Media and Entertainment Market Size, Share, Growth, and Industry Analysis by Type (Film, Music, Social Media, Video & Animation, Video Games and Others) By Application (Wire, Wireless and Others), Regional Insights, and Forecast From 2024 To 2031

Updated On: 08 April 2024

Media And Entertainment Market Report Overview

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The global media and entertainment market size was USD 2516970 million in 2022 and is projected to touch USD 4216401.15 million by 2031, at a CAGR of 5.9% during the forecast period. 

The entertainment and media market includes a number of important sub-sectors, including movies/cinema, television, music, publishing, radio, the internet, advertising, and gaming. Examples of media venues for mass communication include broadcasting, publishing, and the internet. Video, music, and gaming are some of the other items that are frequently associated with entertainment. Advertising, broadcast rights, intellectual property rights, ticket sales, governmental and private funding are only a few of the revenue-generating areas in the entertainment and media industry. The entertainment and media industry is now undergoing a transformation due to recent technological advancements including wireless, mobile, gadgets, digitalization, 5G, cloud storage, consumer analytics, and social media platforms.

COVID-19 Impact: Minimal Amount of Content Creation Hindered the Market

The global COVID-19 pandemic has been unprecedented and staggering, with media and entertainment experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to the media and entertainment market growth and demand returning to pre-pandemic levels once the pandemic is over. 

The global COVID-19 epidemic has had a significant negative impact on several industrial sectors, including entertainment and media. For instance, the Indian analytics firm CRISIL Limited predicts that the entertainment and media sector in India will experience a significant decline in revenues collected by the players in the sector, primarily as a result of the minimal amount of content creation activities, such as shootings, which are postponed due to the pandemic situation and rapid spread of the virus. One of the first areas where companies slashed expenditures was marketing as the virus started to badly impact the economy. Budget cuts are occurring quickly and alarmingly. Over-the-top (OTT) media services are anticipated to record greater revenues as a result of the vast number of workforces that were compelled to stay at home during the lockdown, even if a bigger section of the industry has difficulties performing commercial operations. The need for online communications services across digital platforms, such as mobile devices, laptops, tablets, and desktops, is one factor driving the need for OTT platforms. As more people become able to buy the items and services, other trends such as the fast use of smartphones and the internet are also accelerating. The music and entertainment industry has been significantly impacted by the new coronavirus epidemic, along with other industries.

LATEST TRENDS

"Globalization of Service-Based Entertainment to Augment the Market"

The old and new coexist in the media and entertainment (M&E) industry while it undergoes change. Interactivity, digitalization, a variety of platforms, gadgets, and the globalization of the services-based environment have all changed it during the last ten years. In recent years, the sector has seen a transition in terms of technology and applications and is quite diverse. The worldwide entertainment and media industries have been forced by this shift to provide cutting-edge content and efficient distribution strategies in order to compete in the fiercely competitive market. A few of the industries that make up the M&E sector are movies/cinema, television, music, publishing, radio, internet, advertising, and gaming.

Media And Entertainment Market Segmentation

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• By Type Analysis

By type, market is segmented into film, music, social media, video & animation, video games and others. The film segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into wire, wireless and others. The wire segment will lead the global share through 2028.

DRIVING FACTORS

"E-Sports Business to Propel the Market Demands"

 Over the past 10 years, the e-sports business in the media and entertainment sector has grown at an exponential rate. Video games played on mobile devices, laptops, desktop computers, and gaming consoles are becoming more and more common, which is responsible for this surge. The popularity of e-sports competitions has grown, and some of the prize pools at some of these competitions are now on par with those at some of the largest traditional sports events.

"Arrival of 5G Technology to Fuel the Market Growth"

Media & entertainment are expected to undergo a significant transformation as a result of the arrival of 5G technology. Video, music, and gaming material downloads from the internet will be completed very instantly since it will be 10 times faster than 4G technology. All platforms, including game consoles, smartphones, PCs, and smart TVs, are anticipated to benefit from the technology's improvements in user experience. With the advent of 5G, applications for augmented and virtual reality are anticipated, as well as a completely new channel for connecting with customers. The 5G-driven innovation that will lead the way is probably gaming. Rapid response times and high-definition, real-time streaming are likely to be further advantages for mobile cloud gaming.

RESTRAINING FACTORS

"Content Piracy Issue to Constraint the Market Growth"

Because of the growing commercialization of the internet, content piracy has long been a big problem for the entertainment and media sector. It has an impact on a variety of business sectors, including stock photography, music, movies, and video games. Because it allows for anonymous communication and offers more access to the content, easy access to the Internet has made it possible for people to easily pirate copyrighted information. One of the main reasons for piracy all around the world has been the accessibility of digital content. People have been more inclined to obtain material illegally as a result of the lack of availability of media due to various release dates, region formats, geographical barriers, scarcity, and lack of distribution mechanisms. These elements, in addition to high prices and consumers' reluctance to pay for freely available material, have contributed to the growth of digital media piracy. Media and entertainment firms have suffered losses as a result of torrent websites offering pirated content, which have been made worse by internet service providers' (ISPs) failure to totally ban these websites. Digital content theft largely harms the revenue of content owners.

Media And Entertainment Market Regional Insights

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"North America to Hold the Largest Global Media and Entertainment Market Share"

The largest market for entertainment and media is anticipated to be in North America over the projected period. With growing investments from major market participants including Comcast Corporation, The Walt Disney Company, Google LLC, Facebook Inc., Warner Media LLC, Viacom Inc., and Time Inc., the entertainment and media market in North America is growing. Global hubs for social media, sports, theater, the arts, video games, cinema and television, music, and publishing can all be found in this area. Hollywood, the American film industry, also contributes to the expansion of the local market by generating billions of dollars in income annually. The media & entertainment sector also benefits financially from the crucial news broadcasting services provided by several media companies throughout the US, Canada, and Mexico.

Additionally, people are investing a lot of money into the adoption of smartphones, smart gadgets like digital assistants, smart speakers, IoT-enabled products, and the internet in order to pass their spare time and entertain themselves. In the upcoming years, it is anticipated that demand for video games, various platforms for books and periodicals, and online video streaming services like YouTube, Amazon's Prime Video, Netflix, would rise in North America. The increasing use of high-speed Internet, cloud storage, digital technology, social media platforms, and widespread dissemination of material in several languages is anticipated to support the growth of the media and entertainment sector in North America. The US has the biggest market share among the nations, followed by Canada and Mexico.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Comcast (U.S.)
• Walt Disney (U.S.)
• Bertelsmann (Germany)
• Viacom (U.S.)
• Vivendi (France)
• Lagardère (France)
• News Corporation (U.S.)
• BBC (UK.)
• The New York Times (U.S.)
• HBO (U.S.)
• Youtube (U.S.)
• Bilibili (China)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.