The past few years showed us that we haven’t even reached the tip of the iceberg as far as technological advancements are concerned. There are still more innovations and more growth expected in the next 5-10 years. One of the factors that will be influenced the most is location-based entertainment. Most of these implications will also have an impact on human life as we know it. That means that we, along with LBE companies, will have to adapt. Each of these changes will create more opportunities for LBE platforms.
New models set to transform LBE
The entertainment industry has exploded with the rise of new technology. LBE has made it possible for developers to create more exciting platforms. Some of these platforms include the following: gated entry with revenue generation which will be based on beverage purchases, retail merchandise, and upcharged events, free entry with a pay-as-you-go policy, annual passes, seasonal passes, multiple access pass events, and content distribution. The latter is one of the biggest advantages to come with the transformation of LBE. This makes it possible for subscriptions like Netflix or Disney+ to exist.
AR will revolutionize human interaction
Experts note that augmented reality technology will overtake smartphones in terms of the impact it will have on people’s lives. Within the next 10 years, AR will overtake the way we communicate with each other to open up new and exciting virtual worlds. AR will not render LBE or guest destinations obsolete but it will mean that organizations will have to adapt. They will have to rethink the way experiences are created. They will have to use locations to deliver personal experiences. They will also have to embrace AR as a means to expand their products or services.
In-home VR will become the mainstream medium of storytelling
Virtual reality will disrupt the cinema industry with VR glasses and other devices being readily available to consumers. It is already being used in many situations where storytelling is visualized. It is not being held back by geographical restraints. Experts note that there will also be a surge of a generation of VR storytellers who will gain the same recognition as film producers. AR/VR will transform LBE along with the way they define value for their users. The technologies allow companies to expand to grow their market.
AI will affect every aspect of civilization
Artificial intelligence is busy changing the world. It will have a huge effect on LBE. It will completely transform the way we work, live, and communicate. It will be on par with the invention of the wheel. Every sector of business and the entire economy will experience the impact of AI. Companies will have to adapt or fade away. This means that there will be many challenges that CEOs and their teams will have to face before enjoying the full benefits of AI. In the end, employers and employees must become AI-literate as soon as possible.
