Movies And Entertainment Market Size, Share & Trends Analysis Report By Product (Movies, Music & Videos), By Region, And Segment Forecasts, 2024 - 2030

Movies And Entertainment Market Trends

The global movies and entertainment market size was estimated at USD 100.38 billion in 2023 and is projected to grow at a CAGR of 8.1% from 2024 to 2030. Favorable demographics, changing consumption patterns, rise in disposable incomes, and the propensity to spend on leisure and entertainment drive the market growth.The increasing demand for 3D movies, offering viewers an immersive virtual reality experience, is anticipated to drive market growth.

Furthermore, the emergence of innovative marketing and distribution platforms, such as digital newspapers, IPTV, DTH, digital cable, online music, and movie sales, is projected to propel the industry's expansion.

In addition, the availability of music, as well as video content on streaming platforms, makes music more accessible to everyone anywhere. Several other benefits of streaming platforms, including the superior sound quality of streamed content, contribute to the growth of the market.Major players have adopted strategies like regional expansions and distribution partnerships to venture into untapped markets. A number of these players now focus on the production of regional content to establish a strong connection with the audience in these markets. For instance, in February 2021, Disney+ launched the Star brand in Australia, New Zealand, Western Europe, and Canada.

There is a rise in new talent in the movies and entertainment market due to easy access to an audience via numerous channels such as television and the internet. Industry success in emerging areas is fueled by increased usage of mobile communication and the internet in nations like China, South Korea, and India. As a result, global market stagnation caused by the maturing of major markets such as the U.S. is compensated by increased demand and rapid progress in Asian countries.

Market Concentration & Characteristics

The market exhibits a high degree of innovation, constantly pushing boundaries with cutting-edge technology, storytelling techniques, and immersive experiences to captivate audiences worldwide. This relentless pursuit of innovation drives the industry's evolution and sets new standards for entertainment.

Regulations in the movies and entertainment industry can significantly impact content creation, distribution, and consumption. They can shape cultural norms, influence artistic expression, and ensure industry standards, but they also raise questions about censorship, freedom of speech, and access to diverse content.

The market faces increasing competition from substitutes like streaming services, social media, and gaming, which offer diverse and convenient options for consumers and challenge traditional cinema and TV models.

The market exhibits a diverse end-user concentration, ranging from avid moviegoers and streaming platform subscribers to occasional viewers and enthusiasts of specific genres. This varied audience drives the demand for a wide array of content and experiences, influencing industry trends and strategies.

Product Insights

Movies held a revenue share of over 65.6% in 2023. Over the past three decades, the movie industry has undergone a significant transformation, largely driven by technological advancements and shifting audience preferences. The evolution of visual effects, from the groundbreaking use of CGI in films like "Jurassic Park" and "Terminator 2: Judgment Day" to the seamless integration of digital effects in modern blockbusters, has revolutionized the way stories are told on screen. This has allowed filmmakers to create visually stunning worlds and creatures, bringing a new level of immersion and spectacle to cinema.

The demand for music & videos is projected to grow at the fastest CAGR of 9.0% over the forecast period. The music industry has undergone significant changes over the past few decades, largely driven by technological advancements. The rise of the internet and streaming platforms has revolutionized how music is consumed and distributed. Traditional record labels no longer hold the same power, and artists have more control over their careers.The rise of K-pop over the past decade has transformed it from a regional music genre to a global phenomenon. Artists like Psy and BTS have propelled K-pop onto the international stage, breaking records and gaining immense popularity worldwide.

Regional Insights

North America movies and entertainment marketdominated globally with a revenue share of about 34.21% in 2023. According to data from The National Association of Theatre Owners (NATO), the resurgence of movie-going in the U.S. commenced in December 2021, coinciding with the release of "Spider-Man: No Way Home." Following nearly two years of pandemic-induced closures, limited release schedules, and experimentation with simultaneous releases, "Spider-Man: No Way Home" made a significant impact at the box office, grossing USD 814 million domestically and USD 1.92 billion worldwide.

U.S. Movies And Entertainment Market Trends

The movies and entertainment market in the U.S. is anticipated to register a CAGR of 7.2% over the forecast period.The appeal of blockbuster films and event cinema continues to draw audiences to theaters across the U.S. Major studios invest heavily in big-budget productions with high production values, cutting-edge visual effects, and compelling storytelling to attract moviegoers.For instance, Paramount Pictures released "Top Gun: Maverick" theatrically in the U.S. on May 27, 2022. The film soared to new heights, setting a Memorial Day opening record with a remarkable 4-day box office haul of USD 160.5 million.

Asia Pacific Movies And Entertainment Market Trends

The movies and entertainment market in Asia Pacific is projected to grow at a CAGR of around 9.2% during the forecast period. Asian cinema has been gaining international recognition and acclaim in recent years, with filmmakers from countries such as Japan, South Korea, China, India, and Thailand making significant contributions to the global movie and entertainment industry.

The China movies And entertainment market has experienced significant growth over the past few decades, mirroring the country's broader economic development. This thriving market has also led to an increased demand for cinemas. According to the National Film Administration of China, despite the uncertainties surrounding the exhibition sector caused by COVID-19, China constructed over 2,000 new screens within the first two months of 2021.

Key Movies And Entertainment Company Insights

The global movies and entertainment industry is highly competitive, marked by the presence of several global giants. Some prominent players in the market are Paramount, Sony Pictures Digital Productions Inc., The Walt Disney Company, Warner Bros. Entertainment Inc., Comcast, and more.

Big production houses typically have larger budgets, allowing them to finance high-profile movies and other projects with established stars and extensive marketing campaigns. They often focus on blockbuster films with wide commercial appeal. In contrast, small production houses operate with limited resources, often producing independent movies or niche projects that cater to specific audiences. They prioritize creativity and storytelling over commercial success, often collaborating with emerging talent.

Recent Developments

• In March 2024, Warner Music announced an expansion of its agreement with Tips Industries Limited (Tips Music), a prominent music label in India. Under the new deal, Warner Music assumed commercial and distribution responsibilities for all of Tips Music's catalog and frontline music, covering 23 Indian languages and over 30,000 songs.

• In November 2023, SPI International, the operator of the film brand FilmBox, partnered with Paramount Global and Prorom in selected Central and Eastern European regions. This collaboration integrated new titles from Paramount Global Content Distribution and Prorom into FilmBox channels in Romania, Hungary, Czechia, Poland, Slovakia, and the Adria region. Among the offerings were Paramount Global Content Distribution-acquired titles, including the Elton John biopic Rocketman and the sci-fi action thriller Gemini Man.

Movies And Entertainment Market Report Scope

Global Movies and Entertainment Market Report Segmentation

This report forecasts revenue growth and provides an analysis of the latest trends and opportunities in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global movies and entertainment market report based on product and region:

• Product Outlook (Revenue, USD Billion, 2018 - 2030)

  • Movies

  • Music & Videos

• Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Spain

    • Italy

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

  • Central & South America

    • Brazil

  • Middle East & Africa

    • UAE

    • South Africa