Issue Streaming, gaming, and social platforms become substitutes for in-person experience

Summary

McKinsey argues that the definition of an experience is no longer limited to things people do in person. Formats consumed digitally or at home, including streaming, gaming and social platforms, are increasingly serving as genuine alternatives to, or add-ons for, out-of-home activities. This widens the competitive field for any company selling experiences, since a night out now competes with entertainment on a screen. The report says the change pushes firms to look past physical venues alone. Instead they need an experience strategy that links online and offline channels into one integrated whole. Companies that stay focused only on in-person formats risk missing where a growing share of consumer time is going.