The digital
media & entertainment market is anticipated to grow during the forecast
period due to digital transformation in industries, increasing smartphone
penetration, and podcasts boom.
Digital
Media & Entertainment Market Scope
The scope of
the global digital media and entertainment market is vast and encompasses
various industries, services, and technologies that revolve around the
creation, distribution, and consumption of digital content.
Television
includes video-on-demand platforms, and internet-based TV channels that provide
access to television shows, movies, documentaries, and other video content.
Music and radio
encompass digital music streaming platforms, online radio stations, and
podcasts that offer a wide range of music genres, radio shows, live broadcasts,
and audio content.
Electronic
Signage (E-Signage) includes digital display systems and electronic billboards
used for advertising, information dissemination, and branding purposes in
public spaces, retail stores, transportation hubs, and other locations.
Others include
podcasts, which are digital audio programs covering a wide range of topics, and
e-books, which are digital versions of printed books that can be read on
e-readers, tablets, or mobile devices.
Digital
Media & Entertainment Market Overview
The global
digital media and entertainment market encompasses a broad range of industries
and services that leverage digital technology to create, distribute, and consume
media content. The market has experienced significant growth and transformation
in recent years, driven by advancements in technology, increasing internet
penetration, and changing consumer preferences.
One of the key
drivers of the global digital media and entertainment market is technological
innovation. The rapid development of digital technologies, such as high-speed
internet, mobile devices, streaming platforms, virtual reality, and artificial
intelligence, has revolutionized the way content is created, delivered, and
consumed. These technologies have enabled seamless access to a wide range of
media content, personalized recommendations, interactive experiences, and
real-time engagement with audiences.
Global
Digital Media & Entertainment Market Drivers
The global
digital media market is driven by several key factors that contribute to its
growth and widespread adoption. These drivers include technological
advancements, increasing internet penetration, changing consumer preferences,
and the rising demand for digital content across various platforms and devices.
Technological
advancements play a crucial role in shaping the digital media market.
Continuous innovation in digital technologies, such as high-speed internet
connectivity, mobile devices, streaming platforms, and cloud computing, has
facilitated the creation, distribution, and consumption of digital content.
Advancements in video and audio compression technologies have significantly
improved the quality of streaming media, enabling seamless and high-definition
content delivery.
The rising
demand for digital content across various platforms and devices has created a
thriving market for digital media. Streaming services have gained immense
popularity, offering a vast library of movies, TV shows, music, and original
content. Social media platforms have become key channels for content sharing
and engagement, with video content playing a central role. The exponential
growth of online video platforms, user-generated content, and influencer
marketing has further fueled the demand for digital media.
Digital
Media & Entertainment Market Trends
Artificial
intelligence (AI) has emerged as a significant trend in the digital media
industry, impacting various sectors such as TV, VFX, and radio. Entertainment
organizations have access to a vast amount of unstructured digital data, and AI
tools are instrumental in organizing and analyzing this data. AI, machine
learning, and natural language processing are effective in predicting user
engagement with content.
Media &
entertainment organizations possess extensive repositories of user digital
data, which is typically unstructured. AI has introduced a human-like dimension
to the mining and utilization of this digital data.
AI is
particularly useful in quickly estimating and retrieving emotional changes,
providing valuable insights into customer behavior and digital media
consumption trends. This accurate data enables organizations to offer
personalized recommendations and improve content based on user preferences.
Streaming
applications are leveraging AI technologies and smart machine learning
algorithms to offer customized video, audio podcasts, and high-quality
streaming music that aligns with users' interests and preferences.
AI innovations
assist in classifying digital data based on common features, enabling companies
to predict user engagement and unlock better monetization opportunities.
Platforms like Spotify utilize AI solutions to provide personalized music
recommendations, continually improving the accuracy and specificity of these
recommendations as algorithms evolve and Big Data expands.
Digital
Media & Entertainment Market Challenges
The global
digital media and entertainment market faces several challenges that impact its
growth and development. These challenges include piracy and copyright
infringement, content discovery and fragmentation, data privacy and security
concerns, technological advancements, regulatory compliance, and changing
consumer preferences.
Piracy and
copyright infringement pose significant challenges to the digital media and
entertainment industry. The ease of digital content replication and
distribution has led to widespread unauthorized sharing and illegal downloads,
resulting in revenue loss for content creators and distributors. Protecting
intellectual property rights and implementing effective anti-piracy measures
remains a constant challenge for the industry.
Content
discovery and fragmentation have become complex issues in the digital media
landscape. With the abundance of digital content available across various
platforms and channels, consumers face challenges in finding relevant and
quality content. The fragmentation of content across multiple streaming
services and platforms adds to the difficulty of content discovery, requiring improved
search and recommendation algorithms to enhance user experiences.
Recent
Developments
- In June 2023, Emerge, a company
specializing in the development of a multi-sensory communication platform,
has entered a strategic multi-year engagement with The Walt Disney
Company. This collaboration represents a significant milestone for Emerge
as it advances towards its goal of creating a new paradigm for emotional
connection, bridging the gap of distance and time. In a world where
disconnection is increasingly prevalent, Emerge believes that this
partnership will provide much-needed connections. Through the integration
of Disney's content into Emerge's personal connection platform, users will
have the opportunity to share multi-sensory experiences and engage with
friends and family around the world, all from the comfort of their own
homes. Initially focusing on one of Disney's top franchises, individuals
will be able to physically experience sensations like a "virtual high
five" or embody their favorite superpowers, all without the need for
gloves or controllers.
- In June 2023, Comcast introduced
NOW TV, a new streaming service that offers over 40 live channels from A+E
Networks, AMC, Hallmark, and Warner Bros. Discovery. In addition, the
service includes more than 20 integrated FAST (Free Ad-Supported
Television) channels from NBC, Sky, and Xumo Play, along with a
subscription to Peacock Premium at no extra cost.
- NOW TV is
designed to cater to value-conscious consumers who seek a convenient and
straightforward entertainment product, featuring high-quality programming,
movies, top shows, live sports, and news. The service is set to launch in the
upcoming weeks and will be available to Xfinity Internet customers. It comes
with a monthly price of USD 20, without the need for any additional equipment,
and provides flexibility for users to sign up and cancel anytime they desire.
- In April 2022, the merger between
WarnerMedia and Discovery has been finalized, resulting in the creation of
a new company called Warner Bros Discovery Inc. This combined entity has
commenced trading on the Nasdaq stock exchange.
Global Digital
Media & Entertainment Market Opportunities
Consumer
preferences and moods are influenced by various factors throughout different
times of the day. To provide a seamless user experience, recommendations for
users should be presented in a clean and user-friendly interface. The challenge
for businesses lies in gaining and retaining users' trust, ensuring that the
information provided is unbiased, even as their tastes and preferences
dynamically change.
To address this
challenge, recommendation systems should strive to encourage the discovery of
new content, thereby enriching the cultural lives of customers. For example,
individuals searching for educational video-on-demand content may also be
interested in exploring informative content spanning topics such as science,
history, or literature.
Personalized
content can take various forms, including gamification elements, interactive
quizzes, surveys, GPS-based map applications, retargeted ads on social media
platforms, and personalized emails. These approaches allow businesses to tailor
their offerings to individual users, enhancing engagement and providing a more
personalized and relevant experience.
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Digital
Media & Entertainment Market Company Profiles
Comcast
Corporation, Warner Media, LLC, The Walt Disney Company, Spotify AB,
iHeartMedia, Inc., Sirius XM Holdings Inc., Netflix, Inc., Apple Inc.,
Amazon.com, Inc., and DreamWorks Animation LLC are some of the market players
operating in the global digital media & entertainment market during the
forecast period.
Digital
Media & Entertainment Market Segmentation
The global
digital media & entertainment market is segmented into type and region.
Based on type, the market is segmented into television, music & radio,
e-signage, and others (podcast and e-books, etc.). The market analysis also
studies regional segmentation, divided into North America, Europe,
Asia-Pacific, Middle East and Africa, and South America.
|
Attribute
|
Details
|
|
Base
Year
|
2022
|
|
Historical
Years
|
2018 –
2021
|
|
Estimated
Year
|
2023
|
|
Forecast
Period
|
2024 – 2028
|
|
Quantitative
Units
|
Revenue
in USD Billion and CAGR for 2018-2022 and 2023-2028
|
|
Report
Coverage
|
Revenue
forecast, company share, competitive landscape, growth factors, and trends
|
|
Segments
Covered
|
Type
Region
|
|
Regional
Scope
|
Asia-Pacific,
North America, Europe, Middle East & Africa, and South America
|
|
Country
Scope
|
China, India, Japan, South Korea, Australia, United States,
Canada, Mexico, Germany, France, United Kingdom, Italy, Spain, Saudi Arabia,
UAE, South Africa, Turkey, Brazil, Argentina, and Colombia
|
|
Key Companies Profiled
|
Comcast Corporation,
Warner Media, LLC, The Walt Disney Company, Spotify AB, iHeartMedia, Inc.,
Sirius XM Holdings Inc., Netflix, Inc., Apple Inc., Amazon.com, Inc., and
DreamWorks Animation LLC
|
|
Customization
Scope
|
10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing
and Purchase Options
|
Avail of customized
purchase options to meet your exact research needs. Explore purchase options
|
|
Delivery
Format
|
PDF and Excel through
Email (We can also provide the editable version of the report in PPT/pdf format
on special request)
|
Report
Scope:
In this report,
the global digital media & entertainment market has been segmented into the
following categories, in addition to the industry trends which have also been
detailed below:
- Digital Media & Entertainment
Market, By Type:
- Television
- Music & Radio
- E-Signage
- Others (Podcast, E-Books, etc.)
- Digital Media & Entertainment
Market, By Region:
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- South America
- Brazil
- Argentina
- Colombia
Competitive
Landscape
Company
Profiles: Detailed
analysis of the major companies present in the global digital media &
entertainment market.
Available
Customizations:
With the given
market data, TechSci Research offers customizations according to a company’s
specific needs. The following customization options are available for the
report:
Company
Information
- Detailed analysis and profiling of
additional market players (up to five).
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digital media & entertainment market is an upcoming report to be released
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