New York, USA, July 03, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global post production market is anticipated to generate a revenue of $46,533.60 million and rise at a CAGR of 8.5% over the analysis timeframe from 2022 to 2031.
As per our analysts, the rising popularity of films and TV shows among individuals worldwide, owing to the extensive usage of animation, is expected to fortify the growth of the post production market throughout the forecast timeframe. Moreover, the increasing utilization of social media channels by marketers to promote their services is expected to create massive growth opportunities for the post production market during the estimated period. However, the high cost of post-production technologies is one of the major issues that may impede the growth of the market over the analysis timeframe.
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Segments of the Post Production Market
The report has divided the market into segments based on technique, application, and region.
Technique: VFX Sub-Segment to be Most Profitable
The VFX sub-segment is predicted to have the fastest growth during the analysis timeframe. This is mainly due to the increasing demand for high-quality content among viewers with special effects such as fire, explosions, the creation of creatures, and many more. Moreover, the increasing popularity of digital video streaming services such as Netflix, Hulu, Amazon Prime Video, and many others, among individuals globally is expected to propel the growth of the post production market sub-segment over the estimated period.
Application: Television Sub-Segment to be Most Productive
The television sub-segment held the highest market share in 2021. This is majorly due to the increasing introduction of several online streaming services such as Netflix, Amazon Prime, and many more that has changed the way people watch television. In addition, the easy availability of digital video recorder (DVR) services allows consumers to bypass commercials which are expected to fuel the growth of the market sub-segment in the coming period.
Region: North America Market Held the Biggest Market Share in 2021
The North America region of the post production market generated the largest market share in 2021. This is mainly due to the increasing telecom, media & entertainment, and education sectors across the region. Furthermore, the increasing technological improvements to develop high-quality content and the growing focus on providing aesthetically interesting and engaging content by many post-production companies in the region are predicted to drive the regional growth of the market over the forecast period.
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Covid-19 Impact on the Post Production Market
The outbreak of the Covid-19 pandemic has brought numerous challenges to the production processes during the pandemic. The studios, producers, and networks struggled a lot to develop solutions to resume filming safely. Many Hollywood films halted their production due to the strict regulations and restrictions imposed by governments during the pandemic. All these factors have increased the adoption of virtual production techniques among filmmakers that have increased the growth of the post production market throughout the crisis.
Key Players of the Post Production Market
The major players of the market include
- ErosSTX Global Corp.
- Deluxe Entertainment Services Group Inc.
- Framestore Ltd.
- Comcast Corp.
- Lantern Entertainment
- AT and T Inc.
- Lions Gate Entertainment Corp.
- Animal Logic Pty Ltd.
- Netflix Inc.
- Amazon.com Inc.
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
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For instance, in February 2023, Gravity Media, a global provider of complex live broadcast facilities and production services to content owners, creators, and distributors announced its collaboration with Pronology mRes™, a multi-resolution encoder with a unique uncompressed recording architecture. With this collaboration, the companies aimed to develop advanced location post-production solutions that would allow filmmakers to record multiple tiers of video including a high-res media file seamlessly, an edit proxy, and a live-web stream able version.
Further, the report also presents other important aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Post Production Market:
- Recent Trends and Tools That Could Swiftly Unleash Creativity in Post Production Industry
- Growing Popularity of Films and TV Shows Due to The Extensive Usage of Animation Expected to Propel the Growth of the Global Post Production Market by 2031
