Press release
Transformative Trends in Entertainment and Media
According to The Business Research Company's, The entertainment and media market size has grown strongly in recent years. It will grow from $2507.25 billion in 2023 to $2706.24 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to smartphone adoption, social media influence, streaming services dominance, content personalization, globalization of content.
The entertainment and media market size is expected to see strong growth in the next few years. It will grow to $3545.76 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to adoption of subscription models, live events evolution, podcasting growth, interactive and immersive content, sustainability in entertainment, regulatory changes. Major trends in the forecast period include blockchain in media, ai and machine learning integration, remote production technologies, augmented reality (ar) and virtual reality (vr), metaverse development.
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Market Drivers and Trends:
Increasing penetration of smartphones is expected to propel the growth of the entertainment and media market going forward. Smartphones are portable electronic gadgets enabling users to browse the internet, send and receive texts, and call others. Due to their enhanced portability and connection, smartphones allow users to access information and entertainment practically wherever and anytime they choose, so the increasing penetration of smartphones will propel the growth of the entertainment and media market. For instance, according to a report published by Uswitch Limited, a UK-based online and telephone comparison and switching service, in 2022, 71.8 million mobile connections were active. There will be 68.3 million people living in the UK by 2025, and 95% will have smartphones. Moreover, in April 2022, according to Catch Connect, an Australia-based mobile plans provider, 79.60% of the total population in Australia used a smartphone. The number of smartphone users is predicted to reach 2.8 million by 2022. Therefore, the increasing penetration of smartphones is driving the growth of the entertainment and media market.
The adoption of cutting-edge technologies is a key trend gaining popularity in the entertainment and media market. Companies operating in the entertainment and media market are focusing on the adoption of cutting-edge technologies, to sustain their position in the market. For instance, in April 2022, HCL Technologies (HCL), an India-based, company engaged in Information Technology services, launched All Access Media Marketplace Platform to streamline the pre-production, production, and post-production phases of content development and delivery in media and entertainment. The HCL Workflow Creator serves as a machine-to-human interface, assisting in the creation of software-defined workflows and enabling the secure transfer of information assets from the studio or set to private data centers, shared space providers, SaaS cloud-based tools, and hyperscalers via telcos and transporters. It is developed in collaboration with Microsoft and CoreSite, an American Tower Corporation firm (""""CoreSite""""), to address the workflow development, applications, and vendor discovery pain points experienced by many media makers.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Comcast Corporation; Grupo Televisa S.A.B.; Vivendi SE; The New York Times Co.; Viacom 18 Media Pvt. Ltd.; The Walt Disney Company; Bertelsmann SE & Co. KGaA; Sun TV Network Limited; Dish TV India Limited; Zee Entertainment Enterprises Limited; Sony Group Corporation; Eros International; New Delhi Television Ltd.; Priya Village Roadshow Cinemas; Reliance MediaWorks Ltd.; News Corporation; Advance Publications Inc.; iHeartMedia Inc.; Discovery Inc.; Warner Media LLC; Verizon Communications Inc.; Alphabet Inc.; Baidu Inc.; Bilibili Inc.; Lagardère SCA; Time Magazine Inc.; Rolling Stone LLC; Billboard; Variety Ltd.; The Hollywood Reporter
Entertainment And Media Market 2024 Key Insights:
• The entertainment and media market will grow to $3545.76 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Surge In Smartphone Penetration Fuels Growth In The Entertainment And Media Market
• Key Players Launching All Access Media Marketplace Platform For Streamlined Content Development And Delivery In Media And Entertainment
• North America was the largest region in the entertainment and media market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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