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Consumer trends are not always easy to predict, and the massive shift towards home entertainment took a lot of people by surprise, just ask Blockbusters!
But it is not just movie rentals that have been hit hard by people choosing to stay in, with many industries asking themselves why their customer base has dried up in recent years.
Choice
A big factor that influences consumer behaviours is the development of tech, which has facilitated a lot of entertainment industries to gain access to homes around the world. The latest mobile devices, TVs, and gaming consoles can now enjoy fast internet connections that allow streaming and downloading to take place seamlessly.
This has allowed the modern consumer to do everything from their shopping and banking online, to watching the latest movies or streaming a favorite artist. This level of choice enables consumers to enjoy the majority of what the entertainment industry has to offer at home.
Gambling
The online gambling industry has enjoyed massive growth and dedicated websites and apps allow bettors to access their favorite markets. US states have autonomy over their own gambling regulations, and this has led to a fragmented gambling industry around the country. However, offshore operators can be accessed, allowing US consumers to access the best Bitcoin casinos available.
Crypto casinos provide an easy way for US bettors to make quick and secure payments without the worry about additional costs or losing a portion of their winnings to unfavorable exchange rates.
Improved sports coverage has also helped the gambling industry, and fans can settle down in front of their TV to watch the best sporting action and make the most of in-play betting opportunities.
Music
Gone are the days when screaming hordes of music fans eagerly waited outside record shops for the latest releases. Now, the vast majority of music fans consume their favorite artists via streaming platforms like Spotify.
Travelling into towns or cities to purchase a CD that can only be played on a CS player for $15 has been replaced by subscriptions that cost around $16.99 per month but give subscribers access to most of the music that has ever been recorded.
TV and Film
The cinema experience is always fun, but the rising cost of tickets and snacks means that it is an expensive night out. Most people are more likely to check the latest releases on Amazon, Netflix, or Apple TV, with monthly subscriptions for a good selection of streaming sites working out at around the same price as one visit to the cinema for two people (with snacks).
The way we watch TV has also changed dramatically, with most series now available to watch in their entirety, rather than waiting for a new episode every week. Binge watching TV shows is something that most of us do now, and high quality productions like Game of Thrones provide a prolonged cinematic experience for viewers.
Gaming
Online gaming lets players connect with friends, enjoy the latest titles, and build followings on social media. Platforms like Twitch can launch players to stardom by streaming their gaming sessions, or can provide hours of entertainment for viewers.
Being able to download the latest titles without going out to shops has transformed the industry, and in-game purchases can also improve the experience.
Convenience
Smartphones, streaming platforms, state-of-the-art TVs and gaming consoles all allow people to enjoy entertainment options from the comfort of their own home.
Everyone’s circumstances are different, and busy work or homelife can make it difficult to get out and enjoy sports games, trips to the cinema, live concerts, or other forms of entertainment. The convenience of being able to enjoy some of the options mentioned above at home means they can fit into a tight schedule.
To Save Money
Cost is typically the biggest obstacle that impacts the type of entertainment that consumers are able to consume. Not everyone has the money to regularly visit the cinema or spend watching live events.
Festivals, music concerts, and live sporting events tickets are typically expensive, and that is before other factors are figured in.
Travelling to and from an event, getting something to eat or drink, splashing out on merch, and other costs can all add up. While this is good every so often, not everyone will be able to afford to do this regularly.
Home entertainment comes with a price tag too, but it can be seen as more of an investment. Most entertainment subscriptions come with a monthly cost of between $10 and $20, although this can vary depending on the service.
Lots of these services can provide entertainment for the whole family, and it is worth looking at the other extras included, like free delivery on Amazon purchases with Amazon Prime.
A good selection of entertainment subscriptions can give consumers access to the latest movies, TV shows, audio books, and music.
To Follow a Healthy Lifestyle
Trying to live a healthy lifestyle can be difficult, and options can be limited when on nights out or at events. There is also the temptation to drink or enjoy snacks when out, which not only impacts a healthy eating regime, but it can also be expensive.
Alternatively, consumers can enjoy watching their favorite sports, TV shows, or movies, listen to music, or place bets on the best casino games without leaving their home. This gives them the option of preparing a healthy and affordable meal.
Conclusion
There’s nothing like a good night out, but the saying “absence makes the heart grow fonder” can be applied here. Going out on occasion can be fun, however, it can also be expensive, but that doesn’t mean that consumers have to miss out.
It is easier than ever before for people to enjoy the best entertainment packages at home, and the latest technology allows consumers to enjoy a fully immersive experience.
Industries have had to adapt to this shift in consumer habits, but futureproofing against emerging technologies is something that most businesses have to consider these days.