Generative AI in Media and Entertainment Global Market Report 2024

The generative AI in media and entertainment market size has grown exponentially in recent years. It will grow from $1.55 billion in 2023 to $1.97 billion in 2024 at a compound annual growth rate (CAGR) of 27.5%. The expansion observed during the historical period can be attributed to several factors, including the increased availability of computing power, a culture of creative experimentation, improved data availability and quality, the adoption of content personalization strategies, and the utilization of big data analytics.

The generative AI in media and entertainment market size is expected to see exponential growth in the next few years. It will grow to $5.26 billion in 2028 at a compound annual growth rate (CAGR) of 27.8%. The anticipated growth in the forecast period can be attributed to several key factors, including the integration of generative AI with creative tools, the incorporation of AI into creative workflows, heightened attention to ethical and regulatory considerations, cost efficiency and scalability benefits, and the emergence of AI-driven content discovery mechanisms. Major trends expected during this period encompass advancements in deep learning algorithms, the exploration of monetization opportunities, the implementation of real-time content generation capabilities, and the development of hyper-realistic content generation techniques.

The growth of the generative AI media and entertainment market is anticipated to be fueled by the increasing adoption of video games. Video games, interactive computer games where players engage through input devices for visual feedback, have gained popularity due to their accessibility, diverse content, social connectivity, cultural impact, and ongoing creativity. Generative AI is increasingly integrated into various facets of video game development to boost creativity, efficiency, and player engagement, resulting in more immersive and personalized gaming experiences. For example, data from May 2023 by the Entertainment Software Association highlights a steady increase in US consumer spending on video games, from $56.1 billion in 2020 to $59.6 billion in 2021, showcasing the growing influence of video games on the entertainment landscape and consequently, driving the generative AI media and entertainment market forward.

Key players in the generative AI media and entertainment market are directing their efforts toward developing innovative AI technologies like Media Copilot to remain competitive and address the evolving industry demands. Media Copilot is an advanced AI tool designed to aid users in analyzing content performance across distribution platforms and revenue models in the media and entertainment sectors. For instance, in April 2024, Symphony Innovation LLC introduced AI-driven Media Copilot, leveraging generative and predictive AI to analyze content performance across various distribution platforms and revenue models. Additionally, SymphonyAI Media Copilot integrates revenue model optimization features, catering to the dynamic needs of media and entertainment businesses.

In April 2024, Altair Engineering, a US-based IT company, made an undisclosed acquisition of Cambridge Semantics. This strategic move aims to integrate Cambridge Semantics' technologies, particularly its knowledge graph platform, into the Altair RapidMiner platform. By combining knowledge graph, data governance, data virtualization, and data discovery technologies with existing data preparation capabilities, Altair Engineering enhances its offerings in generative AI for media and entertainment. This integration signifies the industry's focus on leveraging generative AI technologies to drive innovation and improve data-driven decision-making processes in the media and entertainment sector.

Major companies operating in the generative AI in media and entertainment market are Amazon Inc., Alphabet Inc., Samsung Electronics Co. Ltd., Microsoft Corporation, Meta Platforms Inc., Tencent Holdings Ltd., Tesla Inc., Intel Corporation, International Business Machines Corporation, Oracle Corporation, Uber Technologies Inc., Netflix Inc., PayPal Holdings Inc., NVIDIA Corporation, Salesforce Inc., Baidu Inc., Adobe Inc., Snap Inc., X Corp, Zoom Video Communications Inc, Sentient Technologies LLC, Gong Inc., DeepMind Technologies Limited, Cohere Inc., OpenAI inc.

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

Generative AI in media and entertainment involves leveraging AI techniques, particularly generative models, to either create or enhance a variety of media content forms, spanning images, videos, music, text, and complete narratives. This technology aims to streamline content creation processes, enhance user experiences, and enable innovative storytelling methods.

Key types of generative AI in media and entertainment include text-to-image generation, image-to-image generation, music generation, video generation, 3D modeling, and animation. Text-to-image generation, for example, utilizes AI to translate textual descriptions into visual representations, such as images or illustrations. Solutions and services are offered, deployable both in the cloud and on-premises, catering to diverse applications including gaming, film and television, advertising and marketing, music and sound production, virtual reality (VR), augmented reality (AR), and beyond.

The generative AI in media and entertainment market research report is one of a series of new reports that provides generative AI in media and entertainment market statistics, including generative AI in media and entertainment industry global market size, regional shares, competitors with a generative AI in media and entertainment market share, detailed generative AI in media and entertainment market segments, market trends and opportunities, and any further data you may need to thrive in the generative AI in media and entertainment industry. This generative AI in media and entertainment 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 generative AI in the media and entertainment market includes revenues earned by entities providing services such as image generation, video synthesis, music composition, text generation, and scene creation. 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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