Major players in the entertainment and media market are Comcast Corporation, Grupo Televisa S.A.B., Vivendi SE, The New York Times, Viacom 18, The Walt Disney Company, Bertelsmann SE & Co. KGaA, VOOT, Sun TV Network Limited, Dish TV India Limited, Zee Entertainment Enterprises Limited, Sony Group Corporation, Eros International, New Delhi Television Ltd.
New York, Aug. 04, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Entertainment And Media Global Market Report 2023” – https://www.reportlinker.com/p06479774/?utm_source=GNW
, PVR Cinemas, and Reliance MediaWorks Ltd.
The global entertainment and media market is expected to grow from $2,322.46 billion in 2022 to $2,507.25 billion in 2023 at a compound annual growth rate (CAGR) of 8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The entertainment and media market is expected to reach $3,304.51 billion in 2027 at a CAGR of 7.1%.
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.
Entertainment and media refer to the broad range of industries encompassing various forms of communication and entertainment, including television, film, radio, music, publishing, advertising, and digital media. It creates, produces, and distributes content that informs, entertains, and engages audiences across various platforms and channels.
North America was the largest region in the entertainment and media market in 2022. The regions covered in entertainment and media report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main products of entertainment and media are film, music, social media, video and animation, video games, and others.A film refers to a movie or motion picture, a form of visual art that conveys a story or a message through a series of moving images, which is used to entertain, educate, and inspire, and often reflect and comment on society and culture.
The revenues earned medium include advertisement revenue, subscription-based revenue, and others used for wire, wireless, and others.
Increasing penetration of smartphones is expected to propel the growth of the entertainment and media market going forward.Smartphones are portable electronic gadgets enabling users to browse the internet, send and receive texts, and call others.
Due to their enhanced portability and connection, smartphones allow users to access information and entertainment practically wherever and anytime they choose, so the increasing penetration of smartphones will propel the growth of the entertainment and media market. For instance, according to a report published by Uswitch Limited, a UK-based online and telephone comparison and switching service, in 2022, 71.8 million mobile connections were active. There will be 68.3 million people living in the UK by 2025, and 95% will have smartphones. Moreover, in April 2022, according to Catch Connect, an Australia-based mobile plans provider, 79.60% of the total population in Australia used a smartphone. The number of smartphone users is predicted to reach 2.8 million by 2022. Therefore, the increasing penetration of smartphones is driving the growth of the entertainment and media market.
The adoption of cutting-edge technologies is a key trend gaining popularity in the entertainment and media market.Companies operating in the entertainment and media market are focusing on the adoption of cutting-edge technologies, to sustain their position in the market.
For instance, in April 2022, HCL Technologies (HCL), an India-based, company engaged in Information Technology services, launched All Access Media Marketplace Platform to streamline the pre-production, production, and post-production phases of content development and delivery in media and entertainment.The HCL Workflow Creator serves as a machine-to-human interface, assisting in the creation of software-defined workflows and enabling the secure transfer of information assets from the studio or set to private data centers, shared space providers, SaaS cloud-based tools, and hyperscalers via telcos and transporters.
It is developed in collaboration with Microsoft and CoreSite, an American Tower Corporation firm (“CoreSite”), to address the workflow development, applications, and vendor discovery pain points experienced by many media makers.
In March 2022, Amazon, a US-based E-commerce company, acquired Metro-Goldwyn-Mayer Studios Inc. for $8.5 billion. With this acquisition, Amazon will increase the amount of content available on Amazon Prime Video. Metro-Goldwyn-Mayer Studios Inc. is US-based television production company.
The countries covered in the entertainment and media market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
The entertainment and media market research report is one of a series of new reports that 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.
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