Entertainment & Media Market Analysis
The entertainment & media market will reach USD 5,099.2 million at an 8.90% CAGR by 2030, states the new Market Research Future report.
Growing Popularity of E-Sports and Video Games to Boost Market Growth
Over the last 10 years, the e-sports area of the media and entertainment business has grown at a breakneck pace. This increase can be due to the growing popularity of video games played on mobile devices, laptops, desktop computers, and gaming consoles. E-sports tournaments have also grown in popularity, with prize pools in some tournaments rivaling those of traditional sports’ largest events.
|Revenue Forecast in 2030
|USD 5,099.2 Million
|CAGR of 8.90% from 2022 to 2030
|Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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Entertainment & Media Market Opportunities
Focus on Customer Engagement to offer Robust Opportunities
The focus on customer engagement coupled with the presence of ample users on various social media channels will offer robust opportunities for the market over the forecast period.
Entertainment and Media Market Restraints
Rising Piracy in Digital Media to act as Market Restraint
The rise in piracy in digital media may act as a market restraint over the forecast period.
Entertainment & Media Market Challenges
Increasing Cyber-attacks on Online Platforms to act as Market Challenge
The increasing cyber-attacks on online platforms may act as a market challenge over the forecast period.
Entertainment & Media Market Segmentation
The global entertainment and media market is bifurcated based on application and type.
By type, music and theater will lead the market over the forecast period.
By application, wired will dominate the market over the forecast period.
The global spread of COVID-19 has had a significant impact on a variety of industrial sectors, including entertainment and media. For example, according to the Indian analytics firm CRISIL Limited, the Indian entertainment and media industry is predicted to experience a significant drop in revenue collected by industry players, owing to insignificant content creation activities such as shootings that are cancelled due to the pandemic situation and rapid spread of the virus. As the virus began to have a negative impact on the economy, marketing was one of the first areas where corporations cut spending. Budget cuts are occurring at an alarming rate. While a greater percentage of the industry confronts difficulties conducting business, over-the-top (OTT) media services are projected to record higher revenues as a result of the huge number of employees compelled to stay at home during the lockdown. The ongoing demand for online communications services across digital platforms, such as mobiles, laptops, tablets, and desktops, is one of the factors driving the demand for OTT platforms. Furthermore, as products and services become more affordable to individuals, there is a tremendous increase in internet penetration and smartphone users. The new coronavirus outbreak has had a significant global impact, including the music and entertainment industries.
Due to the deployment of lockdowns in various nations, public meetings have been outlawed, and theatres, music festivals, plays, and concerts have been closed or cancelled indefinitely. During this unprecedented global circumstance, the media and entertainment industries face tremendous problems. Some of these include shifting consumer tastes for content, a quick decline in content development, government limitations, the postponement or cancellation of live concerts and events, corporations’ reduced advertising expenditure, decreased working capital, and a decline in marketing efforts. Furthermore, production units are under great strain as a result of movie and other material release date delays, theatre closures, and a halt in production activities.
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Entertainment & Media Market Regional Analysis
North America to Lead Entertainment and Media Market
During the projection period, North America is predicted to be the largest market for entertainment and media. The North American entertainment and media market is expanding as significant market companies such as Comcast Corporation, Google LLC, Warner Media LLC, Viacom Inc., The Walt Disney Company, Facebook Inc., and Time Inc. increase their investments. The region is a global powerhouse for social media, sports, arts, theatre, video games, cinema and television, music, and publishing. Furthermore, the American Film Industry earns billions of dollars in income each year, adding to the expansion of the regional market. Furthermore, the media and entertainment industry profits from critical news broadcasting services provided by numerous media enterprises in Canada, the United States, and Mexico.
Furthermore, people are spending a lot of money to occupy themselves and enjoy their spare time by using smartphones, smart gadgets such as digital assistants, smart speakers, IoT-enabled products, and the internet. In the future years, North America is likely to see rising demand for video games, online video streaming services such as YouTube, Netflix, Amazon’s Prime Video, and a variety of other book and magazine platforms. The increased adoption of high-speed Internet, cloud storage, digital technology, social media platforms, and robust dissemination of multilingual content across the area are likely to drive the future of the media and entertainment business in North America. The US holds the utmost market share, followed by Canada & Mexico.
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Entertainment & Media Market Key Players
Eminent players profiled in the 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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