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Generative AI In Media And Entertainment Market Size, Latest Trends, Growth Status, Top Major Players And Forecast To 2033
Generative AI In Media And Entertainment Market Size
According to The Business Research Company's, The generative AI in media and entertainment market size has grown exponentially in recent years. It will grow from $1.55 billion in 2023 to $1.97 billion in 2024 at a compound annual growth rate (CAGR) of 27.5%. The growth in the historic period can be attributed to increased computing power, creative experimentation, data availability and quality, content personalization, big data.
The generative AI in media and entertainment market size is expected to see exponential growth in the next few years. It will grow to $5.26 billion in 2028 at a compound annual growth rate (CAGR) of 27.8%. The growth in the forecast period can be attributed to integration with creative tools, integration of AI into creative workflows, ethical and regulatory considerations, cost efficiency and scalability, emergence of AI-driven content discovery. Major trends in the forecast period include advancements in deep learning algorithms, monetization opportunities, real-time content generation, hyper-realistic content generation.
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Market Drivers and Trends:
The increasing use of video games is expected to propel the growth of the generative AI media and entertainment market going forward. Video games refer to a computer game in which players interact with an input device or user interface to provide visual feedback on a display device. The popularity of video games arises because of accessibility, diverse content, social connectivity, cultural influence, and ongoing creativity within the industry. Generative AI is increasingly being used in various aspects of video game development to enhance creativity, efficiency, and player engagement and create more immersive and personalized gaming experiences. For instance, in May 2023, according to the Entertainment Software Association, a US-based video game industry company, US consumer spending on video games was $56.1 billion in 2020 and rose to $59.6 billion in 2021. Therefore, the increasing use of video games is driving the growth of the generative AI media and entertainment market.
Major companies operating in the generative AI media and entertainment market are focused on developing innovative AI technologies, such as media copilot, to stay competitive and meet the evolving demands of the industry. Media Copilot refers to an innovative AI-based tool to assist users in analyzing content performance across distribution platforms and revenue models in the media and entertainment industries. For instance, in April 2024, Symphony Innovation LLC, a US-based software company, announced the launch of AI-driven Media Copilot, which is both predictive and generative. It leverages generative and predictive AI to assist users in analyzing content performance across various distribution platforms and revenue models. Additionally, it features SymphonyAI Media Copilot and revenue model optimization.
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Major Key Players of the Market:
Amazon Inc., Alphabet Inc., Samsung Electronics Co. Ltd., Microsoft Corporation, Meta Platforms Inc., Tencent Holdings Ltd., Tesla Inc., Intel Corporation, International Business Machines Corporation, Oracle Corporation, Uber Technologies Inc., Netflix Inc., PayPal Holdings Inc., NVIDIA Corporation, Salesforce Inc., Baidu Inc., Adobe Inc., Snap Inc., X Corp, Zoom Video Communications Inc, Sentient Technologies LLC, Gong Inc., DeepMind Technologies Limited, Cohere Inc., OpenAI Inc.
Generative AI In Media And Entertainment Market 2024 Key Insights:
• The generative AI in media and entertainment market size is expected to see exponential growth in the next few years. It will grow to $5.26 billion in 2028 at a compound annual growth rate (CAGR) of 27.8%.
• Video Games' Impact On The Generative AI Media And Entertainment Market
• Introducing AI-driven Media Copilot By Symphony Innovation LLC
• North America was the largest region in the generative AI in media and entertainment market in 2023
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