The global media and entertainment market is predicted to touch USD 5,099.2 million at an 8.90% CAGR in the forecast period (2020- 2030), states the latest Market Research Future’s (MRFR) media and entertainment industry statistics report.
Rapidly Growing Video Game Market to Boost Market Growth
The rapidly growing video game market coupled with the rapid digital technological advances will boost market growth over the forecast period.
Preference for Smart TVs over other TVs to offer Robust Opportunities
With high-speed internet becoming easily affordable, audiences/viewers that prefer good quality content prefer smart televisions over other television systems that may offer robust opportunities for the market in the forecast period. Besides, the growing admiration for OTT streaming in audiovisual content may also add market growth.
Cyber-attacks on Online Platforms to act as Market Restraint
The growing cyber-attacks on online platforms will act as a market restraint over the forecast period.
Enforcement of Copyright Laws to act as Market Challenge
The enforcement of copyright laws may act as a market challenge over the forecast period.
The global Entertainment & Media Industry is segmented based on type and application.
By type, the radio and broadcasting segment will lead the market over the forecast period.
By application, the wireless segment will dominate the market over the forecast period.
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On the one hand, the film industry had been vulnerable owing to the pandemic as both the consumption and production of its output need numerous people together in small spaces. The key factors for the market growth during the COVID-19 outbreak include the growing adoption of online video streaming such as Amazon Prime, Netflix, and others. Staying home, quarantining, and social distancing will all have a noteworthy impact on media consumption as indoor lifestyle-friendly application, social media conversations, and TV viewing usage have increased rapidly thus adding market growth.
North America to Steer Entertainment and Media Market
North America will steer the market over the forecast period. Large number of media and entertainment houses, significant investments by these houses in technological development and innovation, the presence of several key players in the region, the region being a global hub for media and entertainment offerings which comprise publishing, video games, theater, arts, sports, social media, music, film and television, and others, and strong news broadcasting services offered by different enterprises in Mexico, Canada, and the US, wide consumption of smart devices such as internet for entertainment purposes, smart speakers, digital assistants, and also smartphones, and evolving social media presence, integration of new OTT services are adding to the global entertainment and media market growth in the region.
Eminent 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 (US), Alphabet (US), Disney (US), Baidu Inc. (China), Grupo Globo (Brazil), Comcast Corporation (US), Factbook Inc. (US), Bertelsmann SE & Co. KGaA (Germany), Viacom (US), Hasbro (US), and Mattel (US).
The entertainment and media market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.
Beginnen Media has launched Hindi rural entertainment platforms to strengthen leadership team and add deep experience across verticals for further strengthening the ability of the organization for developing more personalized experiences with existing and new audiences that have a rural mindset.
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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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