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Online Entertainment Market is to Grow CAGR of 20.82% from 2021 to 2027

01-31-2023 05:48 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Allied Market Research

Online Entertainment Market is to Grow CAGR of 20.82% from 2021

The online entertainment market size was valued at $183.1 billion in 2019, and is estimated to reach $652.5 billion by 2027, registering a CAGR of 20.82% from 2021 to 2027.

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Presently, maximum entertainment services are available online, which provides users with access to more content. The most popular forms of online entertainment are social media, online video games, online casinos, music streaming, and video streaming. Rise in penetration of smartphones and availability of internet service at affordable price are expected to drive global online entertainment market growth. Rapid adoption internet-enabled smart devices, including smartphones, smart TVs, laptops, desktops, and smart projectors significantly boost the demand for online entertainment content. Entertainment over the internet gained significant traction, owing to its benefits such as convenience, low cost, and choice of timings.

As per the perspective of top-level CXOs, the global online entertainment market is expected to offer remunerative business opportunities in the developing economies such as India and China. This is attributed to increase in digitalization of the entertainment & media industry, expansion of the internet user base, and surge in disposable.

Increase in penetration of smart devices and decrease in cost of internet boost the demand for online entertainment content such as videos, audios, e-books, and online games over smartphones. Furthermore, surge in popularity of the social media platform is promoting the online video content creators to deign unique products for social media. For instance, recently introduced online music streaming services include Spotify, Amazon Music, Tidal, YouTube Music, and Apple Music.

The CXOs further added that surge in online gaming popularity and increase in attention for e-books has been increasing, which are expected to significantly contribute toward the growth of the online entertainment market. In the developing countries such as India and China, online fantasy sports gaming (OFSG) has been gaining significant traction among the audience, owing to increase in trend of sports such as cricket, football, and kabaddi.

Key players in the market have adopted new service launch, continuous innovation, and acquisition as their key developmental strategies to cater to the rising demands for online entertainment. Internet radio is an emerging concept, which has been gaining considerable popularity in the U.S. media and entertainment industry, owing to its unique quality content, fewer advertisements, and suitable content according to the listener's special interest. `
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However, the existing challenges such as high digital illiteracy rate and limited accesses to internet & digital infrastructure limit the growth of the online entertainment market.

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Key findings of the study

The online entertainment market size was valued at $183.1 billion in 2019, and is estimated to reach $652.5 billion by 2027, growing at a CAGR of 20.8% during the forecast period.

By form, the game segment is estimated to witness the fastest growth, registering a CAGR of 23.5% during the forecast period.

In 2019, depending on revenue model, the advertisement segment was valued at $98.0 billion, accounting for 53.5% of the global online entertainment market share.

In 2019, the U.S. was the most prominent market in North America, and is projected to reach $93.9 billion by 2027, growing at a CAGR of 14.90% during the forecast period.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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