Definition of Entertainment and Media

Broadcasting, publishing, and the Internet are the three main forms of mass communication that are generally referred to as "media." An event, performance, or activity that is intended to amuse others is referred to as entertainment. These two concepts refer to entertainment delivered through various mediums, whether aural, visual, or verbal, and are mutually exclusive. 

Global Entertainment and Media Market: Key Insights

Global Entertainment and Media Market Highlights Over 2023 - 2033

The global entertainment and media market is estimated to garner a revenue of ~ USD 4 trillion by the end of 2033 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~ USD 2 trillion in the year 2022. The growing popularity of gaming is the primary factor driving the growth of the global entertainment and media market. As of 2022, more than 2 billion of the global population play video games.

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Presently, video games have become a chief medium for social good by connecting people and building communities. They have also transformed from a medium that relied on other media for ideas to one that generates many new ideas. Their role in emanating educational content and developing cognitive skills in the players is also commendable. All these reasons help video games bring further growth to the global entertainment and media market. 

Global Entertainment and Media Market: Growth Drivers and Challenges

Growth Drivers

• Massive Consumption of Virtual Reality (VR) – It is estimated that as of 2022, there are ~172 million users of VR globally. The deep engagement between viewers and content creators resulting in an immersive experience should result in a steady growth in the consumption volume of VR.  The role that VR plays in compensating the restrictions for in-person interaction in the personal, professional, and entertainment realms is of undeniable significance. The use of 5G is also considered to further boost the use of VR and thus help the development of the global entertainment and media market.

• Considerable Sales of Smart TV World Wide – It is estimated that in 2020 the global demand for smart TVs reached ~269 million units. The use of smart TV should increase the consumption of personalized entertainment.

• Prospective Growth in the number of Over-the-top (OTT) Video Consumers – The number of users in the OTT video segment is estimated to be more than 3500 million by 2027.

• Sizeable Revenue from Global Cinema – Despite the restrictions brought about by the COVID-19 outbreak, the global box office revenue in 2021 amounted to over USD 21 million.

Challenges

• Concerns Regarding Data Privacy and Challenges on Personalization- The concerns related to data privacy and data theft is expected to challenge the market’s growth.

• Dwindling Revenue from Traditional Media for Entertainment, Including Print Media

• Frustrating Interaction with the Ad on Mobile Phone

The global entertainment and media market is segmented and analyzed for demand and supply by application into wired, wireless, and others. Of these, the wired segment is anticipated to hold a significant market size by the end of 2033. The continued reliance on traditional methods of entertainment for information and news and the promising future of fiber optics connection for its many advantages over cable internet connections are thought to drive the market growth in the segment. For instance, the speed of the internet on fiber optic has been observed to be more than nineteen times faster than the connection speed via regular cable.

Global Entertainment and Media Market Regional Synopsis

Regionally, the global entertainment and media market is studied into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these markets, the market in North American region is projected to hold the largest market share by the end of 2033. The potential for video games, esports, entertainment news, mass media, music, and social media applications, and the distribution and consumption of multi-lingual content are the factors considered to help the regional market growth. It is estimated that only in the United States (U.S.) adults should spend about 14 hours daily with media in 2022.

Market Segmentation

Our in-depth analysis of the global entertainment and media market includes the following segments:

Key Companies Dominating the Global Entertainment and Media Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global entertainment and media market that are included in our report are Comcast Corporation, The Walt Disney Company, Bertelsmann SE & Co. KGaA, BBC, Paramount, Warner Media, LLC, Charter Communications, Inc., Nintendo Co., Ltd.,  NEWS CORP, Home Box Office, Inc., and others.

Global Entertainment and Media Market: Latest Developments

• September, 2022: Nintendo Co., Ltd. – announced surpassing 3.45 million units in domestic sales of the game ‘Splatoon 3’ in Japan since its launch on the 9^th of September.

• August, 2022: The Walt Disney Company – announced launching an ad-supported subscription offering through Disney+, ESPN+, Hulu, and the Disney Bundle to facilitate more flexibility in subscription for viewers.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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