The metaverse services have the potential to transfigure the fundamental nature of digital media consumption and social interactions for anyone with an internet connection. It combines elements of social media, online games, and video communication tools to devise a neoteric and immersive experience, one that fuses disparate digital media experiences into a single, borderless meta-universe with persistent events, spaces, objects, and economies, all in real-time.
Furthermore, with the extensive growth and expansion of virtual events and digital innovations in the metaverse, the media & entertainment industry has undergone various transformations. Moreover, the additive value that metaverse services can create for entertainment businesses preeminently boils down to three core functionalities: unlocking fan creativity, immersive storytelling, and world-building. The inclusion of these features augments audience engagement and complements franchise-building, fulfilling the requisites of any new-age entertainment brand.
Increase in consumer spending across virtual concerts, events, and others drives the market growth of metaverse in entertainment market. In addition, the ability of metaverse to cater to the desire of users to connect with a community fuels the growth of the metaverse in entertainment market. Since, the social media connections are made possible by metaverse development technologies. The basics of integrating metaverse in the entertainment sector introduce a 3D plane that is not restricted to viewing people on mobile devices or computers and hearing their voices. Together, augmented reality and virtual reality allow for the intense creation of realistic experiences that surpass the capabilities of the most recent social media features.
However, for instance, one of the features of the metaverse is multi-sensor fusion and the metaverse's supporting technologies make extensive use of sensors. These sensors are essential as they allow users to experience an immersive version of the metaverse and gather a huge amount of information about the user, including social, physiological, physical, and biometric data. As a result, the main obstacles restricting the spread of the metaverse in the entertainment market are privacy and security concerns. Contrarily, the initiatives for the advancements of digital transformation of a metaverse in the entertainment industry such as using blocking technology in metaverse can contribute a lot to digital transformation. In addition, the use of blockchain applications in metaverse is anticipated to enable users to emerge in an immersive digital space to experience complete autonomy and trust within the metaverse. Therefore, these factors are expected to provide numerous opportunities for the expansion of the metaverse in entertainment market during the forecast period.
The metaverse in entertainment market is segmented on the basis of component, technology, application, and region. By component, it is categorized into hardware, software, and service. By technology, the market is divided into blockchain, virtual & augmented reality, mixed reality, and others. By application, it is classified into film production, music labels, OTT platforms, television broadcasters, and others. By region, it is analyzed across North America, Europe, Asia Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the metaverse in entertainment market such as Epic Games, Inc., Hungama Digital Media Entertainment Pvt. Ltd., Meta, Niantic, Inc., Overactive Media Group, Qualcomm Technologies, Inc., QUEPPELIN, Roblox Corporation, Tencent, and Tetavi. These players have adopted various strategies to increase their market penetration and strengthen their position in the metaverse in entertainment industry.
Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided in the report.
The Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
The quantitative analysis of the global metaverse in entertainment market for the period 2021-2031 is provided to determine the market potential.
Furthermore, with the extensive growth and expansion of virtual events and digital innovations in the metaverse, the media & entertainment industry has undergone various transformations. Moreover, the additive value that metaverse services can create for entertainment businesses preeminently boils down to three core functionalities: unlocking fan creativity, immersive storytelling, and world-building. The inclusion of these features augments audience engagement and complements franchise-building, fulfilling the requisites of any new-age entertainment brand.
Increase in consumer spending across virtual concerts, events, and others drives the market growth of metaverse in entertainment market. In addition, the ability of metaverse to cater to the desire of users to connect with a community fuels the growth of the metaverse in entertainment market. Since, the social media connections are made possible by metaverse development technologies. The basics of integrating metaverse in the entertainment sector introduce a 3D plane that is not restricted to viewing people on mobile devices or computers and hearing their voices. Together, augmented reality and virtual reality allow for the intense creation of realistic experiences that surpass the capabilities of the most recent social media features.
However, for instance, one of the features of the metaverse is multi-sensor fusion and the metaverse's supporting technologies make extensive use of sensors. These sensors are essential as they allow users to experience an immersive version of the metaverse and gather a huge amount of information about the user, including social, physiological, physical, and biometric data. As a result, the main obstacles restricting the spread of the metaverse in the entertainment market are privacy and security concerns. Contrarily, the initiatives for the advancements of digital transformation of a metaverse in the entertainment industry such as using blocking technology in metaverse can contribute a lot to digital transformation. In addition, the use of blockchain applications in metaverse is anticipated to enable users to emerge in an immersive digital space to experience complete autonomy and trust within the metaverse. Therefore, these factors are expected to provide numerous opportunities for the expansion of the metaverse in entertainment market during the forecast period.
The metaverse in entertainment market is segmented on the basis of component, technology, application, and region. By component, it is categorized into hardware, software, and service. By technology, the market is divided into blockchain, virtual & augmented reality, mixed reality, and others. By application, it is classified into film production, music labels, OTT platforms, television broadcasters, and others. By region, it is analyzed across North America, Europe, Asia Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the metaverse in entertainment market such as Epic Games, Inc., Hungama Digital Media Entertainment Pvt. Ltd., Meta, Niantic, Inc., Overactive Media Group, Qualcomm Technologies, Inc., QUEPPELIN, Roblox Corporation, Tencent, and Tetavi. These players have adopted various strategies to increase their market penetration and strengthen their position in the metaverse in entertainment industry.
Key Benefits For Stakeholders
The study provides an in-depth analysis of the global metaverse in entertainment market along with the current trends and future estimations to elucidate imminent investment pockets.Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided in the report.
The Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
The quantitative analysis of the global metaverse in entertainment market for the period 2021-2031 is provided to determine the market potential.
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Key Market Segments
By Technology
- Blockchain
- Virtual Reality and Augmented Reality
- Mixed Reality
- Others
By Component
- Hardware
- Software
- Service
By Application
- Film Production
- Music Labels
- OTT Platforms
- Television Broadcasters
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- QUEPPELIN
- Meta
- Niantic, Inc.
- Overactive Media Group
- Tencent
- Epic Games, Inc.
- Qualcomm Technologies, Inc.
- Tetavi
- Roblox Corporation
- Hungama Digital Media Entertainment Pvt. Ltd.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: METAVERSE IN ENTERTAINMENT MARKET, BY COMPONENT
CHAPTER 5: METAVERSE IN ENTERTAINMENT MARKET, BY TECHNOLOGY
CHAPTER 6: METAVERSE IN ENTERTAINMENT MARKET, BY APPLICATION
CHAPTER 7: METAVERSE IN ENTERTAINMENT MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the metaverse in entertainment market was valued at $13.8 billion in 2021, and is estimated to reach $221.7 billion by 2031, growing at a CAGR of 32.3% from 2022 to 2031.The Metaverse in Entertainment Market is likely to experience a significant growth rate of 32.3% from 2022-2031 owing to increasing market demand from film production and gaming sector.
Metaverse platforms are a network of three-dimensional (3D) virtual environments centered on social interaction and communication. These are frequently portrayed in futuristic and science fiction as a potential iteration of the Internet as a single, worldwide virtual environment made possible by the usage of virtual reality and augmented reality headgear. Such advancements in metaverse technology are expected to contribute toward development of the metaverse industry in the coming years.
Key factors driving the growth of the Metaverse in entertainment market include rise in demand for work from home and remote working tools during the COVID-19 pandemic and growth in consumer spending across virtual concerts, events, and others. The entertaining part of Metaverse is that users can experience a totally different world away from reality in an unfamiliar ecosystem. Metaverse platforms in theme parks as well as amusement parks will attract users from across the world without any additional cost. It is both cost-efficient and time efficient as tourists or visitors need not have to travel a very long distance to visit those places and have fun. Therefore, growing awareness regarding metaverse in entertainment propel demand for metaverse in entertainment. However, privacy and security concerns over the metaverse, legal challenges associated with the rights of digital collectibles, and the high cost of AR and VR devices limiting the growth of the market.
The market also offers growth opportunities to the key players in the market. Increasing consumer acceptance of online games is a trend in the market. Metaverse provides an immersive visual experience and supports emerging technologies such as the Internet of Things, blockchain, and 3D visualization. Increasing use of advanced gaming technology, increasing income levels, and changing consumer entertainment choices will drive market growth over the forecast period.
The metaverse in entertainment market is segmented on the basis of component, technology, application, and region. By component, it is segmented into hardware, software, and service. By technology, the market is divided into blockchain, virtual and augmented reality, mixed reality, and others. By application, it is bifurcated into film production, music labels, OTT platforms, television broadcasters, and others. Region wise, it is analyzed across North America (the U.S., and Canada), Europe (the UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea and rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).
The key players profiled in the study include Epic Games, Inc., Hungama Digital Media Entertainment Pvt. Ltd., Meta, Niantic, Inc., Overactive Media Group, Qualcomm Technologies, Inc., QUEPPELIN, Roblox Corporation, Tencent, and Tetavi. The players in the market have been actively engaged in the adoption various strategies such as acquisition, product launch and expansion to remain competitive and gain advantage over the competitors in the market. For instance, in March 2022, American telecommunications giant Qualcomm announced a new cooperation deal with ByteDance, the Beijing-based parent company of TikTok, at Mobile World Congress (MWC) in Barcelona. Under this arrangement, the two sides cooperate in the development of hardware equipment, software platforms, and developer tools. Furthermore, the partnership mainly aimed at extended reality (XR) technology, with a goal of further developing the global XR ecosystem. In addition, in March 2022, Qualcomm announced the launch of the Snapdragon Metaverse Fund, established to invest up to $100 million in developers and companies building unique, immersive XR experiences, as well as associated core augmented reality (AR) and related artificial intelligence (AI) technologies. The fund plans to deploy capital through a combination of venture investments in leading XR companies by Qualcomm Ventures and a grant program by Qualcomm Technologies, Inc. for developer ecosystem funding in XR experiences such as gaming, health and wellness, media, entertainment, education, and enterprise.
Key Market Insights
By component, the hardware segment was the highest revenue contributor to the market, and is estimated to reach $93.34 billion by 2031, with a CAGR of 28.5%. However, the software segment is estimated to be the fastest growing segment with the CAGR of 36.7% during the forecast period.By application, the virtual reality and augmented reality segment dominated the global market, and is estimated to reach $80.67 billion by 2031, with a CAGR of 30.0%. However, the blockchain segment is expected to be the fastest growing segment during the Metaverse in entertainment Market Forecast.
Based on region, North America was the highest revenue contributor, accounting for $5.31 billion in 2021, and is estimated to reach $63.57 billion by 2031, with a CAGR of 28.5%.
Companies Mentioned
- QUEPPELIN
- Meta
- Niantic, Inc.
- Overactive Media Group
- Tencent
- Epic Games, Inc.
- Qualcomm Technologies, Inc.
- Tetavi
- Roblox Corporation
- Hungama Digital Media Entertainment Pvt. Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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