Movies And Entertainment Market Growth & Trends
The global movies and entertainment market is expected to reach USD 169.6 billion by 2030, expanding at a CAGR of 7.2% from 2022 to 2030, according to a new report by Grand View Research, Inc. A rapid increase in the popularity of streaming of music, movies, and television series platforms is propelling the movies & entertainment market.
Moreover, most countries affected by COVID-19 have declared lockdowns to contain the spread of the virus. This increased the number of users who engaged in OTT platforms such as Amazon, Netflix, and Spotify. According to the China-based Tencent Music Entertainment (TME) group, the year-over-year revenue from online music subscriptions increased by 70.0% in the first quarter of 2020. Additionally, the number of online music paying users touched 42.7 million, a year-over-year rise of nearly 50.0%.
In terms of product, the music & video segment is estimated to be the fastest-growing segment during the forecast period. Increasing preference for the Over-the-Top (OTT) platforms among users globally is the primary factor driving the growth of the music & video segment. Furthermore, the growing use of OTT platforms for live performance and broadcasting is anticipated to drive the segment’s growth during the forecast period.
The market has a low competitive rivalry due to the presence of a broad range of audiences with different tastes. However, players need to compete to gain a large share of revenue by attracting more audiences. Key players concentrate on establishing a strong connection with the audience through promotional events, consumer goods, and television shows. of improved promotional channels is expected to positively influence revenue growth.
Some of the industry’s major companies are focusing on acquisitions in order to broaden their product offerings and boost their market position. For instance, in March 2019, The Walt Disney Company closed its USD 71 billion acquisition of 21st Century Fox’s entertainment assets. This acquisition allows the company to produce and distribute news, sports, and entertainment content through Fox News, Fox Sports, the Fox Network, and Fox Television Stations.
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Movie And Entertainment Market Report
Movies And Entertainment Market Report Highlights
- Movies was valued at USD 50.40 billion in 2021 and is expected to reach USD 91.73 billion by 2030. Rise in penetration of internet and smartphone devices across regions, is likely favoring the growth of movies segment. Moreover, increase in spending of GenZ consumers on movies indicates the growth of movies segment
- North America region accounted for a revenue share of 34.8% in 2021. Innovation in the production of movies through advanced graphics techniques contributes to the lucrative growth of the movies & entertainment market in the region. Moreover, an increase in the release of 3D motion pictures with sound & visual effects giving users the experience of virtual reality is anticipated to positively influence revenue growth in North America
- Asia Pacific region is expected to witness substantial growth over the forecast period with a revenue based CAGR of 8.2% from 2022 to 2030. The growth of movies & entertainment market is the region is mainly attributed to the rising expenditure of consumers on leisure and entertainment
