• by Stephanie Dolan , Op-Ed Contributor, September 29, 2026

For decades, success in entertainment was measured by what audiences watched. Increasingly, it will be measured by what they do next.

On average, consumers still spend about six hours a day with media and entertainment, according to Deloitte's Digital Media Trends survey.

But what's becoming more important than the amount of time they spend is how that attention moves.

Audiences seamlessly shift between streaming platforms, social media, games, podcasts, theaters, creator channels, and live experiences—often following the same story, franchise, or personality across each one.

Entertainment isn't becoming less about content. It's becoming more about participation.

That shift is moving the industry beyond what I think of as the "Content Economy" and into the "Participation Economy," where value is created not only by what media companies produce, but by what audiences choose to do with it. They don't simply watch. They share, create, discuss, recommend, remix, attend, purchase, and build communities around the stories and creators they love.

In other words, participation fuels fandom -- and fandom is becoming one of entertainment's most valuable assets.

Where is the value of media moving next?

For media and entertainment leaders, the question is no longer whether audiences are fragmented. They are. The more important question is how companies create experiences that keep fans engaged wherever they are.

That starts with rethinking how content is designed.

The next generation of entertainment won't be adapted for multiple platforms after it's created -- it will be designed that way from the start.

A film, series, game, or live event should live differently across streaming, mobile, social platforms, creator channels, and live experiences. The objective isn't simply to edit the same content into shorter clips. It's to create distinct experiences that reinforce one another and encourage audiences to move seamlessly across platforms.

We're already seeing this dynamic emerge. Fans influence livestreams through chat, creators build ongoing storylines based on community feedback, and online multi-player games continue to evolve through active player participation. Increasingly, audiences expect entertainment to be something they engage with -- not simply consume.

Speed is becoming just as important.

Culture moves quickly, and fandom often forms in real time. The companies that succeed are those that can identify emerging conversations, respond authentically, and create experiences that feel timely without sacrificing creativity or quality. Participation isn't something that happens after a release -- it increasingly shapes the momentum of the release itself.

Artificial intelligence is accelerating this shift.

AI isn't replacing creativity; it's making participation more scalable. It can help companies recognize fan signals earlier, personalize discovery, understand emerging communities, and create more continuous feedback loops between audiences and creators.

As younger generations become increasingly comfortable with AI-enabled experiences, authenticity becomes even more important. Leading companies won't use AI to replace human creativity—they'll use it to deepen the connection between creators and fans.

That connection is where fandom grows.

For years, media companies have measured success through views, subscribers, ratings, or box office revenue. Those metrics still matter. But participation offers another lens for understanding long-term value. Fans advocate for franchises, introduce new audiences, attend live events, purchase merchandise, engage with creators, and extend stories far beyond their original release. Strong fandom doesn't end with the content—it creates an ecosystem around it.

This evolution may also reshape how the industry thinks about mergers and acquisitions.

Historically, media deals focused on acquiring content libraries, subscribers, and distribution scale. Those assets remain important; but future deals may increasingly place value on communities as much as catalogs.

Creator ecosystems, fan platforms, live experiences, engagement data, AI-enabled personalization, and businesses that monetize across content, commerce, licensing, and experiences may become increasingly attractive because they strengthen long-term audience relationships rather than simply expanding content inventories.

Ultimately, the future of entertainment won't be defined by who produces the most content. It will be defined by who creates the most meaningful opportunities for audiences to participate.

The companies that build lasting fandom -- by giving audiences reasons to watch, share, create, connect, and return -- will likely be the ones best positioned for the next era of media.