Dublin, Feb. 28, 2024 (GLOBE NEWSWIRE) -- The "Media & Entertainment - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029" report has been added to ResearchAndMarkets.com's offering.
The Global Media & Entertainment Market is set to experience a significant expansion, with forecasts predicting growth from USD 27.72 billion in 2023 to USD 40.36 billion by 2028. The sector is poised for a compound annual growth rate (CAGR) of 7.8% within the forecast period of 2023-2028.
In a landscape where technological progress is relentless, the Media & Entertainment Market is no exception to digital transformation, with emerging disruptors generating profitable growth across this sector. As detailed in the report, several key trends and developments are propelling market growth:
- The rise of social media platforms, which is altering the industry's structure as traditional players pivot to digital.
- Innovations in augmented (AR) and virtual reality (VR), artificial intelligence (AI), and machine learning enhancing consumer engagement.
- The subscription model becoming increasingly pivotal for digital platform monetization.
- The surge in smartphone usage, competitive data tariffs, and significant investments in content driving digital consumption.
Streaming Media and OTT Platform Popularity Fueling Sector Growth
One of the standout trends spotlighted in the report is the accelerated traction the streaming media sector is gaining, particularly with the influx of over-the-top (OTT) media services in the online space. Market dynamics are shifting as consumer patterns evolve, favoring high-quality video streaming and 4K UHD content. This demand for enhanced media services is underpinning the predicted market growth.
North America Leads in Growth Forecast
The research further highlights that North America is set to register as the largest growth region during the forecast period. Factors such as integration of new OTT services, high market penetration, and the foothold of video-on-demand services are forecasted to drive expansion in the region.
Competitive Landscape and Key Developments
The Media & Entertainment industry involves a supremely competitive environment, with several key players making up the present market share. Nonetheless, the advent of 5G networking technology and other emerging innovations in OTT services is expected to provide fertile ground for new entrants. Recent strategic partnerships and business expansions are likely to influence the market landscape significantly.
A selection of companies mentioned in this report includes:
- News Corporation
- DreamWorks Animation SKG
- Eros International PLC
- Discovery Communications Inc.
- Warner Media LLC
- Comcast Corporation
- Viacom Inc.
- Walt Disney Company
- Facebook, Inc.
- Pearson PLC
- Bertelsmann SE & Co. KGaA
- Axel Springer SE
- Ogilvy & Mather Pvt Ltd.
- Dentsu Inc.
- BBDO Worldwide
For more information about this report visit https://www.researchandmarkets.com/r/jgnjfh
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