The global media and entertainment market are projected to exhibit a significant growth, at a CAGR of around 8.5%, during the forecast period. The growth of the market is attributed due to various pivotal factors, such as the rising internet penetration and demand for online and on-demand videos, owing to considerable adoption of smartphones and tablets. It can be seen that the market for video streaming apps is majorly growing to the increase in the internet penetration across the globe, which can be considered as one of the factors driving the media and entertainment market growth.
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A shift towards online video watching coupled with the development of digital infrastructure has escalated the demand for online video streaming platforms. There are several video streaming platforms available to meet the increasing needs of customers. The immense popularity of online entertainment platforms has been reported across the globe in the recent past 5 years. The most popular online video service providers are YouTube TV, Amazon Prime, Netflix, Hulu, Disney Plus, and more. These companies have a significant number of subscriber base across the globe.
Furthermore, the growing usage of videos in corporate training along with the increasing demand for high-resolution content on the online platforms is estimated to propel the demand for the video streaming across the globe. Video platforms such as Netflix, YouTube, UltraFlix, and Amazon Prime Video are some major high-resolution video streaming platforms across the globe. On-demand streaming contributes a major share in the online platform of media and entertainment market, backed by the significant rise in demand for Amazon Prime and Netflix on-demand services. Realizing these facts, the video streaming companies are entering into partnerships with a range of software companies for increasing their on-demand content.
The US-based companies such as Netflix, Amazon, and Hulu are generating a large share of their revenue from the US. Netflix is one of the major video streaming service providers in the US which has acquired around 10% of the overall screen time in the US in 2018. The video service providers have added 8.84 million subscribers all across the globe in the last three months of 2018. Out of which, around 1.53 million subscribers were reported from the US. The addition in subscriber base in the country is at a saturation level as the company already has its significant penetration in the country. Hence, to increase its revenue, the company had increased the price of its plan by $2 in January 2019. In the first 3 months of 2019, the company added 1.6 million subscriptions in the US alone and 7.3 million outside the US.
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Market Segmentation
Global Media and Entertainment Market by Type
- Online/Digital Platform
- Television
- Radio & Music
- Digital Signage
- Film and Theatrical Productions
- Gaming
- Video Streaming
- Others (Virtual Reality and Podcasts)
- Offline Platform
- Events and Trade Shows
- Amusement Parks
- Others (Newspaper/Magazines)
