ID: MRFR/ICT/6303-CR | November 2020 | Region: Global | 294 pages
The entertainment & media industry is extremely diversified and has witnessed a transformation in terms of technology and applications in recent years. This transformation has prompted global entertainment and media enterprises to offer innovative content and effective distribution models to sustain their presence and stay ahead in the highly competitive market. The key players are constantly developing strategies to combine high-quality content and distribute it to offer enhanced user experience in terms of content discovery and attractive prices. The entertainment & media market has significantly benefitted by digital tools and platforms, facilitating efficient production, distribution, and content consumption, which is revolutionizing market growth. The key factors are contributing to the market growth are increasing penetration of smartphones, growing eSports sector, rising demand for on-demand and live streaming of music and videos, and growing investments by key players to develop augmented reality and virtual reality platforms. Other factors influencing the market growth are an increasing number of television subscriptions, a growing number of radio listeners, a rapidly growing video game market, outdoor advertising, and rising social media penetration among the consumers. The entertainment & media industry is expected to grow due to the rapid digital technological advancements and the emergence of 5G network connectivity services in the coming years. Emerging small and medium enterprises offering regional and local content to international audiences also promote the industry’s growth. Artificial intelligence is expected to impact the gaming sector with consumers demanding enhanced gaming experience will present an opportunity for key players to invest. However, controlling piracy and proper enforcement of copyright laws remains a restraint for the market players. The entertainment and media market witness billions of dollars of loss due to piracy and illegal file-sharing practices. Growing cyber-attacks on online platforms also pose a challenge to address for the market players.
The European entertainment and media market held a 26.9% market share in 2019. The region is witnessing a rise in TV subscriptions, rising radio listeners, and the increasing popularity of video games and e-books. Currently, among European countries, Germany is dominating the market with a share of 24.4%, followed by the UK with 21.8%, and France with a 16.2% share. Russia is projected to grow with the fastest CAGR of 8.3% during the forecast period in the entertainment and media market due to its increasing adoption of smartphones and rising penetration of the Internet. Furthermore, the growing adoption of e-sports, e-books, and over-the-top (OTT) services in countries such as Sweden, the Netherlands, Austria, Switzerland, Belgium, Bulgaria, Denmark, Czech Republic, Finland, Greece, Hungary, Portugal, and Poland is also expected to boost the market growth in Europe.
The entertainment and media market in Asia-Pacific held a 23.6% share in terms of revenue generation as China, India, Japan, South Korea, Malaysia, Australia, New Zealand, Indonesia, Singapore, and the Philippines are experiencing significant growth in their respective entertainment and media market. Furthermore, the growing digitalization drives the growth of smartphones and video games in the region, which is thereby expected to fuel the growth of the regional market.
The entertainment and media market in the rest of the world accounted for an 8.3% share in 2019. This region is witnessing high adoption of digital platforms to view video content and listen to music in countries such as Argentina, Brazil, Colombia, Chile, the UAE, Saudi Arabia, and South Africa. Moreover, various investments by key market players are contributing to the growth of the market in this region
Global Market for Entertainment and Media generated a revenue of USD 2,133.4 Billion in 2019 and is projected to reach a market value of USD 5,099.2 Billion by 2030, growing at an 8.6% CAGR.
Global Entertainment & Media Market has been segmented based on Type, Application, and Region
By type, the global entertainment & media market has been segmented into books & magazines, films & theatrical, social media, music, animation, video games, outdoor advertising, radio & broadcasting, amusement park/facilities, sports, toys, and arts. The radio and broadcasting segment accounted for the largest market share in 2019.
Based on type, the global entertainment & media market is divided into wired and wireless. The wired segment accounted for the larger market share in 2019; it is expected to register a 5.4% CAGR during the forecast period. However, the wireless segment is expected to surpass the wired segment by 2030.
Geographically, the global entertainment & media market has been segmented into the Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.
North America is one of the largest markets for entertainment and media. The US is the biggest market for entertainment & media. The market is driven by the presence of a large number of entertainment & media houses and significant investments by them in technological development and innovation.
Europe is the second-largest market for entertainment & media. The region comprises several developed and developing countries, including the UK, Germany, France, and Italy. These countries have a number of prominent media houses. Additionally, these countries have witnessed significant digitization in terms of mobile penetration and internet connectivity, thereby creating further potential for the growth of the media and entertainment market.
The rest of the world comprises South America and the Middle East & Africa. The media and entertainment market in both South America and the Middle East & Africa are witnessing substantial growth. Overall, the regional market is expected to grow at a 10.2% CAGR during the forecast period.
The key players operating in the global entertainment & media market are 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).
In October 2020, Comcast Corporation announced the launch of its next-generation xFi Pod, which is available to Xfinity Internet customers. The newly launched product helps the customer elevate the Wi-Fi experience by producing a wall-to-wall mesh network throughout the customer homes. It can deliver high speed to more connected devices.
In October 2020, Alphabet’s Google announced the launch of Google TV and streaming device—Chromecast. The streaming services will include video streaming platforms such as Netflix and Disney+.
September 2020, Warner Media, LLC. launched a voter engagement platform to encourage their employees and viewers to vote in the upcoming presidential elections in November 2020. This platform is intended to provide access to the company’s civic engagement efforts, such as voter registration support, programming, and important partnerships.
June 2020, Comcast Corporation announced that Spotify is available to stream on Xfinity. The customers would be able to listen to audio streaming services, including podcasts and music tracks, directly on TV from home.
Key Questions Addressed by the Report
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Application,|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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).|
|Key Market Opportunities||
|Key Market Drivers||The growing digitalization drives the growth of smartphones and video games in the region, which is thereby expected to fuel the growth of the regional market.|
Frequently Asked Questions (FAQ) :
The market expansion during the review period is expected to be 10.40%.
The market can reach a valuation of USD 6.7 trillion by 2030.
The most significant companies in the market listed in the report are Warner Media, LLC (US), iHeartMedia, Inc. (US), Verizon Communications Inc (US), Alphabet Inc. (US), Baidu Inc. (China), Discovery, Communication Inc (US), The Walt Disney Company (US), News Corporation (US), Advance Publications, Inc. (US), CBS Corporation (US), Viacom, Inc (US), Facebook, Inc. (US), Bertelsmann SE & Co. KGaA (Bertelsmann) (Germany), Grupo Globo (Brazil), Comcast Corporation (US), and others.
The market for entertainment and media is growing at a substantial pace on account of the advancements in digital technologies coupled with the emergence of 5G network connectivity services all over the world.
The market can face challenges in the form of cyberattacks on online platforms.
Artificial Intelligence (AI) is all set to emerge as a significant growth-inducing factor in the gaming sector with more and more consumers demanding a better gaming experience. This is expected to be a growth opportunity in the market.
Wired and wireless are the top applications discussed in the report.