Report Description

Global Media & Entertainment market is anticipated to grow during the forecast period due to emergence of digital behavior, increasing smartphone penetration, and rise of user-generated content.

Global Media & Entertainment Market Scope

The media and entertainment market refers to the industry involved in the creation, production, distribution, and consumption of various forms of media content. It encompasses a wide range of sectors, including television, film, radio, music, publishing, gaming, advertising, and digital media platforms.

Print media refers to traditional forms of media that are published on paper and distributed in physical formats. It includes newspapers, magazines, billboards, and other printed materials used for advertising and communication purposes.

Digital media refers to electronic forms of media that are created, distributed, and consumed using digital technologies. It encompasses various platforms and formats, including television, music and radio streaming, e-signage, and other digital media channels.

Streaming media refers to the delivery of digital content over the internet in real-time, allowing users to access and consume audio and video content without the need for downloading or storing the files locally. It has become increasingly popular with the rise of broadband internet connections and the advancements in digital technology. Two prominent forms of streaming media are OTT (Over-The-Top) and livestreaming.

Global Media & Entertainment Market Overview

The global media & entertainment market has experienced significant growth in recent years, driven by various factors. One key driver is the increasing demand for digital content and the proliferation of digital platforms. The rise of smartphones, high-speed internet connectivity, and the availability of streaming services have transformed the way people consume media, leading to the growth of digital media consumption.

Additionally, the globalization of media content has expanded the market's reach and revenue potential. Content can now be accessed and distributed globally, allowing for cross-border collaborations, co-productions, and international distribution deals. This globalization has also opened up opportunities for localized content tailored to specific regional markets.

Furthermore, advancements in technology, such as virtual reality (VR), augmented reality (AR), artificial intelligence (AI), and blockchain, are shaping the future of the media and entertainment industry. These technologies are revolutionizing content creation, distribution, and user experiences, providing new avenues for storytelling and audience engagement.

Global Media & Entertainment Market Drivers

The global media and entertainment market is influenced by several drivers that shape its growth and evolution. Technological advancements play a significant role in driving this industry forward. The rapid development of high-speed internet, mobile devices, and digital platforms has revolutionized how content is created, distributed, and consumed. The accessibility and convenience offered by these technologies have led to the rise of streaming services, on-demand content, and digital platforms, transforming the way audiences engage with media. Moreover, emerging technologies like Artificial Intelligence (AI), Virtual Reality (VR), and augmented reality (AR) have opened up new possibilities for immersive and interactive experiences, creating novel avenues for content creation and audience engagement.

Globalization and market expansion also drive the media and entertainment industry. Content can now be easily distributed and consumed across borders, facilitated by the internet and digital platforms. Companies are expanding their reach globally, targeting new markets and audiences. This expansion presents opportunities for content creators and distributors to tap into diverse customer bases and generate revenue from different regions. Additionally, cross-cultural exchange and the adoption of local content in global markets contribute to the growth of the industry.

Global Media & Entertainment Market Trends

One of the notable trends in the media industry that emerged during the global lockdown is the increased demand for diverse, high-quality video content. As people found themselves spending more time at home, they sought out various forms of entertainment to keep themselves engaged. This shift in consumer behavior led to a decline in pay-per-view TV subscriptions globally , while overall digital video consumption witnessed a surge.

To meet the growing demand for content, Over-the-Top (OTT) platforms, such as Hulu, Netflix, and Amazon Prime, gained significant popularity. These platforms offer a wide range of video choices and are compatible across multiple devices, catering to the preferences of modern consumers who prefer to watch videos on various platforms. This rise in OTT platforms has also resulted in increased competition, often referred to as "streaming warfare," as companies strive to capture a larger share of the digital video market.

Additionally, the direct-to-consumer (D2C) marketing strategy has gained prominence in the media and entertainment industry. D2C allows companies to promote and sell their products and services directly to customers, enabling them to regain control over their marketing efforts and sales strategies. In the context of video streaming, D2C involves content creators and distributors bypassing traditional distribution channels and delivering their content directly to consumers through their own platforms or apps. This approach provides greater flexibility and control over content delivery, customer engagement, and monetization.

Global Media & Entertainment Market Challenges

The global media and entertainment market faces several significant challenges that impact its growth, profitability, and overall sustainability. One of the foremost challenges is content piracy and copyright infringement. The easy accessibility of digital content has led to widespread illegal downloading, streaming, and sharing of copyrighted material, resulting in substantial revenue loss for content creators and distributors. Fighting piracy through legal means and implementing effective anti-piracy measures remains an ongoing battle for the industry.

Another challenge is the fragmented audience and changing viewing habits. With the advent of numerous streaming services, digital platforms, and social media, audiences have become fragmented across various platforms and devices. This poses challenges for content creators and distributors in capturing and retaining a large audience.

Recent Developments

  • In September 2022, Alliance Entertainment announced a partnership with MUBI, starting with the distribution of feature films to premium film buyers in the US marketplace.
  • In October 2022, Verbit recently introduced advanced automatic speech recognition (ASR) and hybrid options, providing reliable, flexible, and highly accurate automatic captioning solutions tailored for the media industry. These products are designed to cater to the specific needs, demands, and expectations of broadcasters, networks, and content creators worldwide.
  • In April 2022, HCL Technologies unveiled a media marketplace platform aimed at enhancing the efficiency of content creation and distribution processes in the media industry. Acting as a human-to-machine interface, this platform facilitates the development of software-defined workflows and ensures the secure movement of digital assets throughout the entire production cycle. It enables seamless integration from studio or set to telcos, carriers, private data centers, co-location providers, SaaS cloud-based tools, and hyperscale’s, streamlining pre-production, production, and post-production activities.
  • In October 2022, Eros International Media Ltd, a renowned Indian media and entertainment company, has announced a partnership with the Ministry of Investment in the Kingdom of Saudi Arabia (MISA) to explore investment opportunities and undertake projects in the region. This collaboration was officially established during the sixth edition of the Future Investment Initiative (FII) held in Riyadh from October 25-27, 2022. The FII, organized by the FII Institute in conjunction with the Public Investment Fund (PIF), brought together influential CEOs, policymakers, investors, entrepreneurs, and young leaders to shape the future of global investment and the world economy. The Ministry of Investment served as a Vision Partner for the event, alongside other strategic partners from around the world.

Global Media & Entertainment Market Opportunities

Artificial intelligence (AI) is a burgeoning opportunity in the media industry, impacting various sectors such as TV, VFX, and radio. Entertainment organizations possess a vast amount of unstructured digital data, which can be effectively organized and analyzed using AI tools. Through AI, machine learning, and natural language processing, organizations can predict user engagement with content.

Media & Entertainment organizations have a wealth of unstructured user digital data at their disposal. AI has introduced a human-like dimension to the process of mining and analyzing this data, allowing for deeper insights. AI is particularly effective in quickly estimating and retrieving emotional changes, providing valuable information for understanding customer behavior and trends in digital media consumption. This accurate data enables organizations to deliver customized recommendations on how to improve content.

Streaming applications are utilizing AI technologies and smart machine learning algorithms to offer personalized videos, audio podcasts, and high-quality streaming music to their audiences. By leveraging AI, these platforms can predict user engagement, leading to enhanced monetization opportunities. For example, Spotify utilizes various AI solutions to provide tailored music recommendations that users are likely to enjoy. As Big Data continues to expand and algorithms become more sophisticated, these recommendations will become even more precise.