media to online media, the online video market became an attractive place for both users and marketers. Many factors have contributed to that fact, but one thing is undeniable — video content is dominating the world right now. Here are some interesting facts to back that up:
But how and why did video content become so overwhelmingly popular so quickly? Well, let’s see one of the primary reasons for it!
One of the most apparent reasons video content has become so sought-after is that online video streaming services have become increasingly popular lately, especially with the younger generations. According to Deloitte, more than 60% of Millennials and Gen Z consumers watch streamed video content daily.
That has led to the abrupt expansion of the video streaming market. Companies like Netflix and other video streaming services surged in popularity. Netflix had over 1 million subscribers in the fourth quarter of 2019 alone, and that number is bound to grow even further.
The potential of the video streaming market does not end there. Many more media companies have decided to take their businesses online, such as Disney in 2019, with the introduction of its streaming service Disney+, or Hulu, who launched around the same time as their biggest competitor, Netflix.
But what has led to this shift in media consumption habits? Well, essentially, it all boils down to the changes in consumer behavior. Due to the increased accessibility of technological devices such as phones, tablets, computers, etc., a change in media delivery methods was called for… And that is where live streaming has proven to be the most convenient solution; it’s as simple as that.
Overall, as you can see, the last few years have been characterized by the rise and dominance of the live streaming industry. However, there is much more in store for video technology in the near future.
When confronted with such a difficult question, experts emphasized multiple focus points for further advancement in the field of video technology:
The consensus among industry professionals is unanimous — all of these factors are vital for the future of video technology. However, many would agree that the last one, in particular, has the most potential for improvement and stands out from the rest.
Overall, we can perfectly sum up the future goals of video technology in the words of professor Aljosa Smolic of Trinity College Dublin:
“The big overarching goal is to create something that would make visual communication indistinguishable from reality.”Aljosa Smolic
Many would give an affirmative answer to this question, even though nobody can know for sure. But one thing is certain — the introduction of VR technology into the entertainment and gaming industries would be revolutionary. The level of user engagement and interactiveness this tech could provide would be unprecedented. That would probably even lead to a consumer craze for the product, similar to the one for the iPhone when it came out.
Now, most of you are aware that different types of enhanced reality (XR) technology, an umbrella term for the types of video technologies that include VR, AR (Augmented reality), and MR (Mixed reality), has already been on the market for some time. Yes, that is true, but the technology is still in its infancy. Despite that, the value of the VR market in its current state is expected to reach $23 billion by the end of 2020! So imagine what could happen in just a few years!
Today, we have multiple companies dedicated to developing and improving this technology of the future. There are many VR products out there like Oculus Rift, Google Cardboard, or HTC Vive. In that sense, you can already get a taste of the virtual world if you wish, though it will cost you a pretty penny. Unfortunately, as satisfying as it might be to use these devices, their functionality and possibilities are still highly limited. But it’s only a matter of time before a product comes out that will cause a worldwide craze!
We have seen such an example in the case of AR technology, which has already found global success in the shape of Snapchat lenses or the mobile game Pokémon GO. Namely, in 2016, this app took the world by storm as millions of fans hurled to participate in the craze that it caused.
However, we must note that 2020 looks particularly promising for VR, considering that there are several highly-anticipated gaming titles scheduled to be released this year. If you’re interested in checking some of them out, here are a few you should keep on your radar.
As we have hopefully illustrated by now, the future of video will likely lie in virtual reality. Many experts have backed that up, and currently, it seems that the gaming industry is contributing to this technology’s development the most. But it’s only a matter of time before other branches of the entertainment industry pick up on it.
But why stop there? Many predict that this tech will find a home in many other places too. Take marketing as an example — videos are already a potent marketing tool. Now just imagine what marketers could accomplish with the level of interactivity and immersion VR brings to the table!
Are you looking forward to seeing what the future of video technology has in store for us? Did you find our article insightful? Please let us know; we’d love to hear back from you!
And if you’re interested in more articles on technology, why not check out our article on how artificial intelligence is changing content marketing?
Until next time!