Market
Analysis
The global
entertainment and media market will touch USD 5,099.2 million at an 8.9% CAGR
in the forecast period (2020- 2027), states the latest Market Research Future
(MRFR) report.
Drivers
Shift
to Consumer Revenue to Boost Market Growth
The shift
to consumer revenue from ad revenue owing to an increase in subscription-based
revenue generated by online platforms may boost market growth over the forecast
period. The media and entertainment industry too is making a transition to
consumer revenue models from ad revenues.
Opportunities
Increased
Smartphone Penetration to offer Lucrative Opportunities
The
increased preference for mobile devices and low data tariff along with
investment in regional and localized content may offer robust opportunities for
the market over the forecast period.
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Restraints
Piracy
of Content to act as Market Restraint
The piracy
of content is a serious issue in the entertainment and media industry for a
long time which may act as a market restraint over the forecast period.
Challenges
Increasing
Commercialization of Internet to act as Market Challenge
The
increasing commercialization of the internet may act as a market challenge over
the forecast period.
COVID-19
Analysis
The
COVID-19 pandemic possessed a mixed impact on the entertainment
and media market. On the one side, the film industry was vulnerable due
to the crisis as both the production and consumption of its output require
several people together in compact spaces. On the other, the market had a
positive impact due to the growing adoption of online video streaming such as
Hotstar, Netflix, Amazon Prime, and more. Social distancing, stay at home, and
quarantine all had a noteworthy impact on media consumption as this led to an
increase in TV viewing, indoor lifestyle-friendly application, and social media
conversations thus fueling market growth.
Market
Segmentation
The
entertainment and media market has been bifurcated based on type and
application.
By type,
the music and theater segment will lead the market over the forecast period and
at a 5.3% CAGR.
By
application, the wired segment will dominate the market over the forecast
period and at a 5.7% CAGR.
Regional
Analysis
North
America to Precede Entertainment and Media Market
North
America will precede the market over the forecast period. Increasing
investments by key market players like Comcast Corporation, The Walt Disney
Company, Google LLC, Facebook Inc., Warner Media LLC, Viacom Inc., and Time
Inc., the region being a global hub for media and entertainment offerings like
publishing, music, film & television, video games, theater, arts, sports,
and social media, The American Film Industry and Hollywood generating billions
of dollars in revenue each year, the media and entertainment industry making
money from important news broadcasting services offered by various media
enterprises across Mexico, Canada, and the US, and consumers spending enough on
the adoption of smartphones and smart devices like IoT-enabled devices, smart
speakers, digital assistants, and internet for entertaining themselves and
enjoying their free time are adding to the global entertainment and media
market growth in the region. Besides, increased need for online streaming
services, video games, and other magazines and books platforms in the coming
years, rising adoption of high-speed internet, digital technologies, cloud storage,
social media platforms, and strong distribution of multi-lingual are also
adding to the market growth. The US, Canada and Mexico have the largest market
share.
Key
Players
Leading
industry players profiled in the global entertainment and media market report
include News Corporation (US), Advance (US), iHeartMedia Inc. (US), Discovery,
Inc. (US), Warner Media, LLC. (US), Verizon Communications Inc. (US), Alphabet
Inc. (US), The Walt Disney Company (US), Baidu, Inc. (China), Grupo Globo
(Brazil), Comcast Corporation (US), Facebook Inc. (US), Bertelsmann SE &
Co. KGaA (Germany), Viacom, Inc. (US), and Hasbro Inc. (US).
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Entertainment and Media Market Research Report:
Information by Technology (Hall Effect, Magneto Resistive, Variable
Reluctance), By Application (Automotive, Industrial, Aerospace & Defense,
Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle
East & Africa, and South America)—Forecast till 2030
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