Movie and Entertainment Industry Overview
The global movies and entertainment market is expected to reach USD 169.6 billion by 2030, expanding at a CAGR of 7.2% from 2022 to 2030, according to a new report by Grand View Research, Inc. A rapid increase in the popularity of streaming of music, movies, and television series platforms is propelling the movies & entertainment market.
Moreover, most countries affected by COVID-19 have declared lockdowns to contain the spread of the virus. This increased the number of users who engaged in OTT platforms such as Amazon, Netflix, and Spotify. According to the China-based Tencent Music Entertainment (TME) group, the year-over-year revenue from online music subscriptions increased by 70.0% in the first quarter of 2020. Additionally, the number of online music paying users touched 42.7 million, a year-over-year rise of nearly 50.0%.
Movie and Entertainment Market Segmentation
Grand View Research has segmented the global movies and entertainment market on the basis of product and region:
Based on the Product Insights, the market is segmented into Movies and Music & Videos
- In terms of revenue, movies dominated the market with a share of 55.4% in 2021. Over decades’ movies have become a significant part of most cultures across the world.
- The prominent place of cinema in people’s life has made its primary means of entertainment in most countries.
- Moreover, developments in technology, acceleration in production, improved quality, and better storage solutions, are driving the growth of the movies segment.
- Music & videos is estimated to register a CAGR of 7.5% during the forecast period. Change in operational strategies of music companies such as a partnership with online streaming service providers and radio broadcast companies is attributive to this positive growth.
- Additionally, the growing popularity of digital platforms and the increasing adoption of smart devices will contribute positively to industry growth over the forecast period.
- Music streaming platforms such as Gaana, JioSaavn, Spotify, Wynk Music, Google Play Music, and Apple Music are increasingly getting popular among consumers and favoring the growth of the music & video segment.
Movie and Entertainment Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market is characterized by the presence of a few established players and new entrants. Many big players are increasing their focus on the emerging trend of movies & entertainment. Players in the market are diversifying the service offering in order to maintain market share.
Some prominent players in the global Movie and Entertainment market include:
- CBA Corporation and CBS Broadcasting Inc.
- Sony Entertainment, Inc.
- The Walt Disney Company
- Time Warner
- 21st Century Fox
- Viacom Inc.
- Comcast
- Netflix, Inc.
- Vivendi
- Universal Pictures
Order a free sample PDF of the Movie and Entertainment Market Intelligence Study, published by Grand View Research.
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