The global entertainment and media market will touch USD 5,099.2 million at an 8.9% CAGR in the forecast period (2022- 2030), states the latest Market Research Future (MRFR) report.
Shift to Consumer Revenue to Boost Market Growth
The shift to consumer revenue from ad revenue owing to an increase in subscription-based revenue generated by online platforms may boost market growth over the forecast period. The media and entertainment industry too is making a transition to consumer revenue models from ad revenues.
Increased Smartphone Penetration to offer Lucrative Opportunities
The increased preference for mobile devices and low data tariff along with investment in regional and localized content may offer robust opportunities for the market over the forecast period.
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Piracy of Content to act as Market Restraint
The piracy of content is a serious issue in the entertainment and media industry for a long time which may act as a market restraint over the forecast period.
Increasing Commercialization of Internet to act as Market Challenge
The increasing commercialization of the internet may act as a market challenge over the forecast period.
The COVID-19 pandemic possessed a mixed impact on the Entertainment and Media Industry. On the one side, the film industry was vulnerable due to the crisis as both the production and consumption of its output require several people together in compact spaces. On the other, the market had a positive impact due to the growing adoption of online video streaming such as Hotstar, Netflix, Amazon Prime, and more. Social distancing, stay at home, and quarantine all had a noteworthy impact on media consumption as this led to an increase in TV viewing, indoor lifestyle-friendly application, and social media conversations thus fueling market growth.
The entertainment and media market has been bifurcated based on type and application.
By type, the music and theater segment will lead the market over the forecast period and at a 5.3% CAGR.
By application, the wired segment will dominate the market over the forecast period and at a 5.7% CAGR.
North America to Precede Entertainment and Media Market
North America will precede the market over the forecast period. Increasing investments by key market players like Comcast Corporation, The Walt Disney Company, Google LLC, Facebook Inc., Warner Media LLC, Viacom Inc., and Time Inc., the region being a global hub for media and entertainment offerings like publishing, music, film & television, video games, theater, arts, sports, and social media, The American Film Industry and Hollywood generating billions of dollars in revenue each year, the media and entertainment industry making money from important news broadcasting services offered by various media enterprises across Mexico, Canada, and the US, and consumers spending enough on the adoption of smartphones and smart devices like IoT-enabled devices, smart speakers, digital assistants, and internet for entertaining themselves and enjoying their free time are adding to the global entertainment and media market growth in the region. Besides, increased need for online streaming services, video games, and other magazines and books platforms in the coming years, rising adoption of high-speed internet, digital technologies, cloud storage, social media platforms, and strong distribution of multi-lingual are also adding to the market growth. The US, Canada and Mexico have the largest market share.
Leading industry players profiled in the global entertainment and media market report include 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. KGaA (Germany), Viacom, Inc. (US), and Hasbro Inc. (US).
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Entertainment and Media Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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