Entertainment and Media Market Projected to Hit USD 6056.3 Billion at a 9.1% CAGR by 2030- Report by Market Research Future (MRFR)

In 2022, the size of the entertainment and media market was estimated at USD 2,580.0 billion. According to projections, the entertainment and media market industry will increase from USD 2,763.4 billion in 2023 to USD 6,056.3 billion in 2032, with a compound annual growth rate (CAGR) of 9.1% throughout the forecast period (2023-2032). The primary market factors fueling the growth of the entertainment and media market are the entertainment and media, the rising popularity of video games and e-sports, and the rising smartphone penetration.

The use of mobile technologies is expanding quickly worldwide. 67% of the world’s population—5.3 billion people—had signed up for mobile services by the end of 2021. The affordability and widespread use of cellphones have been facilitated by the ongoing introduction of innovation in their development. Smartphones are getting better and better at handling different video streaming, mobile gaming, and video conferencing applications.

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Entertainment and Media Market Key Players –

Key Companies in the Entertainment and Media market include

• News Corporation
• Advance
• Iheartmedia Inc.
• Discovery, Inc.
• Warner Media, Llc
• Verizon Communications Inc.
• Alphabet Inc
• Disney
• Baidu, Inc
• Grupo Globo
• Comcast Corporation
• Meta Platforms, Inc.
• Bertelsmann Se & Co. Kgaa (Bertelsmann)
• Viacomcbs (Paramount)
• Hasbro Inc.
• Mattel Inc.

Users have been drawn in by the increasing integration of technologies like artificial intelligence (AI), augmented reality, and virtual reality into media and entertainment applications run on smartphones. Smartphones have created new revenue-generating potential for a variety of business models in the media and entertainment sector. By making content available for mobile devices, well-known video streaming services like Netflix and Amazon Prime Video, among others, have benefited from the rising popularity of smartphones.

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The market for entertainment has expanded as a result of the growing popularity of mobile game apps. Users are choosing smartphones over conventional devices as their source of entertainment since smartphones are easier to use and have more mobile applications available. The availability of material has been made more mobile thanks to smartphones, which has boosted the global entertainment & media market’s expansion. The user experience of accessing media on smartphones has been significantly enhanced with the introduction and adoption of networking technologies like 4G-LTE and 5G. In addition, the widespread usage of smartphones has compelled service providers to strengthen their content delivery networks, which will benefit media and entertainment businesses greatly.

The increasing average consumer spending on entertainment services brought on by the ease of access to online material via smartphones as a result of improved connectivity services is anticipated to fuel the expansion of the worldwide entertainment & media market over the course of the projected period.

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Segmentation

Books and magazines, movies, social media, music and theatre, animation, gaming and gambling, outdoor advertising, radio broadcasting, amusement parks and facilities, sports, toys and art are all included in the Entertainment and Media Market categorization based on type. In 2022, radio broadcasting accounted for the majority of the market and generated around 16% of the total income.

Based on application, the Entertainment and Media Market is segmented into wired and wireless. In 2022, Wired dominated the market, and it is anticipated that it will do so again from 2023 until 2032.

The affordability and widespread use of cellphones have been facilitated by the ongoing introduction of innovation in their development. Smartphones are getting better and better at handling different video streaming, mobile gaming, and video conferencing applications. Users have been drawn in by the increasing integration of technologies like artificial intelligence (AI), augmented reality, and virtual reality into media and entertainment applications run on smartphones. Smartphones have created new revenue-generating potential for a variety of business models in the media and entertainment sector. By making content available for mobile devices, well-known video streaming services like Netflix and Amazon Prime Video, among others, have benefited from the rising popularity of smartphones.

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Strong news broadcasting services are another source of revenue for the media and entertainment sector. These services are offered by several companies in the US, Canada, and Mexico. Consumers are increasingly using smartphones, smart devices like digital assistants and smart speakers, and the Internet for entertainment. The demand for video games, internet video streaming services, books, and periodicals is expected to rise in North America during the next few years. As a result, it is anticipated that North America, specifically the U.S. and Canada, will propel the expansion of the marketing platform market.

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