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Deloitte has unveiled its global tech, gaming, and entertainment market predictions for 2024. For streaming, they foresee a shift to tiered pricing. Streaming services will charge more for premium content, aim to reduce user churn with longer subscriptions, and offer more pricing options to cater to bargain hunters.
Deloitte also predicts that Generative AI will transform multiple industries starting in 2024. The report offers an in-depth look at the Generative AI landscape, including infrastructure, cloud providers, enterprise productivity software, and specialized tools. Despite this, some enterprises might resist paying extra for these features.
Generative AI is expected to become a core component of most enterprise software offerings by 2024. Software vendors and IT departments will figure out pricing, which could range from free to $50 per month. This market could see a revenue boost, reaching a run rate of $10 billion by the end of 2024.
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Generative AI is set for a major breakthrough in 2024, boosting productivity, creativity, and enhancing how enterprises interact with their ecosystems. Expect to see generative AI in enterprise software, providing tools for greater efficiency and better decision-making. The industry is also likely to see a surge in generative AI chip sales, which could exceed $50 billion, while software revenue might rise by $10 billion in 2024.
In streaming media, Netflix’s hit show Squid Game is coming to VR. Many media and entertainment companies are transitioning as pay TV subscriptions and revenue decline. Streaming services, often unprofitable, could soon see changes. Streaming services are working to offer more options to suit different budgets, whether consumers want no ads or are willing to pay less for ad-supported content.
Deloitte forecasts that in 2024, the number of streaming video on demand (SVOD) tiers offered by top U.S. providers will more than double, potentially reaching an average of eight tiers. These will combine various features like ads, no ads, access to all or limited content, and different contract lengths.
In terms of sustainability, telecom and semiconductor companies are growing their businesses without increasing their carbon footprints. They are switching from copper to energy-efficient fiber optics, phasing out 3G networks, and adopting lower-power 5G infrastructures. Deloitte predicts a 2% reduction in the telecom sector’s carbon footprint by 2024.
The semiconductor industry is also expected to reduce its resource intensity, despite increased energy and water use. Agricultural technology (AgTech) will be crucial for food security and environmental sustainability, with a projected global market of $18 billion in 2024.
Across all sectors, tech companies aim to monetize advanced technology, especially generative AI. By the end of 2024, most enterprise software companies will likely have integrated generative AI into some products, though pricing models remain a challenge. The telecom industry will also see novel monetization strategies, including direct-to-device (D2D) and satellite capabilities to extend connectivity and improve emergency responses.
Women’s sports are expected to hit $1.28 billion in revenues in 2024, driven by commercial, broadcast, and game-day income. This growth will elevate opportunities and performance for female athletes. The media and entertainment sector will balance growth with profitability, offering more choices and potentially doubling the average number of SVOD tiers from four in 2023 to eight in 2024.
Gaming platforms allowing user-generated content could disrupt the industry, with platforms projected to pay $1.5 billion to content developers in 2024. Generative AI might accelerate this trend, making 3D content more accessible.
The audio entertainment market, including podcasts, streaming music, radio, and audiobooks, is expected to grow significantly, surpassing $75 billion in 2024. Podcasts and radio, particularly popular among younger audiences, offer untapped revenue potential.