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1、How will media companies navigate the shift from“lean back”to“lean forward”?By Maureen Sullivan and John SeniorThe New Era of Immersive EntertainmentCopyright 2023 Bain&Company,Inc.All rights reserved.1The New Era of Immersive EntertainmentAt a Glance The media industry is entering a new era of more
2、 immersive content.Revenue streams from immersive platforms could grow US media revenues by as much as 20%by 2030.To prepare,media companies should build up their capabilities to develop“lean-in”content,real-time operations,and nonlinear storytelling.The media industry is on the precipice of a major
3、 disruption as we enter what might be called the Immersive Era.Although interest in the metaverse has taken a back seat over the past year to the tidal wave of enthusiasm around generative AI and its ability to generate content,a more fundamental shift is coming in what and how we consume.Bains rese
4、arch has found that online games are the tip of the spear in immersive media,and these are quickly becoming platforms where consumers do much more than just play games.Meaningful value is at stake;our analysis of the revenue streams associated with these activities and related advertising suggests t
5、hat the potential of immersive platforms in entertainment could grow the US media market by 15%to 20%by 2030(see Figure 1).The implications for media companies are significant.Interactive brand placement and a better understanding of customer preferences could help spike advertising spending,absorbi
6、ng the decline from linear channels.As consumers shift away from current digital and physical entertainment options,immersive media stands to gain market share through a combination of traditional revenue streams such as subscriptions and new ones like“in-experience purchases”(such as digital items
7、one might buy within a game).Immersive platforms could also accelerate the decline of traditional video and displace the streaming services and social media platforms of today.One way to think about this shift is the difference between traditional“lean back”entertainment(everything from books to str
8、eaming media)and“lean in,”which is more interactive and engaging(see Figure 2).2The New Era of Immersive EntertainmentNotes:Gaming category includes mobile,online,PC,and console sales,in-game purchases,and related advertising;traditional video includes linear TV,physical video,and box office revenue
9、s;immersive platforms for 2022 and 2030(without disruption)includes revenues from existing immersive-style games such as Pokmon Go,Fortnite,and The SandboxSources:Bains 2022 Media Model;Omdia;IDC;Euromonitor;annual reports;US Census Bureau;MoffettNathanson;TMT Intelligence Report;JP Power AnalysisEs
10、timated addressable US media industry revenues by segment20222030 without immersive disruption2030 immersive potentialStreaming videoTraditional videoGamingSocial mediaImmersive platforms15%20%Figure 1:Immersive platforms could increase US media market by 15%20%Source:Bain analysisEngagementEnvironm
11、entChannelsTechnologyMost media experiences in virtual,navigable,3D environments“Lean in,”ability to interact with the content and other users to craft personalized experiencesConvergence of multiple media types in a single experience(such as a music concert in a game)Device agnostic,seamless and co
12、nnected experience across devicesMostly static,2D media experiences“Lean back,”one-way engagement with contentIP consumed in single channel,then ported to othersMost entertainment specific to a device TodayImmersive EraFigure 2:The Immersive Era will usher in meaningful change to the entertainment e
13、xperience3The New Era of Immersive EntertainmentOnline games are the tip of the spear in immersive media,and these are quickly becoming platforms where consumers do much more than just play games.4The New Era of Immersive EntertainmentFigure 3:Teens and young adults spend about half their media time
14、 on lean-in activitiesSource:Bain Video Gaming Survey,2022Weekly consumption hours by media form020406080100%Ages 1334Video gamesSocial mediaUser-generated content(video)MusicTV showsMoviesReadingSports broadcastsPodcastsLean-back mediaLean-in mediaHistory would suggest major disruptions are born ou
15、t of the combination of three factors:consumer demand,changes in technology,and market shifts.Our conversations with executives and observations of the industry landscape suggest the necessary elements for the Immersive Era are already here.Consumer demand.Consumers under 35 spend about half their m
16、edia time in lean-in environments,including gaming platforms,social media,and other user-generated content(see Figures 3&4).Technology advancements.More powerful phones running over 5G networks run 3D games that used to require consoles or PCs.Half the worlds population could have 5G by 2025.Market
17、shifts.Game and social media profits have increased three to four times as much as other media types over the past five years.Investors have taken notice:From 2019 2019 to 2022,the gaming sector saw more than$200 billion in M&A deal value.5The New Era of Immersive EntertainmentNote:Users defined as
18、monthly active users for Roblox,Minecraft,and Amazon,and subscribers for Disney+Sources:Roblox;company earning reports;IDC;2022 Bain Video Gaming Subscription Service Survey(total N=2,906;N by geography is Brazil,500;China,500;Japan,500;South Korea,494;US,912)Time spent in game environment(in percen
19、tage)020406080100%Ages 1334Playing games alonePlaying games with friendsNongaming(watching livestreams,socializing,creating content,attending live events,etc.)31%Percentage of activities beyond gaming GamingActivities beyond gamingFigure 4:Lean-in activities are converging into single environments,a
20、s consumers use gaming platforms for other activitiesImmersive modelsTwo types of immersive environments are likely to coexist:the walled garden and the broad entertainment platform.Both types of platforms bring together a range of different media types(video,gaming,music)into a common gathering pla
21、ce.Both generate revenue from ads,subscriptions,and other purchases.But they differ in ownership and content provider models,with varying implications for participants.Walled gardens.One company owns the platform,curates the experience,provides the majority of the content,and captures user data.But
22、it can also include licensed content from other producers.Ads,subscriptions,sponsorships,and in-experience purchases all generate revenue.Success factors include the ability to invest in and host the platform,access to a wide set of compelling IP,and the capability for nonlinear storytelling,as we s
23、ee in games today.6The New Era of Immersive EntertainmentMedia companies should start building their view of how the future will unfold and a strategy to win.7The New Era of Immersive Entertainment Broad entertainment platforms.The platform hosts many brands and franchises from a wide variety of con
24、tent producers.Platform owner.Provides the technology infrastructure(including a game engine)that attracts creators,and facilitates a virtual marketplace.The platform owner will likely own the user data across the platform,which is valuable for advertising.Revenue is generated by ads,sponsorships,su
25、bscriptions,and transactions,as well as from fees from other creators to access the platform and its consumer audience.Success factors include the ability to host and manage a broad immersive platform and marketplace,delivering a unified customer experience.Superior technical chops are a must to att
26、ract top-level creators.Experience provider.Curates their own branded experience on the platform.Revenue generated by ads,subscriptions,and purchases.As with other content providers,having access to great IP and nonlinear storytelling capabilities are must-haves.What it means to youAdoption speeds m
27、ay vary,but recent disruptions suggest this could occur in just a few years:scale adoption of social media and video and music streaming took only six to eight years.Media companies should start building their view of how the future will unfold and a strategy to win.Leadership teams should focus on
28、three priorities.Build or enhance a robust franchise engine.Franchises cultivate fandoms that enable new ways to monetize content.Some companies will only greenlight content with franchise potential.Old content should be reevaluated for franchise potential.Start building the engine to monetize fans
29、and activating your IP across multiple mediums.Warner,for example,recently announced a franchise-first strategy,aiming to produce more franchise films tied to consumer products and other media formats,including video games and TV spin-offs.Identify and invest behind required technology and talent.Un
30、derstand the tech stack of the Immersive Era and what you need to own or build on,such as gaming engines for developing immersive experiences and platforms for hosting them.Determine new skills and talent needed to create“lean-in”content and build organizational muscles for live opsfor example,capab
31、ilities for running real-time media operations and nonlinear storytelling,as gaming companies do.Ultimately,decide whether to buy,build,or partner.8The New Era of Immersive Entertainment Begin to experiment.Start devoting investment dollars to testing and learning.Use existing platforms and channels
32、 to build immersive experiences and test audience engagement and new monetization streams.For example,NFL partnered with Fortnite,generating over$50 million from selling branded skins within the game.The Immersive Era is upon us,and the lesson from previous industry disruptions is that early movers
33、will gain a competitive advantage that will be difficult for later entrants to overcome.Where is your company positioned to win in this next era?Bold ideas.Bold teams.Extraordinary results.Bain&Company is a global consultancy that helps the worlds most ambitious change makers define the future.Acros
34、s 65 cities in 40 countries,we work alongside our clients as one team with a shared ambition to achieve extraordinary results,outperform the competition,and redefine industries.We complement our tailored,integrated expertise with a vibrant ecosystem of digital innovators to deliver better,faster,and
35、 more enduring outcomes.Our 10-year commitment to invest more than$1 billion in pro bono services brings our talent,expertise,and insight to organizations tackling todays urgent challenges in education,racial equity,social justice,economic development,and the environment.We earned a platinum rating
36、from EcoVadis,the leading platform for environmental,social,and ethical performance ratings for global supply chains,putting us in the top 1%of all companies.Since our founding in 1973,we have measured our success by the success of our clients,and we proudly maintain the highest level of client advocacy in the industry.For more information,visit