As we stepped into Lisbon’s MEO Arena, the hum of excitement was palpable. The Web Summit—a name synonymous with innovation, ambition, and the future—was in full swing. Known as the world’s premier technology conference, the event brings together the brightest minds from around the globe. Since its inception in 2009 in Dublin, the Web Summit has grown exponentially, evolving from a modest gathering to a tech giant’s playground. Its relocation to Lisbon in 2016 added an unmistakable vibrancy, making the city itself part of the magic.

This year, Cosmic Development was represented by Emilija Nikoloska, Associate Director, and me, Ana Ćakić, Marketing and Business Development Manager. Together, we were ready to explore the pulse of the tech world, armed with a plan, a dose of curiosity, and an openness to unexpected opportunities.

The Buzz at Web Summit 2024

The 2024 Web Summit was nothing short of extraordinary. Over 71,000 attendees from 153 countries filled the venue, each with their own stories, goals, and aspirations. Walking past the 3,050 exhibiting companies, you could feel the energy of possibility in every conversation. Keynotes on artificial intelligence and its growing influence dominated the agenda, with industry leaders and researchers unpacking how AI shapes the future. Diversity was celebrated, too—women made up 42% of attendees, and women founders led 44% of the startups present.

Each day at the Web Summit brought moments that left us inspired and energized. Keynotes on Generative AI’s transformative potential delved into how this technology is reshaping industries, revolutionizing customer interactions, and unlocking new creative possibilities. The insights were not just theoretical; they were backed by real-world applications and forward-thinking strategies, making it clear that AI is more than a trend—it’s the backbone of the future.

Beyond the main stages, startups with humble beginnings shared their bold visions, presenting groundbreaking ideas that seemed to leap straight out of science fiction. From tools that simplify everyday tasks to innovations tackling global challenges, each pitch was a reminder of the power of ingenuity and resilience. The energy in the exhibition halls was electric as creators and entrepreneurs demonstrated their solutions with passion and conviction.

The summit wasn’t just a showcase of technological advancements; it was a reflection of humanity’s boundless ambition and determination to solve complex problems. It was about more than machines and code—it was a shared vision of the future, where technology serves as a tool to amplify human potential and improve lives. Each session and interaction reinforced that innovation isn’t just about what’s possible; it’s about what’s meaningful.

Preparing for the Web Summit: The Power of a Plan

Attending the Web Summit isn’t like attending your average conference—it’s an adventure requiring both strategy and adaptability. Emilija and I spent weeks fine-tuning our approach, knowing that preparation would be our anchor amid the whirlwind.

Here’s what worked for us:

1. Setting Clear Goals: Before arriving, we outlined our objectives—meeting potential collaborators, exploring emerging technologies, and showcasing Cosmic Development’s capabilities. These goals became our compass throughout the event.
2. Researching in Advance: The Web Summit app became our best friend. From identifying speakers to planning sessions, it ensured we didn’t miss opportunities aligned with our priorities.
3. Perfecting the Pitch: We crafted and practiced our elevator pitch until it was seamless, knowing that first impressions at an event of this magnitude could open doors.
4. Reaching Out Early: Weeks before the summit, we initiated conversations through the app and LinkedIn, scheduling meetings with individuals who aligned with our goals.
5. Staying Energized: Long days filled with walking, networking, and attending sessions can be taxing, so taking care of yourself is essential. Stay hydrated, take short breaks when needed, and prioritize comfort to ensure you make the most of every moment.

Reality Hits: Finding Your Footing Amid the Chaos

The Web Summit is a whirlwind of energy, a sensory overload that both excites and overwhelms. With multiple stages hosting simultaneous sessions and the collective buzz of over 71,000 voices filling the air, the initial instinct is to stick rigidly to a carefully crafted schedule. But the reality of such an enormous event quickly sets in—sessions that seemed like must-attends on paper often overlap with impromptu opportunities that are impossible to ignore.

It’s a place where planned and serendipitous interactions intertwine. Themed meet-ups provided structured spaces to connect with collaborative professionals, diving deep into niche topics or exploring broad industry trends. Scheduling meetings through the event app helped secure key introductions, but the real magic often happened outside the confines of the agenda. Standing in line for coffee might spark a conversation that leads to a transformative insight or a potential collaboration. Random encounters on public transport, as attendees made their way to and from the venue, offered unexpected but meaningful exchanges, each adding a new layer to the experience.

In this dynamic environment, the event’s true essence revealed itself: it’s less about perfect execution and more about openness—being present, curious, and willing to engage. These unscripted moments, born of chance and connection, became the most rewarding highlights, reminding us that sometimes the best opportunities come when we embrace the chaos and let the flow of the event guide us.

Embracing the Flow: When Plans Give Way to Serendipity

The Web Summit has a rhythm all its own, and learning to move with it rather than against it is key to truly experiencing what the event has to offer. One particular day illustrated this perfectly. We arrived early, eager to attend a keynote we had been looking forward to for weeks, only to find the room packed to capacity. For a brief moment, frustration crept in—how could we miss such a significant opportunity? But instead of letting the disappointment linger, we pivoted. Wandering through the nearby startup booths, we stumbled upon an AI-driven tool that immediately caught our attention. As we spoke with its creators, it became clear that this solution had the potential to significantly enhance our client offerings. What began as an unplanned detour turned into one of the summit’s most valuable discoveries.

This was just one of many moments that showed us the power of embracing spontaneity. By letting go of rigid plans, we opened ourselves to experiences we might have otherwise missed. The unplanned sessions we wandered into often delivered insights we hadn’t even considered seeking. A casual conversation over coffee led to an impromptu brainstorming session that sparked fresh ideas and a promising new connection. Themed meetups gave structure to our networking, but it was the random encounters—on shuttle rides, in lounges, and even while waiting in line—that created some of the most meaningful interactions.

As the days unfolded, we began to see the summit not just as a schedule of events but as a living ecosystem of ideas and opportunities. The vibrancy of the experience lay in its unpredictability. A chance encounter in a lounge turned into an invitation to a private demo, where a visionary founder unveiled a prototype that felt years ahead of its time. These moments weren’t on our agenda, but they added immeasurable value to our experience.

By the end of the summit, it was clear: the true magic of Web Summit isn’t just in its meticulously planned stages and sessions but in the serendipitous opportunities that arise when you allow yourself to go with the flow. It’s a place where being open, adaptable, and curious can lead to transformative connections and discoveries. For us, it was a lesson in the power of presence—being fully engaged in the moment and trusting that the unexpected often brings the greatest rewards.

Five Key Takeaways from Web Summit 2024

1. Preparation is Your Foundation: A well-thought-out plan ensures you hit the ground running. But remember, it’s just the starting point.
2. Embrace the Unexpected: Some of the best opportunities come when you deviate from the plan. Be open to the event’s flow.
3. People Matter: At its core, the Web Summit is about connections. From startup founders to industry leaders, every interaction has the potential to spark something incredible.
4. Keep Learning: The wealth of knowledge at the summit is unparalleled. Whether it’s a keynote on AI or a demo at a startup booth, there’s always something new to take away.
5. Reflect and Apply: After the summit, we took time to debrief, distilling the experience into actionable insights for Cosmic Development. The value of the event lies not just in attending, but in leveraging what you’ve learned.

Looking Ahead

As we boarded our flight back home, our minds were buzzing with ideas and inspiration. The Web Summit isn’t just an event; it’s a catalyst for growth, innovation, and connection. For Emilija and me, it reaffirmed Cosmic Development’s place in the tech world and fueled our passion for helping businesses thrive through dedicated remote teams.

Would we return? Absolutely. And next time, we’ll arrive with the same excitement, a more refined strategy, and the knowledge that the true magic of the Web Summit lies in its unpredictability.

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As machines become more intelligent and our lives more intertwined with technology, it’s easy to wonder: What will be left for us? The rise of automation and AI has undoubtedly made some tasks easier, but it has also raised fears about the future of work. Will machines replace us? What skills are uniquely ours, and will they always remain so?

Amid all the noise about robots taking over, one thing stands out—the unique traits that make us human—creativity, complex ethical judgment, and the subtle art of empathy. These are not just “soft skills” but profound aspects of our shared humanity, defining what makes us irreplaceable in an automated world. As technology evolves, so must our understanding of how to harness our humanity in this changing landscape.

Automation Isn’t the End—It’s a Shift

The debate around automation often sounds like a science fiction plot. In reality, though, automation isn’t about robots replacing us entirely. Instead, it’s shifting the kinds of tasks we do, freeing us from repetitive work and allowing us to lean into what makes us distinctly human.

Imagine a world where machines handle routine, data-heavy tasks, allowing us to explore realms of innovation, problem-solving, and emotional connection. Machines may excel at processing information, recognizing patterns, or making calculations, but true insight, spontaneity, and ethical decision-making remain uniquely human domains. This shift doesn’t spell the end of human work; it redefines it, offering a more meaningful opportunity to lean into our strengths.

A McKinsey report highlights this transition, predicting that by 2030, automation could eliminate up to 800 million jobs globally. However, rather than seeing this as a crisis, we can view it as a chance to refocus our efforts on roles that require human creativity and emotional intelligence.

Beyond the Code: Why True Innovation Needs the Human Touch

In the age of AI, technology has become a powerful catalyst for sparking human creativity. While AI can mimic certain elements of the creative process—such as generating ideas based on data patterns—it lacks the essence of true understanding and experience. Genuine creativity—the kind that redefines industries and unlocks unexpected possibilities—emerges from human intuition, curiosity, and a unique ability to navigate ambiguity.

Yuval Noah Harari, a historian and philosopher, argues that while AI can assist with creative tasks, it cannot replicate the depth of human imagination that comes from subjective experiences and a pursuit of meaning. According to Harari, true innovation springs from our lived experiences and the personal journeys that shape our understanding of life’s complexities. Machines, though exceptional at recognizing patterns and following rules, inherently lack the depth of life experiences that fuel authentic human imagination.

In his latest book, Nexus, Harari explores humanity’s long-standing relationship with information networks and their impact on society. He traces these networks—from ancient mythologies to modern AI algorithms—and highlights how they have not only enhanced human cooperation but also perpetuated mass illusions and self-deceptive narratives. Harari warns that AI could intensify these trends, influencing human choices in subtle, often invisible ways. He advocates for a proactive role in shaping AI’s influence to ensure it amplifies rather than diminishes our most human qualities, such as creativity and ethical reasoning.

This distinction becomes particularly clear in fields like design, advertising, and research, where leaps of intuition and imagination are essential. Human creativity isn’t purely logical; it stems from curiosity, experimentation with ideas that might not immediately make sense, and life experiences that machines simply cannot replicate. As AI takes over more repetitive tasks, it grants us the freedom to focus on higher-level creative pursuits. In the age of automation, creativity isn’t merely surviving—it’s flourishing, supported by, yet distinct from, the capabilities of AI.

Critical Thinking and Ethical Judgment

In a world flooded with information, the need for critical thinking has never been greater. Machines can collect and analyze data, but it takes human reasoning to interpret and give it meaning. Data tells us the “what,” but it’s up to human insight to answer the “why” and “what’s next.”

Let’s take healthcare as an example. An AI might be able to scan medical records and spot patterns that even doctors could miss. Still, human reasoning is essential when making a judgment call about treatment options—especially when emotions, ethics, or individual circumstances are involved. Machines operate on logic alone, whereas humans can question, analyze, and empathize with people in ways that machines probably never will.

Our capacity to ask profound questions, think critically, and interpret information with empathy and context will remain irreplaceable in a society increasingly dependent on data. Machines might help us decode the complexities of our world, but humans will ultimately decide its significance and impact.

Empathy and Emotional Understanding: The Leadership Skills of Tomorrow

As machines become more advanced, emotional intelligence is emerging as one of our most valuable skills. Machines can’t feel or understand emotions, but humans can. And as work becomes more collaborative and interconnected, our ability to empathize, communicate, and lead with emotional awareness is becoming irreplaceable.

In leadership roles, emotional intelligence is what distinguishes a boss who simply assigns tasks from a leader who inspires and motivates a team. Machines can manage tasks but can’t navigate the emotional complexity of human relationships. Whether it’s building trust, resolving conflict, or fostering a supportive work environment, these are human skills that technology can’t replicate.

Moreover, emotional intelligence is what makes businesses genuinely customer-centric. Chatbots can answer basic questions, but only a human can provide that real connection when a frustrated customer needs empathy and understanding. Emotion intelligence will keep businesses and leaders grounded in humanity as we move further into an automated future.

Emotional understanding is also essential in creating inclusive work environments where diverse perspectives are welcomed and understood. As automation takes over technical tasks, the human ability to lead with empathy, inclusivity, and emotional depth will become increasingly vital.

Protopia: A Future of Collaboration, Not Domination

When imagining the future of human creativity alongside advancing technology, we often find ourselves caught between two extremes: a utopia where technology seamlessly solves every problem, and a dystopia where machines overshadow humanity. Futurist Monika Bielskyte, however, offers a more balanced and dynamic vision: Protopia. Protopia envisions a future not defined by unattainable ideals or fears of collapse but by steady, meaningful progress. Rather than aiming for perfection or fearing domination, Bielskyte suggests we focus on small, positive changes that allow humans and technology to evolve in collaboration. In this Protopian future, technology doesn’t seek to replace us; it strengthens our creativity, critical thinking, and emotional intelligence, building a future marked by resilience and adaptability.

Matthew Chavira, CEO of Prophets of AI, champions a similar vision of collaboration. His platform engages individuals and organizations in a dialogue on AI’s societal role, emphasizing ethical development and AI’s potential to support, rather than overshadow, human efforts. Chavira’s work aligns closely with Protopian ideals, positioning AI as a partner that enhances—rather than replaces—our distinctly human capacities. This collaborative approach underscores the Protopian philosophy of gradual, meaningful improvement, where technology acts as a complement to human abilities.

AI researcher Ben Goertzel also advocates for a world where artificial intelligence expands, rather than overshadows, human intelligence. Goertzel envisions AI as a powerful collaborator, amplifying our creative and intellectual potential. His approach aligns with Bielskyte’s Protopia, which emphasizes progress through synergy. Together, Bielskyte, Chavira, and Goertzel suggest a future where humanity and technology grow side by side, our uniquely human traits—such as deep thinking, creativity, and social connection—remaining central to our progress.

Through these interconnected visions, Protopia emerges not as a distant ideal but as a practical, evolving approach. Rather than fearing a future of technological domination or waiting for a utopian transformation, Protopia invites us to embrace incremental, positive change. By cultivating a relationship with technology that enhances rather than diminishes our humanity, we shape a future that celebrates our innate ability to adapt, create, and connect.

The Future of Work: Embracing Human + AI Collaboration

So, what does all this mean for the future of work? It means that our focus needs to shift. Instead of worrying about machines taking over, we should think about how to work with them. Machines can handle data and repetitive tasks, freeing us to focus on creative, complex, and emotionally driven work.

This collaboration will redefine the future of work. We must invest in our human skills—critical thinking, creativity, and emotional intelligence—because they will only become more valuable as technology advances. Lifelong learning and adaptability will be essential as industries continue to evolve.

Companies that understand this dynamic are already rethinking their hiring and training strategies, focusing less on hard skills that can be automated and more on the soft skills that set humans apart.

Conclusion

As we move into an automated future, it’s important to remember what truly makes us irreplaceable: our humanity. While machines can handle data and repetitive tasks, they can’t replicate our creativity, critical thinking, or emotional depth. The key isn’t to compete with technology but to collaborate with it.

By leveraging our unique skills, we can adapt and thrive in this changing landscape. Instead of fearing what technology might take away, let’s see it as a chance to enhance our contributions and redefine what it means to be human. Together, we can create a future where people and machines play essential roles in shaping our world.

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Scaling Is Easy If Done the Right Way

In the ever-evolving business landscape, scaling operations efficiently can be a game-changer. It’s about growing your team and capabilities without compromising on quality or control. This is where the choice between dedicated teams and outsourcing comes into play.

A dedicated team, often referred to as outstaffing, involves partnering with a third party to employ a team that works directly under your command. This model is akin to expanding your in-house team, except the team members are located elsewhere. On the other hand, outsourcing delegates a project or operations segment to an external entity, which takes complete control of the process.

Dedicated Teams (Outstaffing) and Traditional Outsourcing Compared

When comparing dedicated teams (or outstaffing) with the traditional outsourcing model, there are several facets to consider – cost-effectiveness, communication, collaboration, set up and start, and pricing transparency.

Outsourcing can be cost-effective for ad-hoc or project-based needs. It often entails set processes and established communication lines, although it might lack a nuanced understanding of your business culture and goals.

Conversely, dedicated teams offer a more personalized approach. They may be more cost-intensive upfront but provide better alignment with your business objectives. Communication with dedicated teams is typically more effective as the team is integrated into your operations, fostering closer collaboration.

Choosing between a dedicated team and outsourcing depends on your business needs, goals, and the nature of the project at hand. If you seek a team that operates as an extension of your own, with direct communication and involvement in day-to-day operations, a dedicated team is the way to go. However, outsourcing could be more suitable if your requirement is for a specific project with a defined end and you prefer not to manage the team directly.

Here’s a snapshot comparison of both models to help you make an informed decision.

Remote Talent Solutions: Dedicated Teams vs Traditional Outsourcing
	Dedicated Teams | Outstaffing	Traditional Outsourcing
Cost Effectiveness	The not-usual but equally cost-effective approach Partnering with 3rd party to provide the right team or employee to work directly and solely for you. With this approach, the 3rd party is professionalized in sourcing, hiring, and building teams for you. Usually suitable for long-term needs.	The most common cost-effective approach Hiring 3rd party to tackle certain tasks or processes. With this approach, the 3rd party is professionalized in certain aspects, and usually, they work with more than one client. Usually suitable for ad-hoc or project-based needs.
Effective Communication	With the dedicated talent solution, this risk can be eliminated as the recruitment is done per your specific needs, and the professionals and/or entire team are formed per your specific requirements. You are included in the selection process too.	There might be barriers stemming from the cultural background and linguistic background. You need to look into this risk in the beginning and make sure you get information of the professionals you will be working with beforehand.
Close collaboration and control	The client has direct communication and control over the dedicated employees. There are no 3rd parties involved in the communication, the service provider is there for support when that’s required.	There is no direct control as the processes are handled entirely by the service provider. Collaboration also can be challenging as there is no direct communication between the professionals who perform the tasks and the client.
Easy Set-Up and Start	This may vary and depends on your needs. The set-up and start are smooth if your recruitment needs are not too demanding.	There are clearly established processes and generally, the set-up and start go smoothly.
Clear Pricing	With our model, flat monthly rate pricing, you get the price of each dedicated employee before you hire them.	They have plans and terms that are usually clear, but the pricing can go up as the project requirements are changing.

Dedicated Teams with Cosmic Development as Outstaffing Solution 

At Cosmic Development, our approach to outstaffing is uniquely tailored for companies invested in long-term growth and stability. We recognize that every client has distinct needs, whether they’re building a large-scale operation or a small, specialized team. 

Our commitment is to treat each client as a unique partnership, ensuring that we act not just as a service provider but as a reliable partner invested in their success. The remarkable journeys of Factinate and Rumble are testaments to our diverse yet consistently effective approach. Each narrative showcases our ability to tailor services to our clients’ unique challenges and ambitions, illustrating our solutions’ versatility and impact.

Factinate: Crafting a Content Powerhouse with Cosmic Development’s Expertise

Take, for instance, our collaboration with Factinate, a boutique operation. Despite their smaller size, our dedication to their success is as comprehensive as with any larger brands. By focusing on specific needs and nurturing a close relationship, we ensure that Factinate receives the full benefit of a dedicated team attuned to their business ethos and objectives.

Factinate’s partnership with Cosmic Development epitomizes the effectiveness of our dedicated team approach. Our involvement began at Factinate’s inception, providing the necessary development skills and a cost-effective solution compared to local senior developers. When Factinate faced the challenge of time-consuming image insertion tasks, they turned to our content creators for assistance. This move saved valuable time for their Toronto team and significantly enhanced the quality of their imagery, with meticulous attention to sourcing and crediting​​.

Cosmic Development’s team in Macedonia is a testament to the benefits of strategic outstaffing. The team’s agility in learning and becoming self-sufficient after initial training exemplifies our emphasis on quick adaptation and independence. With tasks ranging from SEO optimization to social media management, the Cosmic team is pivotal in Factinate’s operations. Their commitment to quality and dedication is apparent in the improved content and operational efficiencies Factinate enjoys.

The collaboration between Factinate and Cosmic Development demonstrates how dedicated 

teams can become an integral part of a company’s success. By offering expertise in areas that Factinate needed to bolster, such as content creation and technical development, Cosmic Development has enabled Factinate to focus on their core business, providing trivia and engaging content to their audience. Factinate’s experience highlights the value of a dedicated team that is seamlessly integrated and attuned to the specific needs of a business, allowing for scalable growth and operational excellence​.

Rumble’s Rise with Cosmic Development: A Technological Leap Forward

In contrast, our partnership with Rumble showcases our capability to manage large and diverse teams. With Rumble, we have developed a case study demonstrating how a significant, varied team can be seamlessly integrated into the client’s culture and business processes, highlighting the scalability and flexibility of our outstaffing solutions.

Rumble’s emergence as a dominant player in the video content platform space is a compelling narrative of innovation and strategic partnership. As an open video platform, Rumble has connected over 350,000 content creators to high-profile online publishers and advertisers. In a landscape where video content is integral to both corporate strategy and individual expression, Rumble stands out for its commitment to empowering creators and reshaping how social video is distributed and monetized​​.

The platform’s journey, particularly its pivot during a crucial period of YouTube algorithm changes that disadvantaged independent creators illustrates Rumble’s responsiveness to market needs. By offering these creators a new haven, Rumble experienced exponential growth, ranking as one of Canada’s fastest-growing companies. This expansion necessitated an upscale in team size and skill, a demand Cosmic Development was poised to fill with dedicated team solutions tailored to Rumble’s unique needs​​​​.

Cosmic Development provided Rumble with a dedicated team, including a branded augmented office exclusively for Rumble. This creative solution encompassed content editors, video editors, and software engineers, forming a compact team within Rumble’s development department. Focusing on feature-driven development and utilizing project management tools like Jira facilitated an efficient workflow and a measurable output that contributed significantly to Rumble’s technological advancements​​.

The results speak volumes: from being rated as the fastest player by Google Developer Insights to surpassing giants like YouTube and Twitter in the Google Play Store rankings. Rumble’s trajectory, marked by awards and recognitions, underlines the strategic advantage that a dedicated team can bring to a brand. Chris Pavlovski, Rumble’s Founder and CEO, captures the essence of this relationship, emphasizing the added value and continuous innovation enabled by having a dedicated team from Cosmic Development. This synergy between Rumble and Cosmic Development is a testament to the power of outsourcing when executed with precision and aligned vision​​.

Cosmic Development’s involvement with Rumble extends beyond technical expertise. The comprehensive IT development, sales support, and robust staff augmentation strategy have been pivotal. The management practices put in place, such as daily communication and regular in-person meetings, have fostered a cohesive work environment across continents, propelling Rumble’s growth and stability even in the face of global economic challenges like the Coronavirus pandemic​​.

In conclusion, the alliance between Rumble and Cosmic Development illustrates the transformative potential of a well-executed dedicated team model. By providing Rumble with the technological horsepower and collaborative framework necessary for their ambitious vision, Cosmic Development has played a crucial role in Rumble’s success story. The Rumble case is a blueprint for how dedicated teams can drive innovation, scalability, and competitive advantage in the fast-paced digital landscape.

Fostering Excellence: The Cosmic Development Employee Experience

On the other side of the equation is our commitment to our employees — our greatest asset. At Cosmic Development, we go beyond mere employment; we strive to create unique employee experiences. We provide competitive working conditions and benefits packages, ensuring that our team members are satisfied and motivated to provide the best service possible. We understand that the quality of our services is directly linked to the well-being of our employees, and as such, we invest in their professional growth and personal satisfaction.

Our dual focus on client and employee experiences stands at the forefront of our business strategy as we continue to evolve and adapt in the dynamic field of remote talent solutions. Cosmic Development is dedicated to building partnerships that endure and teams that excel, driving forward with innovation, commitment, and unparalleled service.

Embark on a Journey of Success with Cosmic Development

As we continue to navigate the evolving landscape of remote talent solutions, we invite you to explore the possibilities with Cosmic Development. Whether you’re seeking a dedicated team like the ones that propelled Factinate and Rumble to new heights or tailored outstaffing solutions to streamline your operations, we’re here to assist. Join us in this journey towards innovation and excellence. Let’s collaborate to create solutions that not only meet your current needs but also anticipate future challenges. Contact us to discover how our commitment to quality and our unique approach can contribute to the success and growth of your business.

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The media and entertainment industry is one of the fastest-growing industries that have been hit hard by the Coronavirus pandemic, just like any other business. In the last decade, the media and entertainment industry has gone through an immense transformation as never before. The digital media imposed itself above the previous regular distribution methods and it urged media companies to begin adopting digital strategies as part of their regular business tasks. Moreover, digital media has introduced itself in the advertising and animation, as well as in music, radio, films, gaming, etc. By doing so, companies in the media and entertainment industry were required to embrace the latest digital strategies if they wanted to keep up with the current media trends. 

And now, with the development of the situation with the COVID-19, the media and entertainment industry has been mandated to implement even more digital strategies in order to keep up with the changes that happened on a worldwide scale. Similarly, this industry will mark several significant trends from 2020 onwards throughout the new decade. But how many of those trends will truly mark the new decade and how many will be prevented from flourishing due to the Coronavirus? After all, the economic crisis and recession due to COVID-19 cannot go without causing consequences. Read the article below, go through the current trends in the media and entertainment industry, and discover our opinion on the matter. 

Video Streaming 

Video streaming has become a prominent trend throughout the years and has marked an even higher peak during the Coronavirus pandemic. By the middle of 2020, a streaming war is expected to happen in which various media companies will try to find the best way of establishing a direct relationship with their consumers. Leaders in the video streaming industry such as Netflix and Amazon have been exposed to an increase in the number of their competitors. HBO Max, Apple, Disney, and WarnerMedia have noticed the possibilities for advancement that the video streaming offers, and they also joined the media and entertainment industry. And now with the newest developments due to the Coronavirus pandemic, the number of media companies that have started with video streaming has increased even more than before, thus making this trend the most remarkable of all. 

However, in the end, the video steaming companies that will be most successful in this industry will be those that offer the best content libraries that will satisfy the user’s expectations. In addition to video, companies that include music and games in their libraries will have a higher probability of succeeding in the media and entertainment industry in the new decade. 

5G Network

2020 brought changes in the telecom industry by introducing the 5G wireless network. Although there have been many controversies about whether 5G is good or bad for the people, it is inevitable that it will not only affect telecom operators but it will also make a change in the experiences that will facilitate faster broadband. The development of 5G may contribute to evolving the purpose of content in general. Thanks to the evolution of 5G, both artificial intelligence (AI) and virtual and augmented reality (VR and AR) have also marked advancement in the media and entertainment industry. 

Artificial Intelligence (AI)

Artificial Intelligence has marked the last decade with its increasing dominance in the tech world. It has been used for the improvement of the customer experience and numerous other business operations. Starting with 2020 and onward, AI will continue dominating the media and entertainment industry, especially because the media companies will want to use AI for personalized content recommendations and adequate advertisements. 

With the help of AI, media and entertainment companies are able to discover user behavior patterns and know what type of ads to show them. Furthermore, businesses and online creators who use AI learn user behavior better and know how to create more efficient content and advertisements. In addition to AI, the other two technologies that help businesses get closer to their customers are machine learning and big data technology.

Virtual and Augmented Reality (VR/AR)

Another trend in the media and entertainment industry for 2020 is the further development of virtual reality (VR) and augmented reality (AR). While VR has higher applicability in the entertainment industry, AR is trending in the gaming industry. However, VR is a technology for creating 3D games, along with the help of biosensors which determine the position of players in the 3D space. It also helps in the creation of virtual museums, theatres, galleries, and parks. The latest trend in VR and AR will continue developing in the decade that has just begun and it will provide the possibility of viewing 3D images with real size in front of you. Businesses are slowly adapting to the implementation of VR and AR in their companies so that they can meet the needs of their customers and challenge their competitors. 

How COVID-19 Will Affect the Media and Entertainment Industry Trends for 2020

With the current Coronavirus pandemic situation, the media and entertainment industry may develop at a more rapid speed, especially because staying at home means using the media more than usual. While many entertainment places closed during this period (such as theatres, cinemas, museums, parks, concert halls), online types of entertainment gained a lot of income. As mentioned before, the development of VR and AR helps in the creation of virtual museums, theatres, cinemas, parks, and galleries, which will try and compensate for the closure of the actual and real entertainment places. 

However, although the development of the online media and entertainment industry is on the rise, the production of movies will lose billions of dollars and this may be the end of the movie-making era if there is no cure for the Coronavirus soon. Therefore, we must have in mind the advantages and the disadvantages of this situation and how it will affect both the media and the entertainment industry. 

In the end, living our lives online is possible up to some point. However, we cannot depend entirely on the creation of virtual worlds, when we are real human beings that have the need for personal life experiences in the actual world. Therefore, we need to adapt both the media and entertainment industry to the current trends and at the same time try and find a way to help it continue developing offline as much as online. It is left to us to witness what the following months will bring. But one thing is for sure: the media and entertainment trends will stay intact and the industry will continue adapting to changes.

Sources:

• nytimes.com/interactive/2020/04/11/business/economy/coronavirus-us-economy-spending.html
• forbes.com/sites/nelsongranados/2020/04/08/one-fourth-of-the-media-and-entertainment-economy-could-be-impacted-by-the-coronavirus/#414d8dc8559b
• entrepreneur.com/article/349638
• mesalliance.org/2020/03/30/industry-execs-media-will-bounce-back-from-coronavirus-impacts/
• srijan.net/blog/media-and-entertainment-2020-outlook
• deloitte.com/us/en/pages/technology-media-and-telecommunications/articles/media-and-entertainment-industry-outlook-trends.html
• cabsat.com/news/5-trends-shaping-the-future-of-media-and-entertainment
• mordorintelligence.com/industry-reports/media-and-entertainment-market-landscape

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