The technology and media sector in the UK

The future of technology and media:-      The future of tech and media Technology has reshaped almost every aspect of our lives during the past decade – from the way we watch television to the way we read the news. Join us as we look at where the UK tech industry will go next.Technology has reshaped almost every aspect of our lives.Smartphones and the app economy have shaken the foundations of the media industry, with £25bn spent on content via Google and Apple’s app stores worldwide in the first nine months of 2017.“The data universe is expanding exponentially and aggregated into huge data sets, which means that hyper personalized products and services can now be created to meet business and consumer needs,” says Neil Bellamy, Head of Technology, Media and Telecoms for NatWest.“However, with increasing demands and regulation around privacy, trust, permission and protection, any business models built on the assumption of limitless, free data from consumers, will be challenged.“Businesses will shift from focusing on what products they are offering to what connections they are enabling. Whilst some dominant platforms have been abusing their position, new technology such as distributed ledgers will allow platforms to be decentralized and will give the power of choice and control back to consumers and small businesses.”Bellamy adds: “The human-to-digital interface is also becoming increasingly complex, with the advancing need for personal clouds, biometric identity and the use of artificial intelligence (AI). Lines between work and leisure are blurring – particularly as a result of machine learning. Most of us will have an AI co-worker and, as consumers, will increasingly interact with more bots than humans.”£65bnTechnology, media and telecoms sector exports £65bn of goods, according to CBI£180bnUK tech sector is worth £180bn according to Tech Nation, up by £10bn since 201713.2%Digital tech employment rose 13.2pc in 2014-17 according to Tech Nation£3.8bnBy 2022, Britons will download 3.8bn apps a year, according to PwC2,336,000The number of jobs that depend on tech, media, and telecoms, according to CBI.In 2017, almost three-quarters (73pc) of people in Britain accessed the internet via a mobile device – more than double the figure from 2011, according to the Office for National Statistics, with 75pc of us now reading newspapers and magazines online.Among young people, social media has become almost universal, with 96pc using platforms such as Facebook and Snapchat, according to the Office of National Statistics (ONS) figures.While the shift to online has led to a decline in print newspaper and magazine sales, other media sectors are booming. PwC predicts that media and entertainment in Britain will grow by 3pc year on year, and will be worth £76bn in 2022.The fastest-growing sectors will be hi-tech entertainment such as virtual reality (VR) and competitive gaming or “esports”, reports PWC; both of which Britain is a market leader in.New technologies such as augmented reality (AR) look set to reshape our lives still further, with AR apps blending the “real” world with internet information. The launch of 5G, a new, ultra-fast mobile network due to start trialing in Britain this October, could also act as an energizing force.Dmitri Tcherevik, chief technology officer at app developer Progress, says: “The smartphone is just getting started as the computing hub for new technologies, such as augmented reality, virtual reality and smart devices, all controlled via AI chips within phones.”“The smartphone is just getting started as the computing hub for new technologies, such as augmented reality, virtual reality and smart devices, all controlled via AI chips within phones”Dmitri Tcherevik, chief technology officer at the app KEY MOMENTS IN TECHNOLOGY AND MEDIA:-2000:- The so-called "dotcom bubble" brust , taking the FTSE from a record high of 6,930 on December 31st 1999 to a low of 3,346 on 10th March 2003.2001:- Apple launched the fist IPod music player, making its move into media.2004:- Mark Zukerberg founded Facebook with college roommate  and fellow Harvard student Eduardo Saverin.2007:- Amazon launched its first Kindle ebook reader, which sold out within hours.2007:- Steve Jobs announced a :breakthrough" three-in-one device called IPhone, which has now gone on to sell more than a billion units worldwide.2010:- The first prototype of VR device Ocolus Rift  was unveiled. Ocolus Vr was late bought up by Facebook for US$2bn (£1.5bn)2003:- Netflix shook up the traditional TV industry with the launch of "House of Cards", as they moved into content production.2014:- Google launched the first Wearable AR Device, Google Glass for sale although it was later withdrawn.2017:- Amazon launched its Echo voice - Control device, which was followed rapidly by rival devices from Apple and Google.“Media organisations are continuously having to evolve,” explains Gavin Mann, global broadcast lead at Accenture. “The biggest challenge is working out how you continue to benefit from your core business while preparing yourself for the new.“Established players need to apply the full force of digital innovation, decoupling decision-making, operational processes and technology from legacy ways of working,” he adds.THE ONLINE DATA DILEMMAAnother key challenge is dealing with customer data. At a time when the Cambridge Analytica and Facebook scandal has highlighted the risks of misuse, it’s “paramount” for media companies to focus on data security, according to Abe Smith, president of EMEAI at Cision.“I think we are at a crossroads,” Mr. Smith continues. “According to a YouGov poll, 55 percent of British adults say they hate targeted advertising.“No one wants to feel a sense of ‘Big Brother is watching’, but mass media would bombard us all with an avalanche of useless content if unfiltered. Finding the balance is really where we are today,” he says.Brexit could also pose new challenges for tech and media firms, points out Sacha Wilson, a partner at law firm Harbottle & Lewis, who specializes in advertising, tech/digital, and data privacy.He says: “One of the key issues is the status of data transfers between the UK and EU member states post-Brexit. The Department for Exiting the European Union (DExEU) has been seeking a new data protection agreement. The ability of the UK to negotiate this type of bespoke agreement with the EU is very uncertain.”Adblocking is another tricky issue. Up to a fifth of internet users now use software to block adverts, according to Justin Taylor, UK managing director of software firm Teads, which invented out-stream video advertising.Publishers lost almost £3bn in revenue to ad blocking in 2017 – an increase of 15pc on the year before. Mr. Taylor continues: “If we want to curb ad blocking, ads can’t be intrusive and need to be entertaining.“For example, some video ads now include augmented reality tech that gives you the option to ‘try on’ products like sunglasses before buying.”"Media organizations are continuously having to evolve. The biggest challenge is working out how you continue to benefit from your core business while preparing yourself for the new”Gavin Mann, global broadcast lead at Accenture.WHAT IS 5G?The first 5G technology is being tested now, with a trial EE network going live in October this year at the Tech City hub in London.The arrival of 5G could drive a revolution similar to the impact of the world wide web, believes Yaron Morgenstern, CEO at digital customer experience company Glassbox.Mr Morgenstern explains: “5G has been compared to the internet, delivering hugely increased visual, audible and sensory capabilities. From videoconferencing like someone is in the room with you, to self-driving cars, the potential applications of 5G are amazing.”For technologies such as VR and AR, the new 5G network will be nothing short of a game-changer, according to Dan Calladine, head of media futures at Carat Global. “Gamers have embraced VR, but it will shift to the mainstream, with films and even reality TV show-style content being produced,” he says.“Imagine yourself on Love Island, being part of the experience. The game-changer will be 5G connectivity, as it will give phones and wearable headsets the speed they need to make VR accessible.”Companies such as MelodyVR, meanwhile, are already pioneering the idea of broadcasting live concerts in virtual reality.“Trust is a serious problem, we have to get to a new level of transparency – only through radical transparency will we get to radical new levels of trust.” - Marc R. Benioff, CEO of SalesForce