The global entertainment market is expected to witness radical changes over the forecast period owing to changing consumer tastes and trends in the way they acquire and use the content. Changing consumer behavior has provided a catalyst for the entertainment industry to evolve at a significant pace. The entertainment market is expected to evolve significantly with new innovations and ideas in response to the rapidly changing market. Mobile, home, filmed, in-flight and media are some of the basic applications of this market.
Growing consumer base and improvements in mobile technology are expected to drive the mobile market. Cellular devices have transformed into media devices in the industry owing to the increased graphics content. The ability to watch television shows, news, and movies online has made the web-based domain a popular segment in the global market. Increasing smartphone users and a growing number of applications’ downloads are expected to favorably impact market growth.
Technological advancements such as high-definition and three-dimensional televisions, presence of high-tech network infrastructure (4G/5G mobile network), and availability of wireless broadband technology are expected to be major driving forces for the global entertainment market. E-books have become increasingly common and constitute a considerable portion of present book sales.
Electronic, exhibition, live, mass media, and musical are the key elements in the entertainment market. Live comprises concerts, circus, comedy performances, musical theater performances, sporting events, and performing arts. Examples of musical include concert hall performances and orchestras, as well as the musicians, vocal artists, and composers. The exhibition includes fairs, trade shows, and amusement parks. Mass media is made up of the internet, film, and broadcasting. Electronic is mainly composed of video games.
Key entertainment market participants include Xaxis, Kerzner International Holdings Limited, Disney/ABC Television Group, CBS Radio, Belo Corp, Netflix Inc, Advance Publications Inc, Activision Blizzard Inc, ACME Communications Inc, and About Inc.
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Media consumption is expected to witness a substantial increase as a direct consequence of lockdowns enforced in several countries across the globe to combat the spread of the deadly coronavirus. Since consumers are forced to stay at home, they are turning to popular OTT service providers such as Netflix, Amazon Prime, etc. or renewing/enhancing their existing Pay TV packages, procuring IPTV subscriptions, etc. to satiate their entertainment needs. eSports is also another sector which is expected to be favorably impacted by more and more people confined to their homes. The report will account for Covid19 as a key market contributor.