Yahoo Finance Entertainment and Media Market to Expand at 8.9% CAGR to Reach USD 5,099.2 Million by 2030 - Report by Market Research Future (MRFR)
New York, US, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Entertainment & Media Market information by type, by application and region – forecast to 2030” market size to reach 5,099.2 million growing at a compound annual growth rate of 8.9% by 2030.
Market Scope:
Entertainment & Medias are gaining their moment in the sun owing to affordability of data speeds and consumption of online content. Media publishers are doling out content on a daily basis due to various content creators and funding by various media houses. The global Entertainment & Media market report on MRFR underscores the potential of the application and its prospects for the forecast period (2019-2030). The COVID-19 pandemic’s effects on the industry are included in the report.
Dominant Key Players on Entertainment & Media Market Covered are:
Disney
Verizon
iHeartMedia Inc.
Comcast Corporation
Alphabet
Discovery Inc.
Grupo Globo
Factbook Inc.
Advance
Mattel
Baidu Inc.
Viacom
Bertelsmann SE & Co. KGaA
Warner Media LLC
News Corporation
Hasbro
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Market USP Exclusively Encompassed:
Market Drivers
Development of mobile applications due to a large consumer base and spending on smartphones can drive market growth. Rise of OTT providers and abundance of entertainment options can widen prospects of the industry by a significant count. According to the Android Developers Conference at Google I/O, around 800,000 apps have been developed with around 48 billion downloads at the last count. Focus on customer engagement and presence of large number of users on social media channels can bode well for the market. Diversification of the entertainment & media industry as well as efforts of players to provide premium content by improving content discovery and prices can portend favorably for the market.
But data and privacy concerns can hamper market growth. Piracy of content as well as stringent laws for invoking punishment for consumers that view content illegally can impede market growth.
Browse In-depth Market Research Report (240 Pages) on Entertainment & Media Market:
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Segmentation of Market Covered in the Research:
Radio and Broadcasting Media to Lead in Market Share
By type, the global entertainment & media market has been segmented into films & theatrical, books & magazines, amusement park/facilities, social media, music, animation, video games, outdoor advertising, radio & broadcasting, sports, toys, and arts. The radio and broadcasting segment accounted for the largest market share in 2019. The need for communicating with large communities as well as acceptable radio standards due to presence of spectrum bands can bode well for the segment.
Wired Segment to Lead in Market Share
Based on type, the global entertainment & media market is divided into wired and wireless. The wired segment accounted for the larger market share in 2019; it is expected to register a 5.4% CAGR during the forecast period. Reliance on traditional methods of broadcasting by customers for their news and information can drive segment growth. However, the wireless segment is expected to surpass the wired segment by 2030.
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Regional Analysis
North America to Capture Large Market Share
North America is set to capture a large market share due to investments by large players such as Comcast, Warner Bros, and others. Potential for music, entertainment news, sports, video games, film, mass media, and social media applications can drive market demand significantly. Expansions of news chains in various countries as well as spending on digital assistants, IoT devices, and smart speakers can propel downloads of applications. Adoption of high-speed internet, cloud storage, and distribution of mult-lingual content can push regional market growth.
Europe to Follow North America in Standings
Europe can be a viable market for Entertainment & Medias owing to rising penetration of high internet speeds and a large potential for radio broadcasting in France, Spain, Germany, and the U.K. Proliferation of film and television industry and presence of over-the-top streaming platforms and services can attract large numbers of users. Consumers of printed content can widen prospects of the market.
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COVID-19 Impact on the Global Entertainment & Media Market
The COVID-19 outbreak affected the Entertainment & Media market in the initial stages of the pandemic. This is attributed to lack of permissions granted to movie studios and proliferation of cases in urban spaces. But the sector can recover owing to customer demand for online content and access to data plans. Launch of various mobile applications designed to capture a large customer base can drive market growth.
Industry News
Kakao Entertainment has acquired serialized fiction mobile app Radish for USD 440 million for expanding its web novels business.
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