Four Shoppable Trends to Watch in Media & Entertainment in 2022.
Happy week one of 2022!
As of January 1st, the Center for the Study of the Public Domain released hundreds of thousands of works into the public domain. Including the Winnie the Pooh book. Less talked about is that it also includes the beloved Langston Hughes' work The Weary Blues.
While Ryan Reynolds' Maximum Effort celebrates public domain-dom with a Mint Mobile commercial called "Winnie-the-Screwed," Quentin Tarantino is being sued as the director moves forward with the auction of "Pulp Fiction" NFTs minted on Secret Network.
And the media and entertainment industry is on track to reach $2+ trillion and grow to 6.7% this year, fueled by strong demand for digital content and advertising. Roku says consumers are still pausing content to jump, leap and shop for products online while watching premium content.
Looking closer at media and entertainment trends, publishers, streamers, and brands have ample opportunities for experimentation in 2022 to take advantage of the industry growth.
Season 2 of Netflix's "Emily in Paris" is why shoppable entertainment should exist in all forms. Shopping is streamers and publishers' transformational superpower offering retailers, brands, and digital platforms a new channel with enormous scope for creating value - because it expedites the discovery and buy cycle. Solutions like Fade Discover and Buy enable contextual commerce in immersive storytelling content and display video without redirections. It's also a more significant indicator of customer decision journeys from awareness to purchase across publishing and streaming users without third-party cookies giving the creative community and developers opportunity for channel experimentation. Companies report conversion rates approaching 30 percent—up to ten times higher than conventional e-commerce.
The convergence of video and commerce is a ripening opportunity for marketers with product placement, pre and mid-roll long short and long-form content.
According to Roku and Harris Poll, a joint study (49%) of viewers pause streaming to search and shop the products they see in the content they are watching.
The social commerce market is booming because of TikTok. As it turns out, Gen Z and millennials want more entertainment with their shopping.
The big impact:
Shoppable comes in multiple flavors - Live Streaming, VOD Playback, and Social Commerce. On-demand playback has the broadest and most versatile use to capture audiences on their own time with new or time capsule video content.
US consumers are projected to spend 8 hours, 9 minutes in digital media per day compared with 1hr, 30 minutes on social media in 2022 (eMarketing)
Commerce funds content, but not every publisher wants to own and operate eCommerce. Platforms should consider a buy vs. build a solution that provides contextual commerce for professional film and television content.
2. NFTs are just getting started.
Before we heard about selling NFTs on the daily, CTO and Technology Strategist Robert Napoli explains in "The NFT Metaverse: Building A Blockchain World," NFT technology establishes ownership of digital assets and has most famously (or infamously) been applied to digital art. We see this playing out in real-time with director Quentin Tarantino and Miramax. After being sued for copyright infringement by film studio Miramax following the announcement of his “Pulp Fiction” non-fungible token (NFT) collection in November, today the director says the project will be released after all. With vast investments and the rapid adoption of NFTs, the reshaping of digital commerce is taking shape in ways we've never imagined.
The big impact:
Growth areas for NFTs will be in sports, digital art, and gaming.
It's the next evolution of the internet 3.0 creating the next-gen of shoppable.
NFT and blockchain present tremendous opportunities for professional content creators reshaping the future of creative ownership between parties.
3. Augmented & Mixed Reality unlock a new dimension in online shopping.
With the boom of online shopping activities rising as a result of COVID and 5G penetration, brands and streaming platform providers can expedite their adoption of augmented and mixed reality (MR - a more immersive version of augmented reality) to help consumers make more informed purchasing decisions. Brands that use AR to allow consumers to visualise products at home could boost conversion sales “50 to 200 percent higher" says David Ripert, Co-Founder and CEO at Poplar Studio and UK Chapter President of the VR/AR Association. As brands strengthen relationships between their product or service with consumers, AR/VR technologies can offer creative routes to deepen brand preference through immersive experiences. Companies like Snap are leading the way in moving the experience with Gen Z audiences into mainstream adoption with AR/MR-powered digital mobile experiences.
The big impact:
Untapped shoppable opportunities that transform how consumers interact and shop within short- and long-form premium videos streamed across tv, desktop, and mobile.
The fast-growing active AR/MR community of 800 million global active users in 2021 is projected to reach 1.73 billion by 2024, making it more likely that an ecosystem for pairing brands with content creators for affordable AR campaigns is here.
4. Audio commerce creates a new subcategory in shoppable media.
"Sound commerce" is a new technology that allows users to purchase instruments they hear in songs. Music companies such as Universal, Sony, and Warner record labels use the technology to enable discover and buy in songs. "The impact and success of 'Shoppin' Inside Songs' have far outstripped the expectations," Magalu CEO Frederico Trajano told Worth. "Not only did it drive unprecedented levels of traffic and sales through our musical instrument vertical, but it reset consumer perceptions about Magalu's product mix in our online marketplace — that was the overarching goal."
The big impact:
While this subcategory is still nascent, solid audio consumption trends have recently attracted many marketers to experiment in this new medium, especially streaming radio and podcast platforms.
If you are a publisher, streamer, or brand, contact us to request a demo or discuss shoppable integration on your platform.
Fade Technology provides publishers, streamers, and brands the world’s first premium in-video shoppable solution that delivers new revenue streams at 10x cost savings.