The IT-driven fundamental changes in media are likely not over. Let’s delve into four specific areas … [+]
In the information age, media has already gone through a fundamental transformation. User-generated content, smart content recommendation algorithms, and nowadays – AI are making the traditional media landscape almost unrecognizable both on the supply and demand sides.
Most of these changes have been driven by innovative startups. The changes, however, are likely not over. Let’s delve into four specific areas within media that present promising opportunities for new innovative startup projects.
1. Streaming Services For Niche Audiences
Streaming services have become a dominant force in the media industry. However, there is a growing demand for content tailored to niche audiences. Startups that focus on providing content for specific communities or interests can thrive.
As the streaming market becomes more saturated with mainstream content, niche streaming services can fill the gaps by providing specialized, high-quality content. Consumers are increasingly seeking content that resonates with their specific interests, and startups that deliver on this demand have the potential for rapid growth.
A good example is FloSports, which caters to passionate sports fan communities by streaming events such as wrestling and track cycling.
It must be mentioned that the father of modern live-streaming – twitch.tv, is focused on a niche itself – gaming. This model could likely be replicated by on-demand streaming service startups. By narrowing down on producing and publishing content for an under-served but passionate niche community you avoid competing directly with the established players on the media market.
2. Interactive and Immersive Storytelling
Startups that venture into interactive storytelling using technologies like augmented reality (AR) and virtual reality (VR) are gaining ground. These innovations enable users to engage with content in unprecedented ways. Whether it’s interactive documentaries, historical reenactments in VR, or augmented reality apps that enhance print media, startups are reshaping the way we experience stories.
With the technological improvement in the AR and VR field, the potential for immersive storytelling is also growing. These technologies have the power to transport users to different worlds, offering unique and engaging narratives. As consumer interest in immersive experiences continues to grow, startups that tap into this trend can capture a loyal and expanding audience.
3. Crowdsourced Journalism Platforms
Thanks to user-generated content and improved content-recommendation algorithms, the era of citizen journalism is upon us. Startups that make it easier for ordinary individuals to report on events, share videos, and contribute to news coverage are gaining traction.
Crowdsourced journalism startups leverage the power of citizen reporters who are often on the scene before traditional news outlets. They enable real-time reporting and provide a diverse range of perspectives. With the rise of social media, the public is increasingly engaged in reporting events, making crowdsourced journalism an area ripe for innovation. Startups in the field can change the way news is gathered and disseminated, making it more decentralized and immediate.
In our experience, the real opportunities in this niche for new early-stage projects don’t lie in creating new journalism platforms. The reason for this is the chicken-and-egg problem for UGC platforms – you need users to generate content, but the users wouldn’t come if you don’t have good content. This problem makes the UGC platform business model a hard nut to crack for small startups. Instead, services that make it easier for people to find and report on noteworthy events while letting people publish on established platforms like Twitter, Facebook, and YouTube are likely to provide the richest soil for innovation and growth in this niche.
4. AI-Powered Video Production
Creating video content can be resource-intensive and time-consuming. Startups that harness artificial intelligence (AI) for video production are streamlining this process. These AI-powered solutions open the door to efficient, cost-effective video production, enabling businesses and content creators to engage their audience through video more easily, empowering user-generated content (one of the driving forces behind the media landscape disruption) further.
Video content is in high demand across various platforms, from social media to marketing campaigns. AI-powered video production reduces the barriers to entry, allowing even small businesses and individuals to create professional-quality videos. As the demand for video continues to surge and more and more individuals aspire to become content creators, startups that offer cheap but efficient AI-driven solutions are well-positioned to thrive.