Market Research Future Insights
The entertainment and media industry is constantly evolving, with new trends emerging each year. Some of the key trends that are expected to shape the industry in 2023 include a focus on quality over quantity, box office recovery, inflationary pricing, the rise of streaming services, the growth of esports, the increasing popularity of streaming audio services, and the emergence of cloud gaming. Additionally, the pandemic has created some new consumption patterns that are likely to remain in place even after the pandemic has ended, such as an increased demand for streaming services and at-home entertainment.
The global entertainment and media market share is anticipated to reach USD 5,099.2 Million, growing at a CAGR of 8.60% from 2020 to 2030. The market for entertainment and media is expanding as a result of the rising popularity of video games and e-sports as well as the quick uptake of smartphones. The expansion of this digital media business is being hampered by rising piracy.
The market expansion over the research period could, however, profit from new prospects brought on by the implementation of 5G. The expansion of the sector is also supported by new small and medium-sized businesses that provide regional and local content to audiences worldwide. With consumers expecting a better gaming experience, artificial intelligence is predicted to have an impact on the gaming industry and create investment opportunities for major players.
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The entertainment industries suffer losses amounting to billions of dollars as a result of piracy and illegal file-sharing practices, so limiting piracy and properly enforcing copyright laws continues to be a barrier for market participants. The market operators also face a problem in addressing the growing cyberattacks on internet platforms.
Regional Analysis :
The Middle East and Africa, Asia-Pacific, South America, North America, and Europe have all been included in the regional analysis of the global entertainment & media.
In the upcoming years, North America is expected to have strong demand for video games, books, periodicals, and online video streaming services. The growing use of high-speed internet, cloud storage, digital technologies, social media platforms, and wide-spread distribution of multilingual content are anticipated to drive the growth of the media and entertainment sector in North America. The market in North America held the largest market share in 2019 and is anticipated to grow rapidly over the next few years.
The increase in the number of television viewers, radio listeners, live music streamers, internet & smartphone penetration, etc. in European countries like Germany, UK, France, Italy, Russia, Spain, and the rest of Europe region has contributed to the regional market growth for the entertainment and media industry.
But when it comes to the Middle East and Africa (MEA) region, nations like the UAE, Saudi Arabia, Egypt, Nigeria, South Africa, and others are anticipated to boost the market for entertainment and media as a result of the region’s increased internet penetration and rising demand for video games as a form of entertainment, providing exciting investment opportunities for major players.
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Due to significant government investment, China is anticipated to generate the most revenue in the Asia-Pacific region. The existence of significant media companies and the sizeable populations in nations like China and India, which demand high-quality media content, are the main factors boosting the growth of the market in this region.
Various types, applications, and geographic regions have been used to segment the worldwide entertainment and media market.
The worldwide entertainment and media market has been divided into many categories based on the type of content which are movies and theatre, music, social media, animation, video games, sports, art, amusement parks/facilities, radio & broadcasting, books & magazines, toys, and outdoor advertising.
With a market value of USD 285.1 billion in 2018, the music & theatre segment held the largest market share of 14.3%; over the forecast period, it is anticipated to grow at a CAGR of 5.3%. With a market value of USD 305.1 billion in 2018, the radio and broadcasting segment was the second-largest market. From 2021 to 2030, it is expected to grow at a CAGR of 10.5%. However, over the forecast period of 2021–2030, the gaming and gambling segment is anticipated to grow at the highest CAGR of 12.3%.
The market has been segmented into wired and wireless applications based on application. Channels are used by both wired and wireless applications to transport data between transmitters and receivers. Wireless media utilise the frequency spectrum, which includes radio waves and microwaves, as opposed to wired media, which use wires for transmission.
For media and entertainment, various devices, including PCs, televisions, smartphones, tablets, and game consoles, employ wired and wireless communication. With a market value of USD 1,134.0 billion and the largest market share of 56.8% in 2018, the wired segment is anticipated to grow at a CAGR of 5.7% over the forecast period. The wireless market was valued at USD 853.5 billion, and it is anticipated that during the same time period, it will grow at a CAGR of 11.4%.
Several well-known companies that are active in the entertainment and media market are News Corporation (US), Advance (US), iHeartMedia Inc. (US), Discovery, Inc. (US), Warner Media, LLC. (US), Verizon Communications Inc. (US), Alphabet Inc. (US), The Walt Disney Company (US), Baidu, Inc. (China), Grupo Globo (Brazil), Comcast Corporation (US), Facebook Inc. (US), Bertelsmann SE & Co. KGa (US).
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