MEDIA AND ENTERTAINMENT MARKET REPORT OVERVIEW

The size of the worldwide media and entertainment industry was estimated at USD 2562 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 6.79% to reach USD 5279 billion by 2032. In terms of market share for media and entertainment in 2023, Asia-Pacific is in the lead.

Movies/cinema, television, music, publishing, radio, the internet, advertising, and gaming are some of the significant sub-sectors that make up the entertainment and media market. Media outlets for mass communication include the internet, publishing, and broadcasting. Other things that are commonly linked to entertainment include video, music, and gaming. Among the many sources of income in the entertainment and media sector are advertising, broadcast rights, intellectual property rights, ticket sales, and public and private funding. Recent technical developments, such as wireless, mobile, gadgets, digitalization, 5G, cloud storage, consumer analytics, and social media platforms, are causing a revolution in the entertainment and media sector.

COVID-19 Impact: Minimal Amount of Content Creation Hindered the Market

A number of industries, including media and entertainment, have suffered greatly as a result of the global COVID-19 pandemic. For example, the Indian analytics firm CRISIL Limited projects that the entertainment and media industry in India will see a sharp drop in profits earned by its participants. This is mainly because there are not many content creation activities, like shootings, which are put off because of the pandemic and the virus's quick spread. When the virus began to negatively affect the economy, marketing was one of the first areas where businesses cut spending. Cuts to the budget are happening dangerously fast. Even though a larger portion of the industry faces challenges carrying out commercial operations, over-the-top (OTT) media providers are expected to see higher revenues as a result of the large number of workers who were forced to remain at home during the lockdown. One of the factors driving the demand for OTT platforms is the requirement for online communications services across digital platforms, including PCs, laptops, tablets, and mobile devices. Other trends, like the rapid use of cellphones and the internet, are also accelerating as more people can afford the goods and services. Along with other businesses, the current coronavirus epidemic has had a major impact on the music and entertainment sector.

LATEST TRENDS

Globalization of Service-Based Entertainment to Augment the Market

The old and new coexist in the media and entertainment (M&E) industry while it undergoes change. Interactivity, digitalization, a variety of platforms, gadgets, and the globalization of the services-based environment have all changed it during the last ten years. In recent years, the sector has seen a transition in terms of technology and applications and is quite diverse. The worldwide entertainment and media industries have been forced by this shift to provide cutting-edge content and efficient distribution strategies in order to compete in the fiercely competitive market. A few of the industries that make up the M&E sector are movies/cinema, television, music, publishing, radio, internet, advertising, and gaming.

MEDIA AND ENTERTAINMENT MARKET SEGMENTATION

• By Type Analysis

By type, market is segmented into film, music, social media, video & animation, video games and others. The film segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into wire, wireless, and others. The wire segment will lead the global share through 2028.

DRIVING FACTORS

E-Sports Business to Propel the Market Demands

 Over the past 10 years, the e-sports business in the media and entertainment sector has grown at an exponential rate. Video games played on mobile devices, laptops, desktop computers, and gaming consoles are becoming more and more common, which is responsible for this surge. The popularity of e-sports competitions has grown, and some of the prize pools at some of these competitions are now on par with those at some of the largest traditional sports events.

Arrival of 5G Technology to Fuel the Market Growth

Media & entertainment are expected to undergo a significant transformation as a result of the arrival of 5G technology. Video, music, and gaming material downloads from the internet will be completed very instantly since it will be 10 times faster than 4G technology. All platforms, including game consoles, smartphones, PCs, and smart TVs, are anticipated to benefit from the technology's improvements in user experience. With the advent of 5G, applications for augmented and virtual reality are anticipated, as well as a completely new channel for connecting with customers. The 5G-driven innovation that will lead the way is probably gaming. Rapid response times and high-definition, real-time streaming are likely to be further advantages for mobile cloud gaming.

RESTRAINING FACTORS

Content Piracy Issue to Constraint the Market Growth

Because of the growing commercialization of the internet, content piracy has long been a big problem for the entertainment and media sector. It has an impact on a variety of business sectors, including stock photography, music, movies, and video games. Because it allows for anonymous communication and offers more access to the content, easy access to the Internet has made it possible for people to easily pirate copyrighted information. One of the main reasons for piracy all around the world has been the accessibility of digital content. People have been more inclined to obtain material illegally as a result of the lack of availability of media due to various release dates, region formats, geographical barriers, scarcity, and lack of distribution mechanisms. These elements, in addition to high prices and consumers' reluctance to pay for freely available material, have contributed to the growth of digital media piracy. Media and entertainment firms have suffered losses as a result of torrent websites offering pirated content, which have been made worse by internet service providers' (ISPs) failure to totally ban these websites. Digital content theft largely harms the revenue of content owners.

MEDIA AND ENTERTAINMENT MARKET REGIONAL INSIGHTS

North America to Hold the Largest Global Media and Entertainment Market Share

The largest market for entertainment and media is anticipated to be in North America over the projected period. With growing investments from major market participants including Comcast Corporation, The Walt Disney Company, Google LLC, Facebook Inc., Warner Media LLC, Viacom Inc., and Time Inc., the entertainment and media market in North America is growing. Global hubs for social media, sports, theater, the arts, video games, cinema and television, music, and publishing can all be found in this area. Hollywood, the American film industry, also contributes to the expansion of the local market by generating billions of dollars in income annually. The media & entertainment sector also benefits financially from the crucial news broadcasting services provided by several media companies throughout the US, Canada, and Mexico.

Additionally, people are investing a lot of money into the adoption of smartphones, smart gadgets like digital assistants, smart speakers, IoT-enabled products, and the internet in order to pass their spare time and entertain themselves. In the upcoming years, it is anticipated that demand for video games, various platforms for books and periodicals, and online video streaming services like YouTube, Amazon's Prime Video, Netflix, would rise in North America. The increasing use of high-speed Internet, cloud storage, digital technology, social media platforms, and widespread dissemination of material in several languages is anticipated to support the growth of the media and entertainment sector in North America. The US has the biggest market share among the nations, followed by Canada and Mexico.

KEY INDUSTRY PLAYERS

Key Players Focus on Partnerships to Gain a Competitive Advantage

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

LIST OF TOP MEDIA AND ENTERTAINMENT COMPANIES

• News Corporation
• BBC
• Vivendi
• Bilibili
• The New York Times
• Comcast
• Walt Disney
• Televisa
• HBO
• Viacom
• Lagardère
• Yotube
• Bertelsmann

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.