Entertainment and Media Market Rising Demand and Future Scope Till by 2032
The Entertainment and Media market size is projected to grow from USD 2,763.4 Billion in 2023 to USD 6,056.3 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.1% during the forecast period (2023 – 2032).
Key Market Segments
The entertainment and media market can be segmented into the following key sectors:
- Television: Accounts for the largest share driven by broadcast, cable and streaming platforms like Netflix, Amazon Prime etc. Revenue is projected to reach $377 billion by 2026.
- Digital Advertising: Second largest segment, includes online ads, digital out-of-home ads, digital cinema ads etc. Spending is forecast to reach $725 billion by 2026.
- Video Games: Fastest growing segment with 10.4% CAGR. Includes mobile, console and online gaming. Will reach $321 billion revenue by 2026.
- Music: Growth fueled by streaming services like Spotify, Apple Music etc. Projected to hit $53 billion by 2026.
- Books: Digital formats and audiobooks driving growth. Revenue to expand to $140 billion by 2026.
- Radio: Steady performance led by digital radio and podcasts. Market size will be around $47 billion by 2026.
Key Companies
Major players in the global entertainment and media market include:
- Walt Disney: Leader in films, TV, streaming, parks, experiences etc. Revenue of $67 billion in 2021.
- Netflix: Top streaming platform with 220 million subscribers globally and revenue of $29.7 billion in 2021.
- Comcast: Major cable TV provider along with broadband, content and streaming assets. Revenue of $116 billion in 2021.
- AT&T: Leading telecom company with media assets like WarnerMedia, HBO Max, CNN etc. Earned $168 billion revenue in 2021.
- Sony: Strong position in gaming, music, movies and consumer tech. Generated around $84 billion revenue in 2021.
Market Drivers
Key factors driving growth in the entertainment and media market:
- Expanding digital access globally, especially mobile growth in emerging markets
- Rising disposable incomes resulting in higher spending on media and entertainment
- New streaming platforms and over-the-top (OTT) providers disrupting traditional media
- Higher demand for online gaming and e-sports
- Growth of digital advertising across social, video and mobile platforms
- Innovation in formats, content and customer experiences
Browse In-depth Market Research Report (240 Pages, Charts, Tables, Figures) on Entertainment and Media Market – https://www.marketresearchfuture.com/reports/entertainment-and-media-market-7773
Regional Insights
North America was the largest region accounting for around 1/3rd of the global entertainment and media revenue in 2021. However, Asia Pacific is expected to see the fastest growth over 2022-2026 driven by large markets like China, India, Japan, South Korea etc. Several emerging markets in Latin America, Middle East and Africa also present growth opportunities.
Industry Latest
Recent major developments in the entertainment and media industry include Warner Bros. Discovery merger, Microsoft’s acquisition of Activision Blizzard, Netflix’s gaming push, virtual concerts gaining traction, and the rise of non-fungible tokens (NFTs) across music, gaming, digital art etc. The competitive landscape continues to rapidly evolve through consolidation, partnerships and tech innovation.
In summary, the entertainment and media industry is undergoing tremendous disruption and seeing strong growth driven by digital transformation. Streaming platforms are especially disrupting television and film. At the same time, emerging formats like online gaming, virtual reality, augmented reality and NFTs present new expansion opportunities.
Related Reports
Cognitive Assessment and Training Market-https://www.marketresearchfuture.com/reports/cognitive-assessment-training-market-4677
Artificial Intelligence in Retail Market –
https://www.marketresearchfuture.com/reports/artificial-intelligence-in-retail-market-5009
Advanced Analytics Market –
https://www.marketresearchfuture.com/reports/advanced-analytics-market-5285
AI in Social Media Market –
https://www.marketresearchfuture.com/reports/ai-in-social-media-market-6089
About US –
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
Also, we are launching “ Wantstats ” the premier statistics portal for market data in comprehensive charts and stats format, providing forecasts, regional and segment analysis. Stay informed and make data-driven decisions with Wantstats.
Contact:
Market Research Future (Part of Wantstats Research and Media Private Limited)
99 Hudson Street, 5Th Floor
New York, NY 10013
United States of America
+1 628 258 0071 (US)
+44 2035 002 764 (UK)
Email: sales@ marketresearchfuture.com
Website: https://www.marketresearchfuture.com
