Five predictions for the media, publishing, and entertainment industry in 2024

Brajesh Jha, Genpact's global head of media, publishing, and entertainment, outlines his top five industry predictions for 2024.

1. Generative AI will make solid inroads. Initial use cases for production workflows, newsroom editing, and basic scriptwriting will become more universally adopted. Deepfake dubbing has huge potential and will help international content become relevant across geographies. Regulations around using original IP in large-language-model training could open up new revenue streams
2. More streaming bundles and partnerships will emerge. The Disney and Charter showdown in 2023 shook up the bundling market. In 2024, we'll see different types of bundled solutions for consumers emerge – content and cable bundles, content hubs coming together such as Paramount+ and Showtime, and lastly, the Rokus of the world striking deals with multiple content providers. Some will be revolutionary, while others will mimic traditional linear TV. Media companies will have to scrape for every subscriber dollar they can find
3. The local news and publishing industry will take on a new shape. Local newspapers and broadcast stations have been struggling for a while, but they still serve an important purpose in keeping communities connected and informed. As digital transformation accelerates and these outlets build a stronger social media presence, they will attract more nonprofit dollars. For example, PressForward has pledged half a billion dollars over the next five years. Overall, we should see the emergence of multiplatform distribution models targeting local communities through print, digital, and broadcast
4. Ad dollars will continue to shift towards digital channels. Social media, specifically TikTok, will attract a lot of it. Overall ad spending is predicted to remain the same or increase in the low single digits. However, the shift toward digital channels such as social media, streaming platforms, and connected TV will keep increasing. As content providers seek higher average revenue per user, they will increase subscription video-on-demand prices, shifting more subscribers to advertizing-based video on demand, where ads will be more targeted. As providers collect more granular first-party data, the degree of personalization of ads will also increase
5. Live events and associated revenue streams will boom. In 2023, Taylor Swift did something that no one had done before. With her Eras tour, she has radically transformed live events and their associated industries. Ticketmaster collected $2.2 billion in ticket sales alone, with the tour generating a massive $5 billion in consumer spending in the US. And it's not just live events – you also have the follow-up movie sales. We are going to see more artists following in her footsteps