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Film & Music: Redefining Entertainment in a Digital Age
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According to The Business Research Company's, The film and music market size has grown strongly in recent years. It will grow from $341.06 billion in 2023 to $363.76 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to growth in distribution channels, piracy and copyright issues, cultural trends, globalization, economic factors, emergence of new genres and formats.
The film and music market size is expected to see strong growth in the next few years. It will grow to $469.7 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to streaming services dominance, data-driven content creation, live events and experiences, global collaboration and co-production, sustainability initiatives. Major trends in the forecast period include immersive technologies, technological advancements in production, blockchain for royalties, emergence of virtual concerts and film premieres, rise of nfts in the creative industry.
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Market Drivers and Trends:
The penetration of newer distribution platforms such as internet protocol television (IPTV) and Direct-to-home (DTH) and online platforms such as YouTube, Vimeo is driving the growth of the film and music market. Digitization of TV platforms is paving the way for better sound and picture quality for viewers and increased revenues for stakeholders in the value chain. This is also resulting in more bandwidth for broadcasters to provide value-added services, thereby boosting revenues. Digital production techniques in films have reduced processing and storage costs. Digital distribution and exhibition have led to enhanced picture quality and shortened release window. These factors are expected to positively impact the growth of the market during the forecast period.
Film and music production companies are increasingly adopting motion capture technology to reduce costs associated with key frame-based animations. Motion capture is the process of recording a live motion event and translating it into actionable data that allows a 3D recreation of the performance. To achieve these, performers need to wear reflective markers all over their bodies which are then interpreted by a computer and turned into digital 3D models. Through this technology, real-time results are achieved faster, and it also reduces the cost of key-frame animation. Some recent box-office blockbusters which incorporated motion capture technology include Avengers, Captain America, Beauty, and the Beast, Guardians, Iron Man, and others.
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Major Key Players of the Market:
Sumitomo Electric Industries Ltd., 3M Company, Fiberhome Telecommunication Technologies Co. Ltd., Hengtong Group, Aptiv plc, Prysmian Group, TE Connectivity Ltd., Corning Inc., Molex LLC, Amphenol Corporation, CommScope Inc., Nexans SA, Fujikura Ltd., Yangtze Optical Fibre and Cable Joint Stock Limited Company, Leoni AG, Finisar Corporation, Coherent Inc., Belden Inc., Sterlite Technologies Ltd., AFL Communications LLC, Radiall Pvt. Ltd., LS Group, HUBER + SUHNER, OFS Fitel LLC, The Siemon Company, EXFO Inc., EMCORE Corporation, Hitachi Cable America Inc., Optical Cable Corporation, General Cable Corporation, Furukawa Electric Co. Ltd, Shenzhen HTGD Intelligent Equipment Co. Ltd.
Film And Music Market 2024 Key Insights:
• The film and music market size is expected to see strong growth in the next few years. It will grow to $469.7 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• Digital Revolution How Iptv, Dth, And Online Platforms Are Shaping The Film And Music Market Growth
• Revolutionizing Animation How Motion Capture Technology Is Transforming Film And Music Production
• North America was the largest region in the film and music market in 2023
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