Entertainment and Media Global Market Report 2024

The entertainment and media market 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 expansion observed in the historical period can be credited to the widespread adoption of smartphones, the influential impact of social media, the dominance of streaming services, the customization of content, and the global reach of content.

The entertainment and media market 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 expansion anticipated in the forecast period can be linked to the uptake of subscription models, the evolution of live events, the growth of podcasting, the development of interactive and immersive content, a focus on sustainability in the entertainment industry, and regulatory changes. Significant trends expected in the forecast period encompass the integration of blockchain in media, the incorporation of AI and machine learning, the adoption of remote production technologies, advancements in augmented reality (AR) and virtual reality (VR), and the development of the metaverse.

The anticipated growth in the entertainment and media market is expected to be driven by the increasing penetration of smartphones. Smartphones, which are portable electronic devices enabling internet browsing, text messaging, and calling, offer enhanced portability and connectivity. This allows users to access information and entertainment virtually anywhere and at any time, contributing to the growth of the entertainment and media market. For example, a report from Uswitch Limited, a UK-based comparison and switching service, revealed that in 2022, there were 71.8 million active mobile connections. With a projected 68.3 million people in the UK by 2025, it is expected that 95% of them will own smartphones. Additionally, data from Catch Connect, an Australia-based mobile plans provider, indicated that 79.60% of the total population in Australia used smartphones in April 2022, with the number predicted to reach 2.8 million by 2022. Thus, the increasing penetration of smartphones is a driving force behind the growth of the entertainment and media market.

The growth of Over-the-Top (OTT) services is also expected to drive the expansion of the entertainment and media market. OTT services, which deliver audio, video, and other media content directly over the internet, have become integral in transforming content delivery and consumption. These services provide a personalized viewing experience, shape content distribution strategies, and contribute to market growth and innovation in the entertainment and media industries. For instance, according to a press release from Netflix Inc., a US-based streaming media company, the number of paying subscribers increased from 223 million in the fourth quarter of 2022 to 231 million by the first quarter of 2023. This growth underscores the significant impact of OTT services on the entertainment and media market.

The adoption of cutting-edge technologies stands out as a prominent trend gaining traction in the entertainment and media market. Companies within this sector are actively embracing cutting-edge technologies to maintain their competitive positions. For example, in April 2022, HCL Technologies (HCL), an India-based company specializing in Information Technology services, introduced the All Access Media Marketplace Platform. This platform is designed to streamline content development and delivery throughout the pre-production, production, and post-production phases in the media and entertainment industry. HCL Workflow Creator, serving as a machine-to-human interface, facilitates the creation of software-defined workflows, ensuring the secure transfer of information assets across various platforms, including private data centers, shared space providers, SaaS cloud-based tools, and hyperscalers via telcos and transporters. Developed in collaboration with Microsoft and CoreSite, an American Tower Corporation firm, this platform addresses workflow development challenges and vendor discovery issues encountered by media makers.

Major companies in the media and entertainment market are strategically introducing advanced solutions, such as AI-based search capabilities tailored for media and entertainment companies, to gain a competitive edge. AI-based search capabilities significantly contribute to enhancing user experiences, personalizing content, and improving audience engagement. For instance, in November 2023, Google Cloud, a suite of cloud computing services by Google, launched new features for Vertex AI Search. These features are specifically designed to assist media and entertainment businesses in delivering more personalized experiences to their audiences. Vertex AI Search has proven to be a crucial tool for media firms seeking to engage and expand their audiences effectively. The new features leverage Gen AI to provide personalized content suggestions, contributing to audience retention and growth. This initiative builds on Google's track record of successful services such as Google News, YouTube for video streaming, and tailored product suggestions for online retailers.

In March 2022, Amazon, a US-based E-commerce company, completed the acquisition of Metro-Goldwyn-Mayer Studios Inc. for $8.5 billion. This strategic move aims to enhance the content offerings on Amazon Prime Video, with Metro-Goldwyn-Mayer Studios Inc. being a renowned US-based television production company.

Major companies operating in the entertainment and media market report are 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.

North America was the largest region in the entertainment and media market in 2023. The regions covered in the entertainment and media market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the entertainment and media market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary products within the entertainment and media domain include film, music, social media, video and animation, video games, and other content forms. A film, for instance, is a movie or motion picture - a visual art form that communicates a story or message through a sequence of moving images. Films serve the purposes of entertainment, education, and inspiration, often providing reflections and commentary on society and culture.

The entertainment and media market research report provides entertainment and media market statistics, including the entertainment and media industry's global market size, regional shares, competitors with an entertainment and media market share, detailed entertainment and media market segments, market trends, and opportunities, and any further data you may need to thrive in the entertainment and media industry. This entertainment and media market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The entertainment and media market includes revenues earned by entities by providing services such as photo editing services, creative design services, graphic design, writing services, advertising services, video editing, data entry services, data processing, data extraction services, invoice data entry, data cleansing services, data conversion, and online catalog. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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