New McKinsey technology report outlines key areas of opportunity for media – FIPP

McKinsey’s 2022 Technology Trends Outlook report has now been published, and it cites some exciting areas of opportunity for the media industry. It found that the media and entertainment sectors at large display a high association with 7 out of 14 key technologies trends, across what it defines as both the ‘Silicon Age’ plus ‘Engineering Tomorrow’.  

These include:  

  • Advanced connectivity
  • Applied AI
  • Cloud in addition to edge computing 
  • Immersive-reality technologies
  • Industrialising machine learning
  • Trust architectures and even digital identity
  • Web3

The areas associated with next generation software development, future of mobility, and potential of sustainable development, were also cited by the statement as displaying a strong association with the press of today – and tomorrow.  

Leading the charge into the metaverse…

Immersive-reality technologies together with the emergence of Web3 are two key trends that we’ve looked in a lot on the FIPP. com over the past few months.  

Earlier this week, Hearst took over the particular OMNI Gallery in Soho, to launch its new experiential division HearstX . The department will oversee platforms and additionally campaigns throughout the physical, VR, AR, and mixed experience spaces, with initiatives such because virtual influencers, VirtuELLE Reality fashion shoots, and a fully playable Cosmopolitan world already in place.  

The McKinsey report states: ‘The ability to cater to increased data creation and the growth in the number regarding connected devices for consumers allow for better entertainment experiences as brand new devices (for example, KVADRATMETER and VR devices) enter the market. ’

… as well as the practical application of NFTs

One emerging technological innovation that has undoubtedly been hotly debated in the mass media industry to date, is NFTs. While some have dismissed the phenomenon as nothing more than a passing fad, we have seen countless examples of mainstream publishers moving into this area along with seemingly high levels involving success.

Having interviewed a broad range of experts in this particular area directly ourselves in the last 18 weeks, its clear that there is from least one broad consensus on non-fungibles: while today’s headline hype may not necessarily be here forever, the underlying systems – not to mention opportunities with regard to digital monetisation they represent – are not going anywhere anytime soon .

It’s a reality that this latest McKinsey record underlines, from both a consumer and also B2B pov:

‘Web3 enables interoperable games as well as tokenized digital assets, ’ says typically the report, ‘facilitating new gaming experiences and play-and-earn business models in which in-game rewards (for example, nonfungible tokens [NFTs], governance tokens) are distributed with different utilities. ’

‘Creation plus ownership connected with digital multimedia (for instance, artworks, video content)—sold as NFTs—allow fresh business models and creative possibilities while providing artists with more control in addition to, in some cases, ongoing perpetual royalties.

There are additional insights into streaming, personalisation, and the evolving nature with events, and even you can access this report inside full here .