Location-Based Entertainment Market Overview and Trends 2024

"The Business Research Company recently released a comprehensive report on the Global Location-Based Entertainment Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The location-based entertainment market size has grown exponentially in recent years. It will grow from $3.05 billion in 2023 to $3.86 billion in 2024 at a compound annual growth rate (CAGR) of 26.4%. The growth in the historic period can be attributed to pop culture tie-ins, social media influence, urbanization, family and group activities, and experiential spending trends.

The location-based entertainment market size is expected to see exponential growth in the next few years. It will grow to $9.91 billion in 2028 at a compound annual growth rate (CAGR) of 26.6%. The growth in the forecast period can be attributed to the integration of artificial intelligence, expansion into emerging markets, sustainability and eco-friendly initiatives, cross-industry collaborations, and shift towards hybrid experiences. Major trends in the forecast period include integration of augmented reality (AR), immersive experiences, adoption of virtual reality (VR), emphasis on interactive attractions, and advancement in technology.

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Market Drivers and Trends:

Increasing consumer spending on games and video content is expected to propel the growth of the location-based entertainment market going forward. Consumer spending on games and video content refers to the amount of money individuals spend on purchasing or subscribing to video games, downloadable content, in-game purchases, streaming services, and other related digital entertainment products. Increasing consumer spending on games and video content reflects growing demand for digital entertainment experiences, immersive gaming experiences, and a shift towards online streaming platforms. Consumer spending on games and video content helps bolster location-based entertainment by showcasing the potential for immersive experiences, driving interest in similar interactive and experiential offerings at physical venues. For instance, in February 2024, according to data published by the Entertainment Software Association, a US-based trade association of the video game industry, total video game sales surged to $57.2 billion in 2023, marking an increase from the $56.6 billion recorded in 2022. The rise was primarily fueled by a boost in video game content spending, which rose to $48.0 billion from $47.5 billion in 2022. Therefore, increasing consumer spending on games and video content is driving the growth of the location-based entertainment market.

Major companies operating in the location-based entertainment market are focused on developing innovative solutions, such as advanced virtual reality technologies, to enhance immersive experiences and attract a wider audience. Virtual reality technology in location-based entertainment creates immersive digital environments that users can interact with in physical spaces, enhancing the overall entertainment experience. For instance, in September 2022, Shanghai Disney Resort, a China-based theme park, opened SoReal VR SuperSpace, an immersive virtual reality (VR) experience in its Disneytown shopping, dining, and entertainment district. This will be Shanghai's first flagship store. The two-story venue features VR experiences on the first floor and an immersive VR walkthrough on the second. This innovative addition, developed by SoReal, a China-based VR company, enhances visitor engagement and entertainment options within Disneytown.

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Major Key Players of the Market:

Google LLC, Samsung Electronics Co. Ltd., Microsoft Corporation, Meta Platforms Inc., Huawei Technologies Co. Ltd., The Walt Disney Company, Panasonic Corporation, Nvidia Corporation, Regal Entertainment Group, Unity Technologies Inc., AEON Fantasy Co. Ltd., Sony Interactive Entertainment LLC, Magic Leap Inc., HTC Corporation, Niantic Inc., Barron Games International LLC, Bob's Space Racers Inc., HQ Software LLC, Habo Studio Inc., CamOnApp S.A., E-Learning Studios Ltd., SpringboardVR Inc., BidOn Games Studio LLC, VRstudios LLC

Location-Based Entertainment Market 2024 Key Insights:

• The location-based entertainment market size is expected to see exponential growth in the next few years. It will grow to $9.91 billion in 2028 at a compound annual growth rate (CAGR) of 26.6%.
• Increasing Consumer Spending On Games And Video Content Enhanced Growth Of The Location-Based Entertainment Market
• Enhancing Entertainment Experiences Through Advanced Virtual Reality Technology
• North America was the largest region in the location-based entertainment market in 2023

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