The potential market value of drone-powered solutions in the media & entertainment industry is over $8.8 bn, says Pwc in a report just published.
The global market for commercial applications of drone technology, currently estimated at about $2 billion, will grow up to as much as $127 billion in the near future, said consulting group PricewaterhouseCoopers LLP in a report published on Monday.The emerging global market for business services using #drones valued at over $127 bn, PwC saysClick To Tweet
Drone technology is disrupting industries from infrastructure to delivery and mining. Drones are boosting crop yields, verifying insurance claims, and helping filmmakers in Hollywood productions in a business that’s due to boom by more than 6,000 percent by 2020.Global market for #drone powered solutions to boom by more than 6,000 percent by 2020, says #PwCClick To Tweet
PwC’s Clarity from above: Applications of drone technology report analyzes and quantifies the impact of drone applications across 8 key industry sectors where drone-powered solutions are going to replace business services and labour in the very near future:
Michał Mazur, partner and head of Drone Powered Solutions (PwC’s global centre of excellence focused on drone technology and applications) says that this report “is not only about machines (drones) but their broader applications” – that’s why PwC uses the term drone powered solutions.
Value of Commercial Drone Applications in the Media & Entertainment Industry
Infrastructure, agriculture, and transport are the top industries which will be most disrupted by drone powered solutions, while Media & entertainment ranks 5th among the 8 industries analyzed by PwC.
Even if its potential value is lower than one of the top 4 industries, the Media and entertainment sector is a pioneer in experimenting with drones, as Vicki Huff, PwC’s Global Leader for the Technology, Communications, Entertainment and Media Practice, confirms in the report: “As with many digital technologies, the TICE (Technology, Information, Communication and Entertainment – ndr) sector is leading in experimentation with and adoption of drone applications, especially in the Communications and Entertainment sectors”.
The specific market of drone-powered solutions in the media & entertainment industry is valued at $8.8 bn.#Drone commercial applications market in the media & entertainment industry seen nearing $9 bn, says #PwCClick To Tweet
PwC identifies 3 key areas where drone services will impact on this industry:
1. Drone-Powered Solutions in Aerial Filming and Photography
According to PwC, the current primary functionality of drones in media & ent. is aerial filming and photography.
They are becoming a popular tool to shoot at private events such as weddings or corporate gatherings. Drones are also used to shoot documentaries.
2. Drone-Powered Solutions in Advertising
PwC also highlights that drones are starting to play an important role in advertising, even if this is an area where the key players are still exploring and testing drone-based solutions.
One of the most interesting examples mentioned by PwC comes from the Singapore-based location-marketing company AdNear, which in 2015 tested drones to collect data from consumers in the San Fernando Valley of Los Angeles. Data collected by drones can have several applications, such as proximity marketing through mobile devices.
3. Drone-Powered Solutions in Entertainment Shows and Special Effects
Shows are the third area where drones are having an impact in this industry, according to the report.
Drone racing is a growing trend: 2 highly advertised and heavily funded successful big drone racing events (the Drone Racing League and the World Drone Prix) were able to attract a global audience in 2015 and in the first months of 2016.
Drones also have potential as a tool for creating special effects.
PwC mentions the case of Sparked, the short film created by Cirque du Soleil in collaboration with ETH Zurich and Verity Studios, among the winners of the last New York City Drone Film Festival.
The patent recently registered by Disney, which intends to use drones for live shows at its theme parks, is another example of drone applications in the live entertainment sector.