Entertainment and Media Market

Entertainment and media industry is widely diversified and has witnessed a transformation in terms of technology and applications in recent years. This transformation has led to the global entertainment and media enterprises to offer innovative content and effective distribution models to stay ahead in the highly competitive market. The key players in the market 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 industry is significantly benefitted by digital tools and platforms facilitating efficient production, distribution and consumption of content revolutionizing the market growth. Key factors 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 for development of augmented reality and virtual reality platforms. Other factors influencing the market growth are increasing number of television subscriptions, growing number of radio listeners, rapidly growing video game market, outdoor advertising, and rising penetration of social media among the consumers.

The entertainment and media industry is expected to attain a rapid growth with advancements in digital technologies and the emergence of 5G network connectivity services in the coming years. Emerging small and medium enterprises offering regional and local content to international audience also promotes the industry’s growth. Artificial Intelligence is expected to have an impact on 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 laws still 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 global entertainment and media market has generated a revenue of USD 2,115.2 billion in 2018 and is expected to reach a market value of USD 6,709.4 billion by 2030 growing at a 10.40% CAGR. North America accounts for 42% market share in the entertainment and media market due to the increasing adoption of smartphones. Growing film industry, increasing adoption of video streaming services and video games among the individual users in North America are expected to drive the entertainment and media market throughout the forecast period.

The European entertainment and media market acquired around 27% market share globally in 2018. Europe is witnessing high adoption rate of TV subscriptions, rising radio listeners, increasing popularity of video games and e-books. Among the European countries, currently, Germany is dominating the market with a market share of 31%, followed by the UK with a 26%, and France with a 16% market share. Russia is projected to grow with the fastest CAGR of 13.06% during the forecast period in the entertainment and media market due to its increasing adoption of smartphones and rising penetration of internet. Further, 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, Poland is also expected to boost market growth in Europe.

The entertainment and media market in Asia-Pacific acquired a 23% market 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 industry. Further, growing digitalization is driving the growth of smartphones and video games in the region, which is thereby expected to fuel the market growth of entertainment and media in the region.

The entertainment and media market in the rest of the world acquired around 8% market share globally in 2018. This region is witnessing high adoption of digital platforms for viewing video content and listening to music in countries such as Brazil, Argentina, Colombia, Chile, the UAE, Saudi Arabia, and South Africa.