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Generative AI In Movies Market Competitive And Growth Analysis 2024 | Sony Corporation, NVIDIA Corporation, Adobe Inc, Autodesk Inc, Midjourney Inc
Generative AI In Movies Global Market Report 2024
Generative AI In Movies Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $0.77 billion In 2028 At A CAGR Of 24.1% :
The generative AI in movies market size has grown exponentially in recent years. It will grow from $0.26 billion in 2023 to $0.32 billion in 2024 at a compound annual growth rate (CAGR) of 24%. The growth in the historic period can be attributed to decreased labor costs, increased efficiency, improved creativity, enhanced visual effects, and creative exploration.
The generative AI in movies market size is expected to see exponential growth in the next few years. It will grow to $0.77 billion in 2028 at a compound annual growth rate (CAGR) of 24.1%. The growth in the forecast period can be attributed to interdisciplinary influence, audience acceptance, ethical considerations, algorithmic improvements, computational power, data availability and quality. Major trends in the forecast period include real-time script adaptation, virtual actor creation, AI-enhanced visual effects, predictive analytics for box office success, AI-driven film restoration and remastering, emotionally intelligent AI characters.
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Generative AI In Movies Market Major Segments
The generative ai in movies market covered in this report is segmented -
1) By Type: Content Generation, Visual Effects, Postproduction And Editing, Budget Optimization, Audience Engagement, Creative Inspiration
2) By Deployment: Cloud-Based, Hybrid
3) By Application: Filmmaking And Production, Virtual Reality (VR) And Augmented Reality (AR), Marketing And Promotion, Movie Recommendation
Key Driver - Widespread Internet Access Fuels The Growth Of Generative AI In Movies Market
An increase in consumer entertainment spending is expected to propel the growth of the generative AI in movies market going forward. Consumer entertainment spending refers to the amount of money individuals and households spend on entertainment activities for personal use and enjoyment. Generative AI tools can automate repetitive tasks in the movie production pipeline, such as scene generation, scriptwriting, and visual effects rendering. This automation speeds up the production process, allowing filmmakers to bring their visions to life more quickly and efficiently. For instance, according to The Numbers, a US-based company that provides detailed movie financial analysis, including box office, DVD, and Blu-ray sales reports, and release schedules, the total number of tickets sold in the US domestic market increased from 711.80 million in 2022 to 881.80 million in 2023. Further, total domestic box office collections increased from $7,426.00 million in 2022 to $9,214.89 million in 2023. Therefore, an increase in consumer entertainment spending is driving the growth of the generative AI in movies market.
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Prominent Trend - Advancements In Text-to-Video AI Technology In The Generative AI Movie Market
Major companies operating in the generative AI in movies market are focused on developing advanced products revolutionizing content creation, storytelling, and audience engagement, such as text-to-video artificial intelligence, to enhance efficiency, creativity, and innovation in the filmmaking process. Text-to-video artificial intelligence refers to AI technology that converts textual input into video content, utilizing natural language processing and computer vision algorithms to generate dynamic visual representations based on the provided text. For instance, in May 2023, Runway AI, Inc., a US-based artificial intelligence company, launched Gen-1 and Gen-2 AI tools for generating videos with different capabilities. Gen-1, also referred to as video-to-video, enables users to create fresh videos utilizing existing ones. This process involves selecting a video, picking a style reference, and previewing iterations before finalizing. Gen-2 is a text-to-video service with limited availability that empowers users to generate videos in various styles based on a provided text prompt.
Generative AI In Movies Market Players
Major companies operating in the generative AI in movies market report are Sony Corporation, NVIDIA Corporation, Adobe Inc, Autodesk Inc, Midjourney Inc, WĒTĀ FX LIMITED, Stability AI, Hugging Face Inc., Synthesia Limited, Runway AI Inc, AI21 Labs, Aleph Alpha, Deepdub Inc, DeepBrain AI Inc, SoluLab Inc, Fable Studio, Inworld AI, Wonder Dynamics, Accubits Technologies Inc, Kaliber Labs Inc, Luma AI Inc, OpenAI Inc, ScriptBook, ElevenLabs
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Largest And Fastest Growing Region In The Market
North America was the largest region in the generative AI in movies market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the generative AI in movies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Generative AI In Movies Market Report Structure
3. Generative AI In Movies Market Trends And Strategies
4. Generative AI In Movies Market - Macro Economic Scenario
5. Generative AI In Movies Market Size And Growth
…..
27. Generative AI In Movies Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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