My name is Sierra Imari and instead of giving unsolicited advice to my family, friends, and co-workers, I’ve decided to publicly make my case on where the business of Entertainment is headed: Welcome to the Entertech Era.
WHO AM I AND WHY SHOULD YOU CARE ABOUT WHAT I HAVE TO SAY?
Before we get into the thick of it, I think it’s only fair to give you some background on who I am so you have a bit more context on me, my perspective, and how I was able to come up with the term: Entertech.
Whether God, the universe, or whoever you call the higher power above — did this on purpose or not, coming from parents who are both Music Industry Vets (ASCAP + Universal Music Group), I’ve always had an intricate way of seeing the business of Entertainment, the dual perspective of seeing it from the eyes of my parents as well as seeing it from my view.
Once realizing the same industry my parents gave me so much insight into, was now changing in ways that they, themselves were not familiar with — I knew I either had to learn what the future of entertainment held from lurking endlessly on Google OR to make a move and truly find out for myself. During my college years at The Los Angeles Film School, while majoring in Entertainment Business, I was fortunately invited to an event (the biggest thank you to Donna Loyd) that would change the trajectory of my career focus and perspective for good.
It was the first time I saw up close and personal how this advancing technology could enhance our current entertainment experiences but naively, I believed this technology wouldn’t take off or be accepted in the mainstream until at least the late 2020s/early 2030s. Now Welcome Covid.
As much as the pandemic has caused global strife - in terms of its impact on technology’s advancement and humans’ dependency on the internet for survival, it has now become a blessing in disguise for many. On the flip side, I’m quite surprised that many have still not acknowledged the impact Entertainment has had throughout the entire duration of the pandemic. Although the industry took some hits, it sustained and prevailed. Entertainment mediums became portals for people and helped them escape from the world as they dealt with a modern-day historical turning point.
Sit with that for a second and think about how powerful that truly is…
Once realizing this and as someone who was also financially impacted by the pandemic, I knew I had to take advantage of our current climate and utilize my creative resources to figure out ways to create new digital revenue streams and opportunities for myself. As I was introduced to the world of the creator economy and web3, I even dabbled into digital publishing with my ebooks that gave creatives a step-by-step guide on how to realistically build their creative careers while living in a pandemic. After observing the atmosphere, and paying attention to how all aspects of Entertainment were slowly becoming more dependent on digital/tech landscapes, it became evident to me that we are currently entering a new phase in Entertainment: The Entertech Era.
WHAT IS ENTERTECH?
Entertech is the intersection between Entertainment and Technological philosophies and business models in a post-pandemic environment.
Since we’re focusing on the intersection between Entertainment and Technology, I must mention that the Entertech era directly impacts Creators and Creative professionals, specifically those who plan to attack the market with IP, globally. Having long-term leverage of ownership of your creations is now an option and no longer is the ‘middle man’ in control of your destiny, however — now the technology is. What people are missing about this historical transition we’re all witnessing is that the buzz terms emerging now are simply not trends, but rather an infrastructure shift and a whole new mental model. It’s an incredibly steep learning curve and that’s going to take more than a just simple YouTube video, Twitter space, or even this article to fully get that message across. From my perspective, see the Entertech era from a dual perspective, being comprised of two different aspects: Creative Storytelling and the Automation of Labor which I’ll go into more detail about, below.
Creative Storytelling in the Entertech Era
Using historical context for reference, true creativity and art are determined by scarcity so although the social media endorphins are nice, the short-term gain may not be the most advantageous when considering the long-term valuation. This past era of Entertainment has birthed an environment of creatives believing they are meant to produce and distribute content 4x a week to optimize audience growth and retention when at the core of true creativity and art — that’s not how it should ideally work. What people are missing about these current shifts in the industry’s infrastructure is that it won’t go fully mainstream until the space is comprised of better storytellers. Historically, storytelling has been a driving force for humanity for thousands of years so it’s inevitable for its form to evolve with the ever-changing times.
Even a lot of the popular web3 platforms are still early and what they’re forgetting, is that taking a copy and paste approach will no longer work in this new space. You still need a story, purpose, and depth, still need authenticity as every creator has a different consumer and ultimately there will have to be a different value exchange to be established. The Entertech Era is going to be all about storytelling in a new expansive way that we’ve never seen before — about building your vision out to the fullest capacity, in addition to revitalizing the importance of intention in creative works and enhancing the way these works are created as well as how they are consumed. Moving forward in the upcoming years, I only ask that you pay attention to how these simple stories will soon expand into multifaceted universes and worlds. With this higher level of storytelling, it opens a new door of opportunity: Instead of the investment being in a single story or project, the investment is actually into something much more substantial — a brand. A brand with a diversified portfolio of medium entry points that form an ecosystem within itself.
Automation of Labor in the Entertech Era
Entertainment Execs are always on the lookout for the next big thing, whether it’s from the lens of consumer demands or just the future of the industry. As much as we can talk about the importance of storytelling, it’s just as invaluable to address the elephant who hasn’t made it in the room just yet but it’s coming: The Automation of Labor. The automation of labor, in simple terms, refers to the Robotic Industry (and yes, we are having the robot conversation today), and for a long time, especially in Entertainment — anytime Robots are showcased in film or media, it’s commonly painted out as a dystopian future where all of us are doomed to be controlled by big tech.
Valued at $27.7 billion in 2020, the global robotics market is due to expand to $74.1 billion by 2026, an annual growth rate of 17%, according to consultancy Mordor Intelligence. The Entertech Era, from the business perspective, is more so about embracing the advancing technologies and implementing them in ways to enhance our existing entertainment models, not replace them. Creatives in the Entertech era won’t be competing with AI, they will be co-creating with it. We’re on the horizon of technological innovation — driven by human gumption, which at its core, relies on imagination. While I can confidently say that the metaverse IS going to be the technological foundation of which we will build the future - I do have to make note that this new landscape will also bring a rise of a new metaverisal economy with completely new enterprises and work roles emerging in it.
CURRENT EXAMPLES OF THE ENTERTECH ERA
MUSIC - Latashá
Meet Latashá, one of the most successful Web 3.0 Music artists of the 21st century. Not only does she embody the essence of creative sovereignty by selling over $70k worth of NFTs in less than a year but also embodies leadership through curating safe community events for newbies in the web3 space with her ZORATOPIA series. Learn more about Latashá and her music journey here.
TV - Mad Realities
Mad Realities is a team of creatives, visual artists, and developers building the first interactive dating show, Proof of Love. Proof of Love is powered by the community in which the line between the audience and the creator will blur as members of the community vote on cast members, who make it to the season finale, and what happens on dates each week. The Mad Realities NFTs act as tickets into this new world of content and can create incentive structures to reward active contributors within the community. Want to watch Proof of Love? Click here
FASHION - Zero 10
ZERO10 is an iOS app where users can try on digital clothes in real-time through their phone camera, collect items in the digital Wardrobe, and more. All digital collections are created in collaboration with both emerging and well-known fashion brands, creatives, and artists to be presented within limited drops inside the app.
VIDEO GAMES - Fortnite
At the core, it’s been video games that have shown us what the metaverse could be in other entertainment industries. Considering Fortnite is a pioneer in offering unique musical concerts, it’s only right to acknowledge that after these concerts, the sales and popularity of the records skyrocketed. Once diving in, it’s an interesting take to see what happens when you cross-pollinate different entertainment mediums (music, gaming) with each other.
PODCASTS/AUDIO PUBLISHING - Money Trees
Money Trees is a daily talk show recorded live on Twitter Spaces. Khufu Reign hosts 1 on 1 conversations centered around Web3, featuring top talents from the worlds of art, entertainment, and technology. Each guest is immortalized on the blockchain in the form of a 1/1 custom Money Trees Note NFT.
SO THE BOTTOM LINE IS…
Entertainment has always been run by bigger corporations and entities and while creatives usually depend on these corporations for the new A&R (access and resources) — I ask that you consider, what does it look like when the playing field becomes a bit more even and the middle man's value decreases while the value of technology increases?
I know there’s a bit of hesitancy with all the newness emerging, especially when the tech world is.. well tech-y… but after reading, I hope you realize that the entertainment industry is particularly ripe for a technological revolution as creators and fans alike can benefit from the changes the tech could bring.
The Entertech Era is a win-win from both a consumer and creator standpoint as it offers specific advantages in terms of giving people access to content, and it could also be used to ensure that creators are fairly compensated with tools like Smart Contracts. We’re truly at the beginning of a new renaissance in Entertainment that if in the right hands, can be built by the brightest most revolutionary minds as at its core, the Entertech Era will truly be what we make it to be.