The mediatech revolution has already begun. It can be found in our homes and offices, kitchens, and on our commutes to and from work. We're listening to Spotify, playing Fortnite, and binge-watching Netflix until the early hours of the morning.
For more than a decade, the word "mediatech" has been used to define web-based businesses with a media and technology emphasis.
Fintech research suggests that in today's mediatech market (116), there are twice as many private companies worth more than $1 billion as there are in the well-known fintech. Spotify, Dropbox, and Snap! are among the Top 100 mediatech unicorns and recent ex-unicorns that have gone public, with a combined valuation of more than US$275 billion.
Also Read | Changing Dynamics of FinTech in 2021
Media And Technology
The term "mediatech" refers to any business that blends media with digital or online technologies. The media aspect may include music, film, television, gaming, advertisement, academics and news media, and discussion channels.
These developments are caused mainly by mediatech companies and their ability to exploit technological changes while meeting the market demands that eventually accompany those changes.
Most of those features we currently enjoy, such as the popular windows, icons, graphical interface, local networking, and replicating what you see on the screen on printers, are all part of media-tech legacy.
From a market standpoint, mediatech has ushered a shift towards more ways of mass communication and the emergence of new industries under the mediatech roof.
MediaTech And Our Lives
We're seeing a new generation of digital media tech giants emerge, just as we did with the Graphical User Interface desktop computing era. They're making our office lives more efficient.
Campaign Monitor, for example, makes it simple to send beautifully illustrated emails, Slack, for sharing documents, images, and data through various devices, channels, and formats, and Buffer, for arranging social media posts.
The scope for media tech is huge: Apple began with mobile music, Amazon with online book sales, and Tencent with online gaming. Today's largest tech firms, each worth over US$200 billion, all began with mediatech.
A few things that immediately spring to mind are an even greater change to Streaming Games owing to 5G and Cloud Services, more hops from the big screen to the small screen, and from the small screen to the big screen, AR and VR will start to show up in Immersive Gaming as we explore new experiences, and we possibly just need to use the word "eSports."
Twitch created over $1.5 billion in revenue last year alone, delivering hundreds of hours of user-generated content, and two out of every ten internet users watched a live gaming stream in the previous month.
We've obviously seen a change in public focus and attention toward media technology. MediaTech is interconnected with FinTech and possibly relying on it in more contexts than what we've investigated.
And, as the finance industry is rapidly adopting digitalization and the insights of organizations that quickly embrace the crucial technologies of today's mediatech environment, Media will keep looking for FinTech for approaches to our compliance and commercialization.