The need for a comprehensive and unified approach has become increasingly apparent In the fast-evolving landscape of the entertainment industry. MIDiA’s C.R.E.A.T.E. Entertainment, a forward-thinking organization, recognized this imperative over eight years ago, envisioning a world where connectivity and interdependence would shape the very fabric of entertainment. While the phrase ‘connecting the dots’ served as a fitting mantra for the earlier stages of this journey, the current state of affairs has surpassed mere connection. Now, the time has come to leverage these intricate connections for tangible progress and innovation.
As the world grapples with unprecedented uncertainty and disruption, MIDiA has identified several key drivers set to redefine the future of the entertainment economy. These drivers, including Fragmented Fandom, the Attention Economy, the Attention Recession, Creator Independence, the Rise of Creator Tools, and Reaggregation, have already begun to reshape the industry’s landscape.
Nevertheless, MIDiA’s C.R.E.A.T.E. Entertainment foresees an even more intricate set of market dynamics that will play a pivotal role in shaping the future. These include:
- Attention inflation, as the return to pre-pandemic behaviors, results in consumers attempting to juggle numerous entertainment options simultaneously, thereby diminishing the value of each entertainment minute.
- The splintering of culture led to the rise of smaller, yet more vibrant, cultural movements within fragmented fan bases.
- The emergence of scenes and micro-scenes, acting as cultural movements that offer identity and belonging beyond traditional fandom.
- Learn through consumer behavior, blurring the line between consumption and creation as audiences increasingly seek to actively participate in the entertainment process.
- The transformation of the entertainment landscape through the Creator Economy, reshaping culture, remuneration, and audience engagement across various entertainment formats.
- Post-peak growth necessitates a strategic and purpose-driven approach to cater to changing consumer spending patterns and economic uncertainties.
- The shift towards rediscovery, where consumers prioritize re-exploring beloved content as much as discovering new offerings, reflects a changing consumer demand in the era of attention scarcity.
Recognizing the urgency and complexity of these challenges, MIDiA has introduced the C.R.E.A.T.E. Entertainment Manifesto, outlining a comprehensive framework for entertainment companies to thrive in this evolving landscape. The manifesto encompasses the following key principles:
- Cultivate every moment, emphasizing the need to make every interaction with the audience as valuable and engaging as possible. Entertainment companies must not only capture attention but also retain it through compelling experiences that resonate with the audience’s evolving preferences and consumption patterns.
- Reward the Creator Economy by fostering a supportive ecosystem for long-tail creators, ensuring sustainable growth and innovation. Acknowledging the pivotal role of creators in shaping the cultural landscape, platforms and rightsholders must prioritize nurturing and empowering diverse creative voices, enabling them to flourish within the ever-expanding digital ecosystem.
- Empower the consumer as a creator, enabling active participation and fostering a sense of ownership and community within the audience base. Platforms and services should provide audiences with user-friendly tools and resources that facilitate seamless participation, allowing consumers to contribute to the creative process and fostering a deeper sense of connection and engagement.
- Add value and escapism, offering consumers compelling and immersive experiences that provide respite from the challenges of everyday life, while delivering value for their entertainment expenditure. With economic uncertainties impacting consumer spending, entertainment companies must prioritize offering high-quality, value-driven content that not only entertains but also provides a much-needed escape from the realities of the world.
- Target the middle, recognizing the significance of cultivating a diverse portfolio of mid-sized hits to cater to the evolving preferences of fragmented audiences. While the pursuit of blockbuster hits remains an essential aspect of the industry, the cultivation of a range of mid-sized hits allows entertainment companies to cater to the diverse tastes and preferences of increasingly fragmented audiences, fostering sustained growth and relevance within the ever-evolving entertainment landscape.
- Embrace scenes and identity, understanding the power of cultural movements and leveraging them to foster deeper connections and enhance audience engagement. By recognizing the role of cultural movements in shaping identity and community, entertainment companies can establish meaningful connections with their audiences, tapping into the inherent power of shared experiences and fostering a sense of belonging and resonance within the consumer base.
MIDiA’s C.R.E.A.T.E. Entertainment Manifesto represents not just a strategic guideline but a clarion call for purpose-driven action within the entertainment industry. By embracing this framework and the critical developments coverage offered by MIDiA, companies and creators can navigate the turbulent waters ahead, while simultaneously fostering a sense of purpose and establishing meaningful connections with their audiences and partners.
As the entertainment industry continues to evolve, MIDiA’s C.R.E.A.T.E. Entertainment visionary approach serves as a guiding light, ushering in a new era of innovation, collaboration, and purpose within the ever-connected entertainment landscape. By prioritizing these fundamental principles, entertainment companies can not only thrive but also contribute to the shaping of a vibrant and inclusive entertainment ecosystem that resonates with the diverse and evolving preferences of contemporary audiences.