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Entertainment and Media Market Size

ID: MRFR//6303-CR | 240 Pages | Author: Aarti Dhapte| August 2020

The entertainment and media (E&M) area is a continually changing and dynamic industry that is influenced by an extensive variety of market factors. Innovative headways are a critical push factor. The quick rate at which computerized innovation propels has achieved significant changes in the cycles of content age, dispersal, and utilization. As well as expanding the skylines of content makers, the expansion of man-made brainpower, streaming stages, increased reality, and computer-generated reality has likewise changed buyer direct. The inclinations of purchasers fundamentally impact the E&M market.

To interest various socioeconomics and inclinations, content makers are defied with the test of delivering a huge range of material for a perpetually different crowd. It is basic to fathom and acclimate to developing buyer inclinations to make progress in this area. As a representation, the tendency towards on-request material and the ability to customize seeing experiences have pushed the pervasiveness of streaming stages in contrast with ordinary transmission organizations. Also, worldwide financial circumstances meaningfully affect the E&M market. Customers commonly have a more prominent measure of discretionary cashflow during times of financial development, which brings about expanded uses on diversion and media.

On the other hand, monetary compressions might prompt lessened degrees of buyer use, which thusly can affect publicizing spending plans and the benefit of media associations. Subsequently, for supported development, the business' flexibility and ability to adjust to financial variances are essential. The fact that impacts the E&M market has authoritative effects an extra important perspective. The business scene is essentially impacted by state run administrations and administrative bodies through the inconvenience of rules and guidelines relating to licensed innovation privileges, content oversight, and antitrust issues. The area's substance creation techniques, market section boundaries, and rivalry elements may be generally impacted by the administrative climate.

The E&M market is currently much more interconnected because of globalization. The capacity to contact crowds all over the planet has furnished content makers and merchants with additional open doors. In any case, this try likewise presents obstructions relating to social awareness, local transformation, and consistency with shifted administrative structures. To make progress in the E&M market, members must skillfully deal with these complexities to ensure that their substance lines up with the necessities of neighborhood guidelines and associates with an overall crowd. Showcasing and publicizing patterns considerably affect the income floods of the E&M business.

The change from customary promoting procedures to advanced stages has fundamentally changed the publicizing business. The expanded conspicuousness of online entertainment, powerhouse promoting, and customized publicizing mirrors the business' reaction to moving purchaser inclinations and conduct. To draw in publicists and adapt their substance, prosperous media associations should profit from these patterns.

Covered Aspects:

Report Attribute/Metric Details
Market Size Value In 2023 USD 2,763.4billion Billion
Growth Rate 9.1% (2023-2032)

Entertainment and Media Market Overview

The Entertainment and Media market size is projected to grow from USD 3,070.92 billion in 2024 to USD 6,164.07 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.1% during the forecast period (2024 - 2032). Additionally, the market size for Entertainment and Media was valued at USD 2,814.78 billion in 2023. 

The Entertainment and Media, the increasing popularity of video games and e-sports and the increasing penetration of smartphones are the key market drivers boosting the growth of the Entertainment and Media market.

Figure 1: Entertainment and Media Market size (2018-2032) (USD Billion)

Entertainment and Media Market Overview1

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Industry News of Entertainment & Media Market 

On Mar. 01, 2023, Chicken Soup for the Soul Entertainment Inc. (CSS Entertainment) announced the signing of an agreement with KC Global Media to expand internationally across streaming platforms. The agreement will further enhance the company's growth in free ad-supported streaming television (FAST) and ad-supported video-on-demand (AVOD) across Asia. The companies anticipate launching additional FAST channels and licensing AVOD rights in 2023, featuring a fresh volume of curated genres, including blockbuster series and movies.

On Feb. 01, 2023, Fortune announced that the Walt Disney Company has scored as the top-ranked media and Entertainment Company for the 20th. year consecutively. Disney ranked No. 6 among the 324 listed companies worldwide, remaining the most-admired media and entertainment company on Fortune's annual list of the world's most admired companies. Fortune partnered with Korn Ferry, a leading global management consulting firm, to assess the list of the world's most admired companies for its annual study. 

Entertainment and Media Market Trends

The increasing use of smartphones is expected to drive market growth.

Mobile technology is growing at a rapid pace across the globe. By the end of 2021, 5.3 billion individuals had signed up for mobile services, accounting for 67% of the global population. The constant introduction of innovation in the development of smartphones has encouraged the affordability and adoption of smartphones across the globe. Smartphones are increasingly equipped to handle various applications for video streaming, mobile gaming, and video conferencing. Technologies such as AI, augmented reality, and virtual reality are increasingly being integrated with media and entertainment applications being run on smartphones, which has attracted users. Smartphones have opened opportunities for different business models in the entertainment and media industry for generating revenue streams. Popular video streaming platforms such as Netflix and Amazon Prime Video, among others, have capitalized on the increasing adoption of smartphones by making content available for mobile devices.

The rising popularity of mobile gaming applications has further driven the growth of the entertainment market. The ease of access to mobile applications and better usability has prompted users to switch to smartphones as their source for entertainment over traditional devices. Smartphones have offered increased mobility in terms of the availability of content, which has positively impacted the growth of the entertainment & media market across the globe. The advent and deployment of networking technologies such as 4G-LTE and 5G have further improved the user experience of accessing media through smartphones. Moreover, the increasing use of smartphones has prompted service providers to enhance their content delivery networks, improve the overall user experience, and benefit media and entertainment companies on a large scale. The ease of access to online content through smartphones due to improved connectivity services has increased the average consumer spending on entertainment services, which is expected to drive the growth of the global entertainment & media market during the forecast period.

Entertainment and Media Market Platform Segment Insights

Entertainment and Media Insights

Based on type, the Entertainment and Media Market segmentation includes books & magazines, films, social media, music & theater, animation, gaming & gambling, outdoor advertising, radio broadcasting, amusement park/facilities, sports, toys, and art. The radio broadcasting held the majority share in 2022, contributing around ~16% to the market revenue. In the radio and television broadcasting industry, there are two types of companies: service broadcasters and commercial broadcasters. Government funding is provided to public service broadcasters, whilst private broadcasters are funded by commercials. Public service broadcasting includes radio, television, and other electronic platforms that broadcast information, advice, or entertainment to the public. All India Radio, Prasar Bharati, CJRT-FM, Yellowstone Public Radio, and North Country Public Radio are some of the public service broadcasters. Commercial broadcasting is the radio and TV broadcasting services that are privately owned. These platforms broadcast paid programs and advertisements. The commercial broadcasters use advertising to fund their broadcasting operation.

Figure 2: Entertainment and Media Market size (2022 vs 2032) (usd Billion) by platform

Entertainment and Media Market size  by platform

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Entertainment and Media application Insights

The Entertainment and Media Market segmentation, based on application, includes wired and wireless. Wired dominated the market in 2022 and is expected to continue dominating the market during the forecast period 2023-2032. The wired media provides a connection between devices through cables. Various types of cables are used for connecting two or more devices; cables that are primarily used as a traditional means for data transmission are twisted pair cables, coaxial cables, and optical fiber cables. One of the significant benefits of using wired media over wireless technology is the reliability and consistency of signals with a secure network. Some other benefits of these cables are superior performance at a higher data rate, insulation from noise and electromagnetic interference, and superior capacity and network bandwidth. For example, gamers use the LAN (Local Area Network) cables as they offer a continuous gaming experience without any lag and connection inconsistency. In addition, set-top boxes, Wi-Fi modems, telephone lines, and gaming devices such as PS4, Xbox use wired connectivity to communicate and transmit data.

Figure 3: Entertainment and Media Market size (2022 vs 2032) (usd million) by application

Entertainment and Media Market size by application

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Entertainment and Media Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Entertainment and Media market accounted for ~40% market share in 2022 and is expected to exhibit a significant CAGR growth during the study period. The entertainment & media market in North America is expanding with the increasing investments by key market players such as Comcast Corporation, The Walt Disney Company, Google LLC, Facebook Inc., Warner Media LLC, Viacom Inc., and Time Inc. The region is a global hub for media and entertainment offerings, including social media, sports, arts, theater, video games, film 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. The media and entertainment industry also earns money from strong news broadcasting services provided by numerous businesses in the United States, Canada, and Mexico. For entertainment, consumers are increasingly turning to smartphones, smart gadgets such as digital assistants, smart speakers, and the Internet. In the coming years, North America is predicted to see increased demand for video games, internet video streaming services, and books and magazines. As a result, North America, particularly the U.S., and Canada, is expected to drive the marketing platform market growth.

Figure 4: Entertainment and Media Market size (2022 vs 2032) (usd million) by region

Entertainment and Media Market size by region

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Further, the major countries studied in the market report are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

European marketing platform market accounts for the second-largest market share. The rising penetration of the Internet across the European nations is one of the significant factors contributing to the growth of the entertainment & media market in this region. Western Europe, which includes countries such as the United Kingdom, Germany, Spain, France, and others, has a sizable market for radio broadcasters. The media business contributes significantly to the European economy and has enormous growth potential in the coming years by providing a diverse range of high-quality material to customers. Increasing Internet connectivity in nations such as Russia, Denmark, Italy, and Sweden propels the video and entertainment business throughout the area. Furthermore, consumers want on-demand and live music videos via smartphones, tablets, and televisions. OTT subscriptions for streaming videos connected to news, sports, fitness, lifestyle, films, and music have increased rapidly in the United Kingdom, Germany, France, Italy, and Spain. The region also sees an increase in print media consumers, such as newspapers and magazines, which supports the region's media and entertainment economy.

The Asia-Pacific Entertainment and Media Market is expected to grow at the fastest CAGR between 2022 and 2032. The major factor driving the growth of the entertainment & media market in this region is the presence of major media providers and large populations in countries such as India and China demanding high-quality media content.

Entertainment and Media Key Market Players& Competitive Insights

With a strong presence across different verticals and geographies, the Entertainment and Media market is highly competitive and dominated by established, pure-play vendors.

The major players in the market include Comcast Corporation, The Walt Disney Co., Netflix Inc., Paramount Global, Warner Bros. Discovery Inc., Fox Corporation, among others Comcast Corporation aims to maintain its position in the market via organic and inorganic strategies. It invests heavily in offering unique products and services to its user, which increases customer satisfaction. Netflix's strategy revolves around providing a personalized and flexible streaming experience to its customers. It has achieved this by leveraging advanced algorithms and machine learning to recommend content that is tailored to each user's individual preferences. Netflix also invests heavily in producing its own original content, which has helped to differentiate it from its competitors and build a loyal subscriber base.

The entertainment and media market are characterized by the presence of many global, regional, and local players. The market is competitive, with all the players competing to gain market share. Strong competition, and increasing adoption of cloud, IoT, and AI, are key factors that confront the market growth. The vendors compete based on cost, product quality, reliability, and aftermarket services. It is crucial for the vendors to provide cost-efficient and high-quality services to survive and succeed in an intensely competitive market.

Key Companies in the Entertainment and Media market include

Entertainment and Media Industry Developments

  • In March 2023, iHeartMedia launched Outspoken, a new podcast network distributed by iHeartPodcasts that will amplify, elevate and reflect the diversity, richness and humanity of the voices throughout the LGBTQ+ community.

  • In March 2023, iHeartMedia launched new music and artists recently with World Premiere debuts and more. Marshmello’s new Latin-genre collaboration with Manuel Turizo, "El Merengue," had a World Premiere debut on March 2 across all iHeartRadio Spanish-language stations.

Entertainment and Media Market Segmentation

Entertainment and Media Platform-type Outlook

  • Music & Theater

  • Radio and Broadcasting

  • Social Media

  • Films

  • Sports

  • Animation

  • Gaming & Gambling

  • Outdoor/Leisure

  • Books and Magazine

  • Amusement Park/facilities

  • Toys

  • Art

Entertainment and Media Application Outlook

  • Wired

  • Wireless

Entertainment and Media Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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