The global entertainment market size was around USD 97.47 Billion in 2022 and is expected to surpass USD 182.23 Billion by 2031, expanding at a CAGR of 7.2% during the forecast period, 2023–2031. The growth of the market is attributed to the rising demand for entertainment sources and the growing disposable income of a large number of the population globally.
The global entertainment industry includes a number of firms that offer various entertainment services for public use. The entertainment business is made up of a number of sub-groups such as live entertainment, musical entertainment, exhibition entertainment, mass media entertainment, and electronic entertainment. Circuses, comedy shows, athletic events, the performing arts, musical theater performances, and concerts are all examples of live entertainment.
Orchestras and concert hall performances as well as vocal artists, composers, and musicians are key components of musical entertainment. Amusement parks, trade exhibits, and/or fairs are some examples of exhibition entertainment while film, the internet, and radio are major sources of mass media. Video games represent one of the most popular type of electronic entertainment.
In the recent years, the global entertainment market has undergone several transitions in terms of technology adoption and applications. Many major entertainment and media companies have been focusing to provide creative products and services to maintain their presence in the increasingly competitive market. E-books are getting more popular and are accounting for a significant amount of current book sales.
As the general public can now view TV series and movies online, web-based entertainment is growing increasingly popular due to easily availability of online radio and digital downloads. In the entertainment business, cellular smartphones have also become a media device, with high-definition and three-dimensional televisions being manufactured and sold.
Entertainment Market Trends, Drivers, Restraints, and Opportunities
- High penetration of smartphones as well as increasing view on-demand and live streaming of music and videos are key drivers for the market.
- Increasing number of TV subscribers and growing number of radio listeners, along with the rapid demand for video game are key factors driving the market.
- Growing popularity of outdoor advertisements and raising social media exposure by customers are expected to boost the growth of the market.
- Issues concerning to copying and enforcing of copyright laws are acting to be major challenge that can hamper the market expansion.
- Cyber-attacks on online sites are becoming more common, which pose another key challenge for the market growth.
- Rapid introduction of new technology such as 5G network broadband services, development of augmented reality, and virtual reality systems are anticipated to create opportunities for the market growth.
- Introduction of Artificial Intelligence (AI) is a key market trend, which is expected to have a positive impact on several industries especially the gaming sector. This is projected to fuel the market expansion.
Scope of Entertainment Market Report
The report on the global entertainment market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Entertainment Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Applications (Books & Magazines, Films & Theatrical, Social Media, Music, Animation, Video Games, Outdoor Advertising, Radio & Broadcasting, Amusement Park/Facilities, Sports, Toys, and Arts)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Xaxis; Kerzner International Holdings Limited; Disney/ABC Television Group; CBS Radio; Belo Corp; Netflix Inc; Advance Publications Inc; Activision Blizzard Inc; and ACME Communications Inc., MELCO RESORTS & ENTERTAINMENT LIMITED
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Entertainment Market Segment Insights
Applications Segment Analysis
On the basis of applications, the global entertainment market is segmented into books & magazines, films & theatrical, social media, music, animation, video games, outdoor advertising, radio & broadcasting, amusement park/facilities, sports, toys, and arts. The radio & broadcasting segment is expected to hold a key share of the market owing to the easy availability of the entertainment online.
Regional Analysis
Based on regions, the global entertainment market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to account for a key share of the market during the forecast period due to the presence of many entertainment & media houses and significant investments by players in the region. Moreover, increasing digitization in terms of smartphone penetration and internet access, which has resulted in increased potential expansion of the entertainment market in this region.
Segments
The global entertainment market has been segmented on the basis of
Applications
- Books & Magazines
- Films & Theatrical
- Social Media
- Music
- Animation
- Video Games
- Outdoor Advertising
- Radio & Broadcasting
- Amusement Park/Facilities
- Sports
- Toys
- Arts
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Some of the major players in the global entertainment market are Xaxis; Kerzner International Holdings Limited; Disney/ABC Television Group; CBS Radio; Belo Corp; Netflix Inc; Advance Publications Inc; Activision Blizzard Inc; ACME Communications Inc; and MELCO RESORTS & ENTERTAINMENT LIMITED
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