Media And Entertainment Industry Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)
The Media & Entertainment Market size is expected to grow from USD 27.72 billion in 2023 to USD 40.36 billion by 2028, at a CAGR of 7.80% during the forecast period (2023-2028). The rapid evolution of technology has transformed the media and entertainment industry, along with the integration of new disruptors for generating profitable growth across the sector.
New York, Aug. 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Media And Entertainment Industry Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" - https://www.reportlinker.com/p06484048/?utm_source=GNW
The Media & Entertainment Market size is expected to grow from USD 27.72 billion in 2023 to USD 40.36 billion by 2028, at a CAGR of 7.80% during the forecast period (2023-2028).
The rapid evolution of technology has transformed the media and entertainment industry, along with the integration of new disruptors for generating profitable growth across the sector.
*Key Highlights*
The emergence of social media is disrupting the industry, and players in the traditional sector are switching towards digital platforms, thereby increasing their ad spending on digital media. The industry significantly benefitted from digital tools and platforms, facilitating efficient production, distribution, and consumption of content and revolutionizing market growth.
AR and VR content has conquered all lights in the media and entertainment businesses as consumers today are catapulted into an environment with blurred borders between digital and augmented worlds. Artificial intelligence, machine learning, and natural language processing are equally effective in predicting user engagement with content to provide customized recommendations for improving content.
With the emergence of digital behavior, subscription models play a primary role in monetizing the digital platform with evolving technologies, thereby creating opportunities for companies in the media and entertainment industry to achieve greater operational efficiencies.
Also, smartphone penetration, low data tariff, and investments in original and regional digital content are favorable factors for digital access and content supply, respectively, for driving online consumption across the media & entertainment industry.
Media and Entertainment Market Trends
Streaming Media Sector is Gaining Traction Due to Emergence of OTT Media Across Online Platform
Several live-streaming virtual multichannel video programming distributors (MVPDs) have recently launched offerings with live networks and on-demand content.
With consumers across all age groups streaming more content than ever, there is an ongoing dynamic shift from traditional pay TV to subscription-based paid streaming video services, along with the growth in the number of smartphone & tablet devices.
The rising popularity of high-quality videos in terms of clarity is expected to boost the demand for better streaming media services. Furthermore, the OTT service providers such as Netflix and Amazon focus on providing 3D movies along with the increasing popularity of 4K UHD content will be the primary growth for global media and entertainment content, thereby influencing the market’s development positively.
North America to Register the Largest Growth Region During the Forecast Period
The North American media and entertainment industry is the largest growing industry that includes motion pictures, television programs & commercials, streaming content, music & audio recordings, broadcast, radio, and book publishing, and the evolving social media presence over the region.
Integration of new OTT services across the already existing subscription-based streaming devices among the US household is expected to drive the media & entertainment sector across the region. For instance, In September this year, KAON, 3 Screen Solutions, and Green Streams together announced the launch of their new joint IPTV / OTT service platform product enabling Tier 2 and medium-sized providers to rapidly and economically deliver super-aggregated video services based on Android TV, Google’s increasingly popular Operating System, as well as all relevant Multiscreen platforms.
Further, According to the American media measurement and analytics company comScore, Netflix captured 74% of the total penetration of US OTT households, followed by Youtube with 54% and Amazon with 33% penetration. Such high deployment of OTT services across the region is expected to drive the demand of the video & entertainment industry.
Media and Entertainment Industry Overview
The media & entertainment market landscape is highly competitive and consists of prominent players leading across the industry. Regarding market share, some of the major players currently dominate the market. However, with the advancement in emerging network technology (5G) across OTT services, new players are increasing their market presence, thereby expanding their business footprint across emerging economies.
September 2022 - Alliance Entertainment announced its partnership with MUBI. The partnership will commence with the release of the feature films and reach premium film buyers in the US marketplace.
August 2022 - Eros Media World PLC announced the strategic partnership with Arabia Pictures Group to capitalize on new opportunities and identify synergies to foster growth in the media and entertainment sector and business opportunities in the film production, technology, and Web3 space exclusively catering to the Indian entertainment industry.
*Additional Benefits:*
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06484048/?utm_source=GNW
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