Adieu 2023, but the transformative trends will continue in 2024

The year 2023 was one of transformation and disruption. As we bid adieu to 2023, it is time to take stock of the transformative trends that have defined India’s media, entertainment, advertising, and digital landscapes.

The year proved that streaming was neither a passing fad, nor a product of pandemic-caused disruption. OTT established itself as a formidable medium to reckon with, putting audience at the core. According to a PwC’s report, the revenue from the Indian OTT market is poised to reach $3.5 billion by 2027. India is today home to almost 60 OTT platforms; and those without the backing of legacy media brands with deep pockets face the mammoth challenge of remaining sustainable. It is essential that they find the best suitable pricing model in a hugely price-conscious market like India.

In such a fragmented landscape, consolidation is bound to happen. As we say goodbye to the year, reports of The Walt Disney and Reliance Industries deciding to merge their Indian entertainment businesses have emerged, even as the ZEE-Sony merger still hangs in balance. The Reliance-Disney mega merger will surely disrupt the Indian entertainment industry.

Sports streaming

In the course of this year, we saw a notable change in the landscape of sports broadcasting. Reliance-backed Viacom18 secured the broadcast/ digital rights for the Italian Serie A football league. Then we saw JioCinema app offering free live streaming of the FIFA World Cup in India, said to be a test case to build a massive user base for the IPL. It signalled the immense potential of sports streaming. Viacom18 then bagged IPL streaming rights aiming to reach 700-million smartphone users in India and reshaping the fan experience like never before.

Well, streaming won’t supplant traditional broadcasting, at least in the foreseeable future. However, as we step into a new year, we can surely witness increasing audience affinity for football, hockey, tennis, boxing, and more, on streaming platforms. Big-tech players like Amazon are already eyeing the lucrative sports streaming market. The digital transformation in sports broadcasting is set to grow digital sports revenue by 22% over the next four years, reaching Rs 4,360 crore in FY26.

AI’s impact

The year 2023 saw a quiet tech revolution taking place: the emergence of Artificial Intelligence (AI). We also witnessed the transformative power of technologies such as 5G, ML, virtual reality, extended reality, augmented reality, quantum computing, edge computing, etc. AI’s profound impact was palpable for all to see, offering a virtual cornucopia capable of revolutionising almost all spheres of human life. From marketers who use it for precise customer targeting to OTT platforms that deploy it for ultra personalisation, 2023 saw this potent tool proving its unfathomable capabilities in transforming human life in myriad ways.

However, its capabilities, including programming malware and inherent biases, have already raised ethical concerns. The ethical use of AI is of paramount importance so is the need for a globally applicable regulatory mechanism to stem its misuse by nefarious elements. OpenAI, the company behind ChatGPT, has made the large language technology accessible to a broader audience, letting developers and businesses to integrate ChatGPT into various applications through APIs. This is aimed at empowering a wider range of users, enabling them to build upon the capabilities of advanced language models. Welcome to the era of transformation and democratisation!

No more cookies

The advertising landscape witnessed a fundamental shift in 2023 as the era of third-party cookies came to an end. In the years ahead, advertisers will surely embrace Connected TV (CTV) cashing in on its targeted advertising capabilities, allowing for more precise audience engagement. The commitment to privacy-centric advertising has led to the adoption of first-party data utilisation, and privacy-preserving identity solutions. The industry is now committed to striking a fine balance between effective ad delivery and user privacy.

As we prepare ourselves to welcome 2024, it is imperative that stakeholders must navigate this transformative landscape with agility, embracing innovative strategies and technologies. Indeed, let’s hope that 2024 will bring about transformations, consolidation, disruptive tech innovations, and much more.

Here’s wishing you all a great Happy New Year!