Online Entertainment Market Report 2024

The online entertainment market size has grown rapidly in recent years. It will grow from $337.21 billion in 2023 to $387.0 billion in 2024 at a compound annual growth rate (CAGR) of 14.8%. The growth during the historic period can be attributed to several factors, increasing internet penetration, advancements in technology, the rise of social media, the expansion of digital content creation, and the proliferation of subscription services.

The online entertainment market size is expected to see rapid growth in the next few years. It will grow to $674.56 billion in 2028 at a compound annual growth rate (CAGR) of 14.9%. The anticipated growth during the forecast period can be attributed to several factors, increasing adoption of smartphones, evolving consumer preferences, higher investment in original content, and expansion in gaming and e-sports. Key trends expected during this period include the rise of subscription-based services, growth in video streaming, expansion of eSports, advancements in virtual and augmented reality (VR/AR), and greater integration with social media.

The rise in internet penetration among consumers is anticipated to drive the growth of the online entertainment market. Internet penetration measures the percentage of the population in a given area that has access to and uses the internet. This growth is fueled by the increasing affordability of internet-enabled devices and the broad availability of high-speed internet. As internet access becomes more widespread, it enhances the ability to access and engage with online entertainment, expanding the audience and improving content consumption across different platforms. For example, a July 2023 survey by Statistics Canada revealed that internet usage among Canadians aged 15 and older increased to 95% in 2022 from 92% in 2020. The most notable increase was among Canadians aged 75 and older, with internet usage rising from 62% in 2020 to 72% in 2022. Hence, the rise in internet penetration is fueling the expansion of the online entertainment market.

Companies in the online entertainment market are focusing on creating innovative products to maintain their market position. One such innovation is the development of online entertainment content hubs, which are centralized platforms that aggregate and distribute various forms of digital content for entertainment. For instance, in February 2021, Disney+ launched the Star brand, a new general entertainment content hub, in select international markets. The Star brand features thousands of hours of movies and shows from Disney's diverse studios and subsidiaries, including Disney Television Studios, FX Productions, 20th Century Studios, and Searchlight Pictures. The launch also introduced new parental controls, allowing users to set content ratings and add PINs to restrict access to mature content.

In January 2022, MarketCast, a US-based media company, acquired Invoke for an undisclosed amount. This acquisition enables MarketCast to extend its media and entertainment research capabilities to include audience testing for pre-release streaming and broadcast content, such as series concepts and episodes. Invoke, based in France, offers an online platform for entertainment companies to conduct real-time audience research and content testing for streaming and television shows.

Major companies operating in the online entertainment market are Tencent Video, Netflix Inc., Paramount+, Spotify AB, Hulu, TikTok Pte. Ltd., Disney+, Apple Music, HBO Max, Amazon Prime Video, iQIYI, Bilibili, Roku Inc., Pandora Media LLC, DAZN, Deezer, Crunchyroll LLC, Twitch, Sling TV, Peacock, SoundCloud, Vevo LLC, Tidal, Vudu, Sony Crackle.

North America was the largest region in the online entertainment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the online entertainment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the online entertainment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Online entertainment encompasses digital content and activities accessed over the internet, including streaming services, social media, online gaming, and virtual events. It offers a range of interactive and on-demand experiences available through computers, smartphones, and other connected devices. This sector has expanded rapidly due to technological advancements and increased internet access.

The main forms of online entertainment include video, audio, games, internet radio, and other formats. Video entertainment involves streaming movies, TV shows, live broadcasts, and video clips online. Devices used for accessing online entertainment include smartphones, smart TVs, projectors and monitors, laptops, desktops, tablets, and other connected devices. Revenue models in this sector vary and include subscription-based, advertisement-supported, sponsorship-driven, and other models. Applications of online entertainment cater to individuals, families, and other groups.

The online entertainment market research report is one of a series of new reports that provides online entertainment market statistics, including online entertainment industry global market size, regional shares, competitors with a online entertainment market share, detailed online entertainment market segments, market trends and opportunities, and any further data you may need to thrive in the online entertainment industry. This online 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 online entertainment market consists of revenues earned by entities by providing services such as streaming services, video-on-demand, music streaming services, and spoken-word entertainment services. The market value includes the value of related goods sold by the service provider or included within the service offering. The online entertainment market also includes sales of streaming devices, home assistants, bluetooth speakers, and gaming monitors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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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