The global entertainment market is predicted to reach USD 262.76 billion in 2024 and USD 676.48 billion by 2029, growing at a CAGR of 20.82% during the forecast period.
A hilarious or interesting performance or presentation is defined as entertainment. A ballet performance is an example of entertainment. Good entertainment allows people to have a good time. While having fun, people are more engaged and learn more. Their energy level rises, and their mood improves dramatically.
Currently, most entertainment services are available online, allowing customers to access more content. Social media, online video games, online casinos, music streaming, and video streaming are the most popular internet entertainment. The worldwide online entertainment market is predicted to rise as smartphone usage increases and internet connection becomes more inexpensive. The rapid use of internet-enabled intelligent gadgets, such as smartphones, smart TVs, laptops, desktops, and bright projectors, has dramatically increased demand for online entertainment material. Because of its advantages, such as ease, low cost, and flexibility in scheduling, internet-based entertainment has attracted much attention. Gaming is currently the most popular form of entertainment in the world, with the gaming business generating more cash than television, movies, and music combined last year. Other sources of entertainment, on the other hand, are declining the Entertainment Market.
The mobile market is likely to be driven by a growing user base and advancements in mobile technologies. Because of the rising visual content, cellular smartphones have evolved into media devices in the industry. The ability to view TV episodes, news, and movies on the internet has made the web-based domain a prominent section of the global market. Market development is projected to be aided by increased smartphone users and the number of applications downloaded.
High-definition and three-dimensional televisions, high-tech network infrastructure (4G/5G mobile network), and wireless broadband technologies are projected to be critical driving forces in the global entertainment business. E-books have become increasingly popular, accounting for a significant share of book sales. The global entertainment market will likely undergo significant changes over the forecast period because of shifting consumer tastes and trends in how consumers obtain and use information. Consumer behavior is changing at a rapid rate, which has accelerated the entertainment industry's evolution. In reaction to the continuously changing market, the entertainment industry is projected to evolve dramatically with new inventions and concepts.
Overseas trade obstacles, non-English speaking populations, unequal monetization, money rotation in specialized industries, piracy rackets, and the underground economy are anticipated to hinder the Movies and Entertainment Market's expansion throughout the projection period.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
20.82% |
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Segments Covered |
By Type, Application, Devices, and Region |
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Various Analyses Covered |
Global, Regional, & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
CBS Broadcasting Inc., Sony Entertainment, The Walt Disney Company, 21st Century Fox, Viacom Inc., Comcast, Vivendi, Universal Pictures, Disney/ABC Television Group, and others. |
According to online entertainment market data, the video sector accounted for almost one-third of the online entertainment market share in 2021, and this proportion is likely to hold throughout the forecast year. This is primarily due to increased digital media usage for product and service ads and promotions. It has acquired tremendous popularity among businesses because of the numerous benefits connected with digital advertising, such as real-time trackability, rapid gratification, targeted, segmented audiences, and cost-effectiveness. As a result, an increase in digital media advertising contributes significantly to the expansion of the online entertainment sector.
The market is divided into residential and commercial segments based on application. As big studios embrace upgraded marketing tactics that leverage advanced digital technologies for communication, the commercial segment is likely to dominate this segment in terms of revenue generation and volume. The amount of money spent on promotional activities has skyrocketed. The deployment of improved promotional channels is projected to have a favorable impact on revenue growth.
On the basis of devices, the market is divided into many groups. However, advancements in smartphone technology and increased smartphone usability are projected to have the greatest impact on market growth. The increased size of smartphones and touchscreen displays has improved viewers' visual and auditory experiences. As a result, the increased use of smartphones is likely to propel the online entertainment industry forward over the forecast period.
Expanding content streaming services in the entertainment industry will give Asia-Pacific a large portion of the market in the forecast period. Other reasons, including the increase in devices and the subscription to filtered material, are projected to contribute to market expansion. The APAC sector's market expansion is fuelled by an increase in the number of stage artists, filmmakers, film artists, and business executives.
In 2021, North America dominated the online entertainment industry and is predicted to continue to do so during the forecast period. The availability of modern digital infrastructure, a high percentage of digital literacy, quick acceptance, and favorable response to technical improvements are all significant factors driving the growth of the online entertainment market in the region. Furthermore, the expansion of the online entertainment sector is aided by the rise in the popularity of online games.
The European media and entertainment market is expected to rise significantly during the projection period. The exponential rise of the region's online media and entertainment platform is one of the primary drivers driving the market growth. Amazon, Netflix, Apple TV, and Roku are some of the biggest online media and entertainment firms contributing to the European media and entertainment industry. Furthermore, Europe is regarded as one of the top tourist destinations in the world, with many hotspots, theme parks, and live events, all of which contribute to the expansion of Europe's offline media and entertainment business.
By 2027, the Middle East movies and entertainment market is expected to have grown at an annual rate of 8.5 percent, reaching USD 3.57 billion. Growth is expected to be propelled by the increasing popularity of 3D movies that provide a virtual reality experience to the audience. Furthermore, new marketing and distribution platforms like IPTV, digital newspapers, DTH, digital cable, and online music and movie sales are expected to accelerate industry growth.
The major companies operating in the global entertainment market include CBS Broadcasting Inc., Sony Entertainment, Inc., The Walt Disney Company, 21st Century Fox, Viacom Inc., Comcast, Vivendi, Universal Pictures, and Disney/ABC Television Group.
By Type
Video
Audio
Games
Internet Radio
Others
By Application
Residential
Commercial
By Devices
Smartphones
Smart TVs
Projectors
Laptop
Desktops
Tablets
Others
By Region
North America
Latin America
Europe
Asia Pacific
Middle East & Africa
Frequently Asked Questions
Streaming services have significantly influenced the market, contributing to a shift in consumer behavior and preferences. By 2022, streaming accounted for over 50% of the total global entertainment revenue.
AI is being utilized for content recommendation, personalized experiences, and data analytics. Blockchain is enhancing transparency in royalty payments and copyright management, contributing to a fairer and more efficient industry.
Traditional forms, such as broadcast television and physical media, are evolving by integrating digital strategies. Many broadcasters have their own streaming platforms, and physical media is transitioning towards collectibles and limited editions.
Sustainability is becoming a critical factor, with the industry adopting eco-friendly practices in production and distribution. Film studios are increasingly embracing green filmmaking, and music festivals are implementing sustainable event management practices.
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