The Rise of Gen-Z<\/a>[\/vc_column_text][\/vc_column][vc_column width=”2\/3″ css=”.vc_custom_1554889401775{margin-bottom: 0px !important;}”][vc_column_text el_class=”intro-txt” css=”.vc_custom_1626782863180{margin-bottom: 10px !important;}”]\nIntroduction<\/h4>\n
The COVID-19 pandemic transformed the working world, serving as a driving force towards innovation for companies in all industries. The video production industry was no exception, demonstrating impressive resilience thanks to an increased demand for video content and growing competition amongst video brands. In such turbulent times, it is vital that we as service providers remain well-informed on industry trends in order to fully understand and meet the needs of our clients. One of the most notable shifts in the industry was a migration towards remote shooting, which has become a commonplace solution where in-person shooting is not possible. Where in-person production has been possible, the film industry has developed updated measures to promote safety in a sustainable way. We have also seen the continued growth of digital advertising, which has been propelled by consumers staying at home. For one, streaming services have become increasingly popular as opposed to traditional television, and e-commerce spending has equally experienced major growth. Furthermore, brands are refining their approach to influencer and social media marketing by placing a heightened emphasis on authenticity and transparency in order to appeal to Gen-Z audiences. This report will reflect on these trends and the lasting impact of the \u201cstay-at-home year\u201d on the video production industry.[\/vc_column_text][\/vc_column][\/vc_row][vc_row el_id=”adspend”][vc_column][vc_empty_space height=”60px”][vc_separator][\/vc_column][\/vc_row][vc_row][vc_column width=”1\/3″][\/vc_column][vc_column width=”2\/3″][vc_column_text el_class=”intro-txt” css=”.vc_custom_1626783547371{margin-bottom: 10px !important;}”]\n
Remote Shooting<\/h4>\n
At the onset of the pandemic, in-person production came to a halt as safety restrictions such as social distancing made standard shooting procedures unviable. Despite the various challenges this posed for the video production industry, with several productions being delayed, cancelled, or released digitally, many companies found a creative solution in remote shooting. While the concept of remote shooting has been steadily gaining momentum over the years, the pandemic greatly accelerated the development of the technology necessary to complete remote productions. Streaming equipment has become an essential tool, with multi-camera live feeds and cloud-based systems helping to make remote production possible (1)<\/small>. This technology has been utilised in campaigns such as Apple\u2019s \u2018Creativity Goes On\u2019, featuring at-home footage of people staying creative during lockdown, and Ikea\u2019s \u2018Making Home Content\u2019, focusing on the joys of being home. In addition to advertisements, remotely-shot television shows such as Saturday Night Live and The Tonight Show have proven the capability of remote shooting to function effectively on a larger scale. With the widespread utilisation of remote shooting procedures, companies are recognising a host of benefits to this alternative workflow. Remote working is not only cost-effective and efficient, but offers a high level of flexibility due to the ability to work from anywhere. Such flexibility has the added benefit of promoting greater diversity, as productions can look outside of major markets when sourcing talent. While initially adopted out of necessity, the remote shooting techniques developed during the pandemic will have a lasting impact on the video production industry.[\/vc_column_text][vc_column_text]\n
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1 \u2018Advanced IP-based tools and cloud workflows: Ushering in a new era of remote video production\u2019. IBC. 12.03.2021<\/small>[\/vc_column_text][\/vc_column][\/vc_row][vc_row el_id=”shiftofpower”][vc_column][vc_empty_space height=”60px”][vc_separator][\/vc_column][\/vc_row][vc_row][vc_column width=”1\/3″][\/vc_column][vc_column width=”2\/3″][vc_column_text el_class=”intro-txt” css=”.vc_custom_1657876078177{margin-bottom: 10px !important;}”]\nNew Developments in Sustainable Film Production<\/h4>\n
For the past decade, sustainability in film production has revolved around specific areas of focus, namely energy conservation, waste reduction and the minimisation of carbon emissions. Initiatives such as the Green Production Guide in the US, the albert carbon calculator in the UK, and Interreg Europe\u2019s Green Screen initiative, among others, have demonstrated the industry\u2019s commitment to environmental awareness by setting guidelines for sustainable shooting. However, the drastic changes to the industry caused by the COVID-19 pandemic have created an opportunity to transform the approach to eco-friendly production. A report published by the UK\u2019s leading film organisations, the BFI and BAFTA, recognises the room for innovation, identifying ways in which the workflows adopted during Covid can have a lasting positive impact on the environment (2)<\/small>. In particular, collaboration platforms such as StudioBinder and virtual reality studios such as The Third Floor are evidence of the technological advancements in the film industry that are gradually eliminating the reliance on physical materials. In addition to the increased use of digital tools, the pandemic has led to a substantial decrease in transportation as many productions have moved largely online. Transportation has been a longstanding area of needed improvement in the industry, as data analysis shows that on the average tentpole film production with a budget of over $70m, transport accounts for the majority of carbon emissions (3)<\/small>. Now that remote production has been explored and embraced by many companies, these sustainable practices are here to stay, signifying major progress in the film industry\u2019s endeavor to become more eco-friendly.[\/vc_column_text][vc_column_text]\n
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2 \u2018A Screen New Deal: A route map to Sustainable film production\u2019. albert, BFI & Arup. 02.09.2020.<\/small>
\n3 Ibid.<\/small>[\/vc_column_text][\/vc_column][\/vc_row][vc_row el_id=”arms”][vc_column][vc_empty_space height=”60px”][vc_separator][\/vc_column][\/vc_row][vc_row][vc_column width=”1\/3″][\/vc_column][vc_column width=”2\/3″][vc_column_text el_class=”intro-txt” css=”.vc_custom_1657876839503{margin-bottom: 10px !important;}”]\nThe Continued Growth of Digital Advertising (400)<\/h4>\n
Consumption of digital media spiked during the first weeks of the pandemic as new safety restrictions were imposed and consumers were required to stay at home. In such an unpredictable period, the flexibility offered by digital advertising became increasingly important to brands. In consequence, brands were prompted to reallocate adspend from traditional to digital media, with digital media ultimately accounting for nearly half of total global adspend (4)<\/small>, leading to notable growth in areas such as connected TV and e-commerce.[\/vc_column_text][vc_column_text]\n
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4 \u2018Coronavirus crisis accelerates shift to digital advertising\u2019. Zenith. 27.07.2020.<\/small>[\/vc_column_text][\/vc_column][\/vc_row][vc_row el_id=”svod”][vc_column][vc_empty_space height=”60px”][vc_separator][\/vc_column][\/vc_row][vc_row][vc_column width=”1\/3″][\/vc_column][vc_column width=”2\/3″][vc_column_text el_class=”intro-txt” css=”.vc_custom_1626785012858{margin-bottom: 10px !important;}”]\nConnected TV<\/h4>\n
While connected TV has steadily grown in demand over the years, the pandemic greatly expedited this trend. Television became a primary source of entertainment during lockdown, as many people replaced commuting time with media consumption. SVOD platforms capitalised on the influx of users, with existing platforms such as Netflix experiencing its largest growth in history, gaining 25 million new subscribers in the first half of the year, and new platforms such as Disney+ achieving its five-year growth target in a matter of months (5)<\/small>. Brands have responded swiftly to the shifting viewing patterns, moving several movies to digital release. Although SVOD platforms are not available to advertisers, the relatively newer ad-funded video on demand (AVOD) model has witnessed an even higher increase in demand. While SVOD services on connected TV in the US rose by 5% between January and April of 2020, AVOD services rose by 9% to 58.5 million households (6)<\/small>. Benefitting from high user acquisition and ad personalisation capabilities, AVOD services provide an exciting opportunity for brands to deliver effective advertisements to a wide audience. Advertising expenditure forecaster Zenith predicts the continued growth of AVOD in coming years, counterbalancing the loss of audience to SVOD and further driving the increase in online video adspend (7)<\/small>. This shift towards on-demand content and connected TV is likely to last beyond the pandemic, representing a permanent change in consumer behaviour.[\/vc_column_text][vc_column_text]\n
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5 \u2018Ecommerce and video fuel faster-than-expected recovery in global adspend.\u2019 Zenith. 07.12.2020.
\n<\/small>6 Ibid.<\/small>
\n7 Ibid.<\/small>[\/vc_column_text][\/vc_column][\/vc_row][vc_row el_id=”diversity”][vc_column][vc_empty_space height=”60px”][vc_separator][\/vc_column][\/vc_row][vc_row][vc_column width=”1\/3″][\/vc_column][vc_column width=”2\/3″][vc_column_text el_class=”intro-txt” css=”.vc_custom_1657876161129{margin-bottom: 10px !important;}”]\nE-Commerce<\/h4>\n
Alongside the growth of connected TV has been a rise in e-commerce. The safety risks associated with entering public spaces during the pandemic forced consumers to turn to online shopping for essential items. Once introduced to and familiarised with the e-commerce process, many consumers embraced the convenience and efficiency of online shopping, with 53% of consumers planning to continue to use at least one form of online shopping even after the reopening of stores (8)<\/small>. The impact of this permanent change in consumer behavior is widespread, as the U.S. Census Bureau reported that e-commerce spending Americans spent $791.7 billion online in 2020, a 32.4% increase from 2019 (9)<\/small>. As retail stores face an indefinite period of closure, brands have been motivated to develop and utilise digital tools to boost online store traffic. Companies such as Snap have employed augmented reality to simulate virtual \u2018try-ons\u2019 in place of in-person dressing rooms. Likewise, livestream sessions and video clips have been useful tools for Michael Kors to present its new handbag collection. The success of such tools are testament to the value of digital transformation and adaptation to a changing market environment. Now that brands have become accustomed to this modified approach, they will likely devote more resources to digital advertising and the growth of e-commerce is only likely to continue.
\nOn a local level, Prom\u00e1laga is eager to implement the guidelines of \u2018green filming\u2019 in Spain and has consequently created a carbon footprint calculator intended to measure the emissions in the filming industry. We support and encourage this new awareness in the film industry and we are intent upon contributing to this positive development.[\/vc_column_text][vc_column_text]\n
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8 Ibid.<\/small>
\n9 \u2018Quarterly Retail E-Commerce Sales: 4th Quarter 2020\u2019. U.S. Census Bureau News. 19.02.2021.<\/small>[\/vc_column_text][\/vc_column][\/vc_row][vc_row el_id=”genz”][vc_column][vc_empty_space height=”60px”][vc_separator][\/vc_column][\/vc_row][vc_row][vc_column width=”1\/3″][\/vc_column][vc_column width=”2\/3″][vc_column_text el_class=”intro-txt” css=”.vc_custom_1657876264144{margin-bottom: 10px !important;}”]\nThe Rise of Gen-Z<\/h4>\n
With a staggering purchasing power of $143 billion, Gen-Z has been at the forefront of the growing shifts in online advertising (10)<\/small>. During the pandemic, the advertising industry was catapulted years forward as social media consumption soared, with nearly half of Gen-Z adults using social media as their primary news source (11)<\/small>. Alongside increased social media use, there has been an increased importance placed on activism. As the first generation to have grown up with access to so much online information, many Gen-Zers are passionate about creating positive change in the world, and expect brands to reflect similar values through taking a stand on societal issues (12)<\/small>. This rise in activism, coupled with the highly resourceful nature of Gen-Z with regard to obtaining desired information, ensures that brands will be held accountable for their statements.<\/p>\n
Brands have adapted their approach to social media marketing accordingly, committing to both authenticity as well as transparency in the communication of brand values. From gender equality, to climate change, to human rights, brands are increasingly embracing progressive causes. Nike is a leader in socially conscious advertising, with its recent \u2018For Once, Don\u2019t Do It\u2019 campaign, addressing racism in the light of the murder of George Floyd, perceived as empowering by an overwhelming majority of viewers (13)<\/small>. Additionally, a powerful marketing tool in demonstrating commitment to brand values has been partnerships, both with influencers as well as between brands. With the Covid-related filming restrictions, influencers have helped boost content creation by serving as their own creative studios. For instance, Puma took advantage of this opportunity by partnering with influencer Cara Delevingne to create \u2018From Puma With Love\u2019, a rainbow-themed fashion collection to celebrate Pride Month, with 20% of proceeds going towards LGBTQ+ charities. Such an emphasis on brand activism opens up a space for engagement, appealing to Gen-Z\u2019s desire for self-expression and allowing for a more personal connection between consumer and brand.[\/vc_column_text][vc_column_text]\n
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10 \u2018Gen Zers have a spending power of over $140 billion, and it\u2019s driving the frenzy of retailers and brands trying to win their dollars\u2019. Business Insider. 28.01.2020.<\/small>
\n11 \u2018Understanding Gen Z\u2019. Morning Consult. 25.06.2019.<\/small>
\n12 \u2018Meet the Future\u2019. Facebook IQ. 21.09.2020.<\/small>
\n13 \u2018Nike\u2019s \u201cFor Once, Don\u2019t Do It\u201d Rallies Strong Support, But Not Without Controversy\u2019. ACE Metrix. 02.06.2020.<\/small>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column width=”1\/3″][\/vc_column][vc_column width=”2\/3″][vc_column_text el_class=”intro-txt” css=”.vc_custom_1626786233530{margin-bottom: 10px !important;}”]\nConclusion<\/h4>\n
Overall, the video production industry has undergone significant change during the pandemic, with lockdown restrictions serving as a driving force for innovations in both workflow and digital production tools.[\/vc_column_text][vc_empty_space height=”50px”][vc_column_text]\n
\nReference List:<\/small><\/strong>
\n\u2018Automotive and women: Mad Maxine Study\u2019. Good Rebels. 03.09.2019<\/small><\/p>\n\u2018Advanced IP-based tools and cloud workflows: Ushering in a new era of remote video production\u2019. IBC. 12.03.2021.<\/small><\/p>\n
\u2018A Screen New Deal: A route map to Sustainable film production\u2019. albert, BFI & Arup. 02.09.2020.<\/small><\/p>\n
\u2018Coronavirus crisis accelerates shift to digital advertising\u2019. Zenith. 27.07.2020.<\/small><\/p>\n
\u2018Ecommerce and video fuel faster-than-expected recovery in global adspend.\u2019 Zenith. 07.12.2020.<\/small><\/p>\n
\u2018Quarterly Retail E-Commerce Sales: 4th Quarter 2020\u2019. U.S. Census Bureau News. 19.02.2021.<\/small><\/p>\n
\u2018Gen Zers have a spending power of over $140 billion, and it\u2019s driving the frenzy of retailers and brands trying to win their dollars\u2019. Business Insider. 28.01.2020.<\/small><\/p>\n
\u2018Understanding Gen Z\u2019. Morning Consult. 25.06.2019.<\/small><\/p>\n
\u2018Meet the Future\u2019. Facebook IQ. 21.09.2020.<\/small><\/p>\n
\u2018Nike\u2019s \u201cFor Once, Don\u2019t Do It\u201d Rallies Strong Support, But Not Without Controversy\u2019. ACE Metrix. 02.06.2020.<\/small>[\/vc_column_text][vc_column_text]\n
\n
Source URLs:<\/small><\/strong>
\nRemote shooting<\/strong>
\n– https:\/\/www.cnbc.com\/2021\/03\/13\/how-covid-19-changed-the-advertising-industry-.html
\n– https:\/\/digiday.com\/sponsored\/as-the-production-industry-locks-down-brand-marketers-are-turning-to-remote-casting\/
\n– https:\/\/www.ibc.org\/trends\/advanced-ip-based-tools-and-cloud-workflows-ushering-in-a-new-era-of-remote-video-production\/7359.article?adredir=1
\n– https:\/\/www.ibc.org\/trends\/remote-control-new-tools-for-production-during-the-pandemic\/6925.article
\n– https:\/\/www.lbbonline.com\/news\/intimacy-trust-and-technology-how-are-commercial-directors-getting-to-grips-with-remote-shooting
\nSustainable Shoots during Covid<\/strong>
\n– https:\/\/www.bfi.org.uk\/strategy-policy\/policy-statements\/sustainability
\n– https:\/\/www.greenproductionguide.com\/wp-content\/uploads\/2020\/07\/2020-07-29-GPG_RTW_Guidelines_Final_072820.pdf
\nContinued Growth of Digital Advertising<\/strong>
\n– Connected TV
\n– Ecommerce
\n– http:\/\/www.zenithmedia.com\/wp-content\/uploads\/2020\/12\/Business-Intelligence-Video-Entertainment.pdf
\n– https:\/\/www.zenithmedia.com\/ecommerce-and-video-fuel-faster-than-expected-recovery-in-global-adspend\/
\n– https:\/\/www.zenithmedia.com\/coronavirus-crisis-accelerates-shift-to-digital-advertising\/
\n– https:\/\/www.ibc.org\/trends\/analysis-the-state-of-the-tv-advertising-market-in-2020\/7074.article?adredir=1
\n– https:\/\/www.media-marketing.com\/en\/news\/warc-global-advertising-trends-state-industry-2020-21\/
\nThe Rise of Gen Z (Influencer + Social Media Marketing)<\/strong>
\n– https:\/\/www.marketingdive.com\/news\/how-influencer-marketing-will-evolve-as-gen-zs-sway-grows\/595517\/
\n– https:\/\/adage.com\/article\/cmo-strategy\/rise-gen-z\/2298336
\n– https:\/\/influencermarketinghub.com\/covid-influencer-marketing\/
\n– https:\/\/www.businessinsider.com\/retail-courts-gen-z-spending-power-over-140-billion-2020-1<\/small><\/p>\n[\/vc_column_text][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"[vc_row][vc_column width=”1\/3″][\/vc_column][vc_column width=”2\/3″][vc_column_text] Market Environment [\/vc_column_text][\/vc_column][\/vc_row][vc_row css=”.vc_custom_1554889368212{margin-bottom: 0px !important;}”][vc_column width=”1\/3″][vc_column_text el_class=”inside-page-menu”]Contents Remote Shooting New Developments in Sustainable Film Production The Continued Growth of Digital Advertising (400) Connected TV E-Commerce The Rise of Gen-Z[\/vc_column_text][\/vc_column][vc_column width=”2\/3″ css=”.vc_custom_1554889401775{margin-bottom: 0px !important;}”][vc_column_text el_class=”intro-txt” css=”.vc_custom_1626782863180{margin-bottom: 10px !important;}”] Introduction The COVID-19 pandemic transformed the working world, serving as a driving force towards…<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":32,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false},"_links":{"self":[{"href":"https:\/\/annualreport.palmapictures.es\/annualreport2020\/wp-json\/wp\/v2\/pages\/329"}],"collection":[{"href":"https:\/\/annualreport.palmapictures.es\/annualreport2020\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/annualreport.palmapictures.es\/annualreport2020\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/annualreport.palmapictures.es\/annualreport2020\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/annualreport.palmapictures.es\/annualreport2020\/wp-json\/wp\/v2\/comments?post=329"}],"version-history":[{"count":6,"href":"https:\/\/annualreport.palmapictures.es\/annualreport2020\/wp-json\/wp\/v2\/pages\/329\/revisions"}],"predecessor-version":[{"id":342,"href":"https:\/\/annualreport.palmapictures.es\/annualreport2020\/wp-json\/wp\/v2\/pages\/329\/revisions\/342"}],"up":[{"embeddable":true,"href":"https:\/\/annualreport.palmapictures.es\/annualreport2020\/wp-json\/wp\/v2\/pages\/32"}],"wp:attachment":[{"href":"https:\/\/annualreport.palmapictures.es\/annualreport2020\/wp-json\/wp\/v2\/media?parent=329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}