Tech entertainment will continue to play a significant role in Malta’s and the world’s future. Here, we’ll look at how technology is currently being used in the entertainment industry and how it may change by the year 2023.

Online services merged into our everyday lives

As the world experienced global changes in the past few years, merging technology into day-to-day life became necessary. In order to adjust to social requirements, the world turned to the internet for help.

Electronics became a necessary means to work, shop, seek medical care, and education. People quickly grew to appreciate its convenience and ease. It was a natural progression to look to the same technology for social needs and entertainment.

Numerous technological advancements are changing the way people engage with entertainment venues. Some of these innovations include the Internet of Things, virtual reality, and augmented reality. These advancements have enhanced the lives and expanded the worldview of many.

Some examples of this include:

  • Streaming platforms like YouTube and Netflix provide movie favourites at the click of a button. That is not to forget that the same can be done, on the go, with smartphones.
  • Venues allow clients to view and participate in various sporting events, play the latest games, and even bet on the Powerball lottery with the use of their smartphone apps.
  • Technology allows fans to experience music in new and innovative ways. These tech advances make entertainment experiences more realistic, from interactive holograms to virtual reality concerts.
  • Virtual environments, such as Metaverse, could eventually become the new normal for consumers. It can provide them with a world where entertainment is not confined to the confines of the real world.
  • Livestream provide opportunities to socialise and maintain close, personal contact with people around the world without leaving the comfort of one’s home.
  • Virtual tours of museums and historical sites are now available to the public.

office boardroom

Tech companies’ financial losses 2021

2021 was a tough year for technology entertainment companies. Losses, lawsuits, and antitrust investigations have dragged down their share prices and the value of their stock. Some major tech companies are cutting staff, perks, and other employment-enticing efforts to help their profitability. However, as the recession fears continue, consumer spending may slow. This will hurt the sector as companies struggle to generate revenue.

Big tech firms face challenging competition in the face of increasing rivalry and global economic worries. Leading tech firms have pushed back on their costs, but companies still need to make money.

Large corporations, like small businesses, and the average person must face the coming months with the same concerns. We must get more done with fewer resources.

Tech leaders are reminded that investing in their peers is not an easy business. A number of companies are using a variety of colourful terms to describe investment markdowns, including unrealized losses, non-operating expenses, and revaluation.

Outlook for tech company’s recovery in 2023

The economy in Malta continues to perform better than average, but that doesn’t mean it is immune to global economic pressures.

Malta’s industrial production increased by 7.2 per cent year-on-year in October 2022. The tech sector has been investing in clean energy technologies. Malta’s Central Bank reports an expected  GDP growth rate of 3.7 per cent for 2023, slightly below expectations. Despite that, it still beats the EU average.

Technology leaders remain bullish on the business outlook for the foreseeable future. Some of them are using innovative talent investment strategies to keep up with the dynamism of the tech industry. We need to consider the power of these industrial giants.

Conclusion

The world of technology has faced unprecedented growth and advancement globally. The past few years have made forecasting the financial outcome for major corporations challenging. Investors are showing concern. Many invested heavily to keep up with consumer spending during the global economic changes of the past few years. The world is returning to a new normal, and there is an unexpected slowdown.

Major corporations such as Google, Microsoft, Meta, and Amazon are pulling in expansion plans and reporting profit declines. Social media sites are reporting a loss of advertising sales. Technology is actively growing, and these companies often operate in assets of billions or trillions.

While 2023 is expected to be taxing, analysts see a modest revival on the horizon in 2024.

Related

‘It’s cheaper to kill someone than to injure them’ – lawyers speak out on workplace accident compensation

February 3, 2023
by Robert Fenech

It remains unclear whether insurance companies would benefit from additional certainty or balk at increased payouts

Performance still below pre-COVID-19 levels for just under half of businesses, SME Barometer® finds

February 3, 2023
by Arnas Lasys

60% of SMEs improved their turnover in 2022 when compared to 2021

An introduction to tax planning in Malta

February 3, 2023
by Robert Fenech

A major attraction, for shareholders, is the option to reclaim a portion of the income tax paid at company level